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Government Pension Fund of Norway

From Wikipedia, the free encyclopedia
Norwegian sovereign-wealth fund
"Oljefondet" redirects here. For the Norwegian television series, seeOljefondet (TV series).
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Government Pension Fund of Norway
Value of the fund over time in billionKrone
Company typeGovernment-owned
Founded1967
1990
HeadquartersOslo,Norway
AUMIncrease US$ 2.044 trillion (September 2025)
OwnerGovernment of Norway
Government Pension Fund Global managed by state-ownedNorges Bank

TheGovernment Pension Fund of Norway (Norwegian:Statens pensjonsfond) is thesovereign wealth fund collectively owned by thegovernment of Norway. It consists of two entirely separate sovereign wealth funds: the Government Pension Fund Global (Norges Bank Investment Management)[1] and the Government Pension Fund Norway.

TheGovernment Pension Fund Global (Statens pensjonsfond utland), also known as the Oil Fund (Oljefondet), was established in 1990 to invest the surplus revenues of the Norwegianpetroleum sector. As of June 2025,[update] it had over US$1.9 trillion in assets,[2] equal to 1.5% of the value of the world's listed companies, making it the world's largestsovereign wealth fund in terms of totalassets under management.[3][4] This translates to over US$340,000 per Norwegian citizen.[5] It also holdsportfolios of real estate and fixed-income investments. Many companies are excluded by the fund onethical grounds.[6]

TheGovernment Pension Fund Norway is smaller and was established in 1967 as a type of national insurance fund. It is managed separately from the Oil Fund and is limited to domestic andNordic investments and is therefore a key stock holder in many large Norwegian companies, predominantly via theOslo Stock Exchange.

Government Pension Fund Global

[edit]

The Government Pension Fund Global (Norwegian:Statens pensjonsfond Utland, SPU) is afund into which thesurplus wealth produced by Norwegian petroleum income is deposited. Its name changed in January 2006 from the Petroleum Fund of Norway. The fund is commonly referred to as the Oil Fund (Oljefondet).

The purpose of the fund is to invest parts of the large surplus generated by the Norwegianpetroleum sector, mainly from taxes of companies but also payment for licenses to explore for oil as well as theState's Direct Financial Interest and dividends from the partly state-ownedEquinor. Current revenue from the petroleum sector is estimated to be at its peak period and to decline in the future decades. The Petroleum Fund was established in 1990 after a decision by thecountry's legislature to counter the effects of the forthcoming decline in income and to smooth out the disruptive effects of highly fluctuating oil prices.

As its name suggests, the Government Pension Fund Global is invested in international financial markets, so the risk is independent from the Norwegian economy. The fund is invested in 8,763 companies in 71 countries (as of 2024). As of November 2024, the fund's value was over 19 trillion Kroner, according to its official website.[5]

Background

[edit]

Norway has experiencedeconomic surpluses since the development of itshydrocarbonresources in the 70s. This reality, coupled with the desire to mitigatevolatility stemming from fluctuatingoil prices, motivated the creation of Norway's Oil Fund, now the Government Pension Fund-Global (GPF-G).[7] The instability of oil prices has been of constant concern for oil-dependent countries since the start of theoil boom, but especially so in the decades following the firstoil shocks in the 1970s.[8] As thereal GDP of oil-exporting states is linked with the price of oil, it has been a goal of theseexporters to stabilize oil consumption patterns, and a host of these exporting states singled out sovereign wealth funds as an effectivepolicy tool for achieving this outcome.[8] The adoption of the GPF-G has been in line with the global economic trends, especially investment patterns.International investment has increased at a significantly higher pace than eitherglobal GDP orglobal trade ofgoods andservices, increasing by 175% over a period at which the former two metrics increased by 53% and 93% respectively.[9]

Management and size

[edit]
Value of the Oil Fund in billions of kroner (June 2017 prices)

The domestic fund, the Government Pension Fund Norway, is managed by Folketrygdfondet. The global investment fund is managed by Norges Bank Investment Management (NBIM), part of theNorwegian Central Bank on the behalf of theMinistry of Finance.[10]

As of June 2011,[update] it was the largest pension fund in the world, but it is not a pension fund in the conventional sense, as it derives its financial backing from oil profits, not pension contributions.[11] In September 2017, the fund exceeded US$1 trillion in value for the first time, a thirteen-fold increase since 2002. With a population of 5.2 million people, the fund was worth $192,307 per Norwegian citizen. Of the assets, 65% were equities (accounting for 1.3% of global equity markets), and the rest were property and fixed-income investments. Norway can withdraw up to 3% of the fund's value each year.[12] The first withdrawal in its history was made in 2016.[13] In a parliamentary white paper in April 2011, the Norwegian Ministry of Finance forecast that the fund would reach $1 trillion by the end of 2019.[14] According to the forecast, a worst-case scenario for the fund value in 2030 was forecast at $455 billion, and a best case scenario at $3.3 trillion.[15] With 2.33 percent of European stocks,[16] it is the largest stock owner in Europe.[17]

In 1998, the fund was allowed to invest up to 40 percent of its portfolio in the internationalstock market. In June 2009, the ministry decided to raise the stock portion to 60 percent. In May 2014, the Central Bank governor proposed raising the rate to 70 percent.[18] The Norwegian government planned that up to 5 percent of the fund should be invested inreal estate, beginning in 2010.[19] A specific policy for the real estate investments was suggested in a report the SwissPartners Group wrote for the Norwegian Ministry of Finance.[20]

Norway's sovereign wealth fund is taking steps to become more active in company governance. In the second quarter of 2013, the sovereign fund voted in 6,078 general meetings as well as 239 shareholder proposals on environmental and social issues. Norway's Government Pension Fund Global (GPFG) has the potential to influence the corporate governance market in Europe, and possibly China as well, greatly.[21] It has also started to become active in pushing for lower executive pay.[22]

In 2019, the Government Pension Fund received a perfect score of 100 in theSovereign Wealth Fund Transparency and Accountability Scoreboard published by thePeterson Institute for International Economics, ranking it first among 64 sovereign wealth funds worldwide.[23]

Relationship to sovereignty

[edit]

The rise of globalization as the predominant political-economic system has had several key effects on states, especially in regard tointerdependence andsovereignty. The erosion of fully independentsocioeconomic structures has provoked new questions regarding the role of the state and its ability to project its sovereignty on a set of global economic systems that seem largely out of reach both legally and pragmatically for most states.[24] Sovereign wealth funds are an inherentlynationalist type ofinvestment vehicle, and there exists potential for their use as a mitigating force to thesupranational forces of globalization.[24] The issue with this is that such practices may lead to a general increase inprotectionism as nations attempt to wrestle back control of their economies from external forces, an outcome that most economicintergovernmental organizations, such as theInternational Monetary Fund, would like to see avoided.[25] Some commentators, like Professor Gordon L. Clark of theUniversity of Oxford, express concerns regarding non-profit considerations motivating the practices of the GPF-G, especially in regards to its ethical concerns and how these considerations may be used as a means of exerting Norwegian standards on foreignfirms.[24] On the other hand, theOECD has stated that sovereign wealth funds have had a stabilizing influence on international markets due to their ability to provide capital during times of domestic investor pessimism.[26] The OECD has taken steps to minimize the possibilities of economic protectionism by instituting the Freedom of Investment project, where participating states agree upon guiding sets of principles that seek to boosttransparency and transnational investment, while also advising states on how to best handle issues of foreign investment in the sphere ofnational security.[26]

Debate

[edit]

As a result of the large size of the fund relative to the low number of people living in Norway (5.2 million people in 2017), theOil Fund has become a hot political issue, dominated by three main issues[among whom? – Discuss]:

  • Whether the country should use more of the petroleum revenues for thestate budget instead of saving the funds for the future. The main matter of debate is to what degree increased government spending would increaseinflation.
  • Whether the high level of exposure (around 71 percent in 2025[27]) to the highlyvolatile stock market is financially safe. Others[who?] claim that the high diversification and extreme long-term nature of the investments will dilute the risk and that the state is losing considerable amounts of money because of the low investment percentage in the stock market.
  • Whether the investment policy of the Petroleum Fund isethical.

Concerns and potential outcomes

[edit]

There are diverse concerns and predicted effects of sovereign wealth funds on internationalfinancial markets and the global economy as a whole, with experts expressing strong fears regardingdestabilization andprotectionism stemming from sovereign wealth funds. The destabilization argument, often cited by Roland Beck of theEuropean Central Bank, is that non-market investment motives may lead sovereign wealth funds managers to make decisions that go against market logic, in turn causing an unexpected and potentially disastrous ripple effect.[28] The protectionist argument, mentioned above in relation to sovereignty and sovereign wealth funds, is essentially a fear that sovereign wealth funds could be used in a non-market, protectionist manner where competing states would perpetuate ever-increasing anti-globalfree trade movements.[29] However, despite these fears, there is also strong evidence to suggest that sovereign wealth funds are unlikely to gainboard of directors seats in their acquisitions.[30] Additionally, Norway's GPF-G is especially unlikely to gain any board-of-directors seats in a company headquartered in anOECD country.[30] Furthermore, some experts directly contradict fears regarding the destabilizing effect of sovereign wealth funds, arguing that these funds increase the stability of global finance due to the fact that they serve to increase the variety of owners of risky financial vehicles, minimizingexposure to shocks in any one particularindustry, while also simultaneously limiting the absolute loss any actor can suffer in a particular globaleconomic sector.[28]

Ethical council

[edit]

Part of the investment policy debate is related to the discovery of several cases of investment by The Petroleum Fund in very controversial companies, involved in businesses such asarms production, tobacco andfossil fuels.[10] The Petroleum Fund's Advisory Council on Ethics was established 19 November 2004 by royaldecree. Accordingly, the Ministry of Finance issued a new regulation on the management of the Government Petroleum Fund, which also includes ethical guidelines.

According to its ethical guidelines, the Norwegian pension fund cannot invest money in companies that directly or indirectly contribute to killing, torture, deprivation of freedom or other violations ofhuman rights in conflict situations or wars. Contrary to popular belief, the fund is allowed to invest in a number of arms-producing companies, as only some kind of weapons, such asnuclear arms, are banned by the ethical guidelines as investment objects.

To support the ethical screening process, the Council on Ethics works withRepRisk ESG Business Intelligence, a global research firm and provider of environmental, social and governance (ESG) risk data. RepRisk monitors the companies in the Norwegian Pension Fund's portfolio for issues such as severe human rights violations, particularly regarding child labor, forced labour, and violations of individual rights in conflict areas as well as grossenvironmental degradation and corruption. RepRisk has been working with the Council on Ethics since 2009 and in 2014, re-won the tender for ESG data provision for 2014–2017.[31]

An investigation by the Norwegian business newspaperDagens Næringsliv in February 2012 showed that Norway has invested more than $2 billion in 15 technology companies producing technology that can and has been used for filtering,wiretapping, or surveillance of communication in various countries, among themIran,Syria, andBurma. Although surveillance tech is not the primary activity of all the 15 companies, they have all had or still have some kind of connection to such technology. The Ministry of Finance in Norway stated that it would not withdraw investing in these companies or discuss an eventual exclusion of surveillance industry companies from its investments.

On 19 January 2010 the Ministry of Finance announced that 17 tobacco companies had been excluded from the fund.[32] The total divestment from these companies was $2 billion (NOK 14.2 billion), making it the largest divestment caused by ethical recommendations in the history of the fund.[33]

In March 2014, as the result of both domestic and international pressure, the parliament appointed a panel to investigate whether the fund should divest its coal assets in line with its ethical investment mandate. The panel released its recommendations in December 2014, recommending the fund follow a strategy of corporate engagement rather than divestment. The parliament was set to make its decision early in 2015. In the event, the fund will be required to divest from companies that derive at least 30% of their business from coal.[10]

In 2014, the fund divested from 53 coal companies around the world, including 16 companies in the US (among themPeabody Energy,Arch Coal, andAlpha Natural Resources), 13 companies in India (includingCoal India) and 3 companies in China.[34] As a result, the total value of the fund's coal holdings fell by 5% to $9.7 billion. In 2014, the fund also sold its stakes in 59 out of 90 oil and gas companies in which it holds shares by $30 billion.[35] In May 2015, Norwegian political members agreed on the divestment of $945 million of the fund from coal assets. By June 2015, over $8 billion in coal assets were agreed to be sold, the largest in the 122 affected companies was UK’sSSE, where the fund held $956 million in shares.[36]

On 8 March 2019, the Ministry of Finance[37] recommended divestiture from its oil and gas exploration and production holdings. This came after the August 2017Lofoten Declaration which demanded leadership in a globalfossil fuel phase-out from the countries that can most afford to act, such as Norway.[38]

Green energy is becoming an important aspect for the Government Pension Fund since fossil fuel stocks simply are not producing as much value as they used to.[citation needed] As of 2019, new guidelines will prohibit the fund from investing in companies that produce over 20 million tons of coal annually. The fund plans to sell off over $10 billion in stocks from companies using too many fossil fuels.[39] In hopes of improving the Norwegian economy, the firm is becoming more environmentally-friendly by investing in companies that promote renewable energy. For example, the fund will continue to hold stakes in firms like Shell using renewable energy divisions.[40]

In March 2021, it was reported that the Government Pension Fund was examining whether companies in the fund had used forced labor fromXinjiang internment camps.[41]

On 1 December 2021, the fund's head of Governance and Compliance, Carine Smith Ihenacho, toldReuters that companies in its portfolio will be asked to take more specific action on climate change.[42]

On 11 August 2025, the fund reported it was terminating contracts with asset managers in Israel, as well as divesting portions of its portfolio relating to Israel, following a report that the fund had built a stake in an Israeli jet engine group that provides services to Israel's armed forces.[43]

Norway's parliament has mandated a review of the ethical guidelines governing the nation's $2.1 trillion sovereign wealth fund, responding to pressure from the United States. In September 2025, the U.S. State Department raised concerns regarding the utilization of construction equipment manufactured by Caterpillar by Israeli authorities in Gaza and the occupied West Bank. Consequently, the fund divested its shares in Caterpillar on ethical grounds due to the company's backing of Israel.[44]

Excluded companies

[edit]

The following companies have been excluded from the Government Pension Fund of Norway for activities in breach of the ethical guidelines:[45]

CompanyHQDate of exclusionReasonDivestment (MillionsUSD)
Africa Israel Investments Israel24 August 2010Violation of international humanitarian law inoccupied Palestinian territory by being involved in developing settlements[46]1.2
Alliance One International, Inc. USA19 January 2010Production of tobacco.[32]0.9
Alliant Techsystems Inc USA30 June 2005Production of components for cluster munitions.[47]N/A[nb 1]
Altria Group Inc. USA19 January 2010Production of tobacco.[32]131
Barrick Gold Corporation Canada30 January 2009Extensive environmental degradation related to thePorgera Gold Mine inPapua New Guinea[48]245
Babcock & Wilcox USA11 January 2013Production of nuclear armsN/A
Boeing Company USA11 October 2005Maintenance ofICBMs for the U.S. Air Force.[49]N/A[nb 2]
British American Tobacco BHD Malaysia19 January 2010Production of tobacco.[32]9.4
British American Tobacco Plc. United Kingdom19 January 2010Production of tobacco.[32]683
Caterpillar Inc. USA26 August 2025Due to risk of serious violations of the rights of individuals in situations of war and conflict.
Danya Cebus Israel24 August 2010Violation of theGeneva Convention inoccupied Palestinian territory by being involved in developing settlements[46]N/A
Dongfeng Motor Group Co Ltd. China28 February 2009Sale of weapons and military material to Burma[50][51]N/A
Duke Energy +3 subsidiaries USA7 September 2016Risk of severe environmental damage[52]300 (or more)[53]
Airbus France
 Germany
 Netherlands
 Spain		30 June 2005Production of nuclear missiles for the French Air Force through the companyMBDA[54][nb 3]N/A[nb 1]
Elbit Systems Israel3 September 2009Supply of surveillance systems for theIsraeli West Bank barrier[55][56][57]5.0
Freeport McMoRan Copper & Gold Inc. USA28 March 2006Serious environmental damage.[58]17.2
G4S UK14 November 2019Serious or systematic human rights violations[59]N/A
GenCorp, Inc.
(nowAerojet Rocketdyne Holdings, Inc.)		 USA15 November 2007Production of nuclear weapons.[60]N/A
General Dynamics Corporation USA30 June 2005Production of components for cluster munitions.[47]N/A[nb 1]
Grupo Carso SAB de CV Mexico15 February 2011Production of tobacco.[61]N/A
Gudang Garam tbk pt Indonesia19 January 2010Production of tobacco.[32]0
Hanwha Corporation South Korea15 May 2007Production of cluster munitions.[60]1.2[62]
Honeywell International Inc. USA11 October 2005Simulations of nuclear explosions.[49]N/A[nb 2]
Huabao International Holdings Limited Hong Kong8 May 2013Production of tobaccoN/A
Imperial Brands Plc United Kingdom19 January 2010Production of tobacco.[32]347
ITC Ltd. India19 January 2010Production of tobacco.[32]48
Japan Tobacco Inc. Japan19 January 2010Production of tobacco.[32]210
Jacobs Engineering Group USA11 January 2013Production of nuclear armsN/A
KT&G Corp. South Korea19 January 2010Production of tobacco.[32]16
Lingui Development Berhad Ltd. Malaysia16 February 2011Severe environmental damagesN/A
Li-Ning China8 March 2022Human rights abuse[63]
Lockheed Martin Corp USA30 June 2005Production of components for cluster munitions.[47]N/A[nb 1]
Lorillard Inc. USA19 January 2010Production of tobacco.[32]42
Madras Aluminium United Kingdom31 October 2007Severe environmental damagesN/A
Norilsk Nickel Russia31 October 2009Severe environmental damagesN/A
Northrop Grumman Corp. USA11 October 2005Maintenance of ICBMs for the U.S. Air Force.[49]N/A[nb 2]
Palantir Technologies25 October 2024Gaza war[64]
Philip Morris International Inc. USA19 January 2010Production of tobacco.[32]476
Philip Morris ČR a.s.
(a subsidiary ofPhilip Morris International)		 Czech Republic19 January 2010Production of tobacco.[32]2.7
Poongsan Corporation South Korea30 September 2006Production of cluster munition.[65]1.2
Potash Corporation of Saskatchewan Canada30 September 2011Production of phosphate in the occupied territories ofWestern Sahara.[66]274
Raytheon Company USA30 June 2005Production of components for cluster munitions.[47]N/A[nb 1]
Reynolds American Inc. USA19 January 2010Production of tobacco.[32]36
Samling Global Ltd. Malaysia23 August 2010Illegal logging and severe environmental damage[46]1.4
SAFRAN SA France11 October 2005Production of nuclear missiles for the French Navy.[49]N/A[nb 2]
Serco Group plc United Kingdom15 November 2007Maintenance ofBritish nuclear weapons through theAtomic Weapons Establishment.[60]N/A
Sesa Sterlite Limited India30 January 2014Severe environmental damagesN/A
Schweitzer-Mauduit International Inc. USA8 May 2013Production of tobaccoN/A
Shanghai Industrial Holdings China15 March 2011Production of tobaccoN/A
Shikun UVinui Israel17 June 2012Violation of theGeneva Convention inoccupied Palestinian territory by being involved in developing settlements[67]1.4
Souza Cruz SA Brazil19 January 2010Production of tobacco.[32]7.4
Sterlite Industries India31 October 2007Severe environmental damagesN/A
Swedish Match AB Sweden19 January 2010Production of tobacco.[32]75
Ta Ann Holdings Berhad Malaysia14 October 2013Severe environmental damagesN/A
Textron Inc. USA30 January 2009Production of components for cluster munitions.[68]36
Universal Corp VA USA19 January 2010Production of tobacco.[32]3
WTK Holdings Berhad Malaysia14 October 2013Severe environmental damagesN/A
Vector Group Ltd. USA19 January 2010Production of tobacco.[32]2.1
Vedanta Resources Plc UK28 August 2007Environmental and human rights abuses.[69]12
Volcan (mining company) Peru14 October 2013Severe environmental damages7.5
Zijin Mining China14 October 2013Severe environmental damagesN/A
Zuari Agro Chemicals Ltd. India14 October 2013Serious or systematic human rights violationsN/A

The fund does not announce exclusions until it has completed sales of its positions, so as not to affect the share price at the time of the transaction.[70]

In 2016, Norges Bank decided to exclude 52 coal companies from the fund.[71]

Reinstated companies

[edit]

Several previously excluded companies have later been reinstated to the fund because the companies were no longer involved in the activities that had led to their exclusion.

CompanyHQDate of exclusionReasonDivestment (MillionsUSD)Date of reinstatement
ST Engineering Singapore26 April 2002[72]Design, mass production and stockpile ofland mines,dual-purpose improved conventional munition (DPICM) mortar shells containing 25 bomblets, artillery shells containing 64 DPICMbomblets, air-deliveredcluster bombs with 650 bomblets[73][74]N/A30 September 2016[75]
BAE Systems United Kingdom11 October 2005Production of nuclear missiles for theFrench Air Force through the companyMBDA.[49]N/A[nb 2]11 January 2013[76]
DRD Gold South Africa29 January 2007Serious environmental damage.[77]0.63 September 2009[78][79]
Finmeccanica Italy11 October 2005Production of nuclear missiles for theFrench Air and Space Force through the companyMBDA.[49]N/A[nb 2]11 January 2013[76]
FMC Corporation USA30 September 2011Production of phosphate in the occupied territories ofWestern Sahara.[66]5211 January 2013[80]
Kerr-McGee USA29 April 2005Petroleum surveying in occupiedWestern Sahara[81]5430 June 2006[82]
L-3 Communications USA30 June 2005Production of components forcluster munitions.[47]N/A[nb 1]31 August 2005[83]
Thales France30 June 2005Production of components forcluster munitions.[47]N/A[nb 1]3 September 2009[84]
United Technologies USA11 October 2005Production of engines forICBMs in the U.S. Air Force.[49]N/A[nb 2]2 March 2013[85]
Walmart USA28 March 2006Breach of human rights and labour rights.[58]37226 June 2019[86]
Rio Tinto United Kingdom
 Australia		28 April 2008Severe environmental damage[87]88226 June 2019[88]
Dongfeng Group ChinaMarch 2009Sale of military vehicles toMyanmar[89]N/ADec 2014[90]

Companies "under observation"

[edit]

As an alternative to full exclusion from the fund, companies may be placed "under observation" to help put pressure on the company to improve.

CompanyHQDate of warningReasonShares
Alstom France6 December 2011Risk of gross corruption[91]N/A

It was proposed that one more company,Goldcorp, should be placed under similar observation. Goldcorp, as of 2019, merged with another company and no longer exists.[92]

Currency portfolio

[edit]

In October 2010 the fund spent NOK 600 million ($136.4 million as of October 2010) daily buying foreign currencies. That figure would be increased to 800 million kroner daily in November.[93] This practice was suspended in January 2011, and on 31 January it was announced that this would also be the case in February.[94]

Government Pension Fund – Norway

[edit]

The Government Pension Fund – Norway (Statens pensjonsfond Norge, SPN) was established by theNational Insurance Act (Folketrygdloven) in 1967 under the nameNational Insurance Scheme Fund (Folketrygdfondet). The name was changed at the same time as the former Petroleum Fund, on 1 January 2006. It continues to be managed by a separate board and separate government entity, still namedFolketrygdfondet. The Government Pension Fund – Norway had a value of NOK 384 billion autumn 2024. Unlike the Global division, it is required to limit its investments to companies in the Norwegian stock market, predominantly on theOslo Stock Exchange. The Fund is not allowed to own more than a 15% interest in any single Norwegian company.[95]

Notes

[edit]
  1. ^abcdefgThe total divestment from the seven companiesAlliant Techsystems Inc, EADS Co (European Aeronautic Defence and Space Company),General Dynamics Corporation,L3 Communications Holdings Inc,Lockheed Martin Corp,Raytheon Co andThales SA was approx. $340 million.[47]
  2. ^abcdefgThe total divestment from the seven companies BAE Systems Plc, Boeing Co., Finmeccanica S.p.A., Honeywell International Inc., Northrop Grumman Corp., Safran SA and United Technologies Corp was apx.500 million USD.[49]
  3. ^EADS was initially excluded because it produced cluster munitions components, but the company later stopped such production. The exclusion was upheld because of the company's production of nuclear missiles.

See also

[edit]

References

[edit]
  1. ^About the fund: The aim of the fund is to ensure a long-term management of revenue from Norway’s oil and gas resources, so that this wealth benefits both current and future generations. The fund’s formal name is the Government Pension Fund Global. Norges Bank Investment Management. Retrieved 24 April 2025.
  2. ^"Norway Government Pension Fund Global (Norway GPFG) – Sovereign Wealth Fund, Norway – SWFI".swfinstitute.org. Retrieved21 June 2023.
  3. ^"Norway's sovereign-wealth fund passes the $1trn mark".The Economist. 21 September 2017.
  4. ^Hanna Ghaderi; Martin Hagh Høgseth; Kjetil Malkenes Hovland (25 October 2019)."Milepæl: Oljefondet passerer 10.000 milliarder kroner".e24.no (in Norwegian).Archived from the original on 25 October 2019. Retrieved26 October 2019.
  5. ^ab"Home".nbim.no.
  6. ^"Observation and exclusion of companies". 18 March 2019.
  7. ^Aizenman, Joshua; Glick, Reuven (2007)."CPBS 2007 Annual Report".Center for Pacific Basin Studies:11–14.
  8. ^abCaner, Mehmet; Grennes, Thomas (2010). "Sovereign Wealth Funds: The Norwegian Experience".The World Economy.33 (4):597–614.doi:10.1111/j.1467-9701.2009.01235.x.S2CID 153841260.
  9. ^Truman, Edwin (2007)."Sovereign Wealth Funds: The Need for Greater Transparency and Accountability"(PDF).Peterson Institute for International Economics.6:1–9.
  10. ^abctheglobeandmail.com: "Alberta and Norway: Two oil powers, worlds apart", 15 August 2015
  11. ^"Norges Bank Investment Management". Retrieved23 June 2017.
  12. ^Richard Milne (19 September 2017)."Norway's oil fund tops $1tn in assets for first time".Financial Times.Archived from the original on 10 December 2022. Retrieved19 September 2017.
  13. ^"Norway says made first withdrawal from oil fund in January". Reuters. 3 March 2016. Retrieved27 February 2018.
  14. ^Stortingsmelding 1 (2010–2011): Nasjonalbudsjettet 2011 [The National Budget 2011](PDF) (in Norwegian). Oslo:Royal Norwegian Ministry of Finance. 1 October 2010. p. 56. Retrieved5 April 2011.
  15. ^Meld. St. 15 (2010–2011): Forvaltningen av Statens pensjonsfond i 2010 117–119 [The Management of the Government Pension Fund 2010](PDF) (in Norwegian). Oslo:Royal Norwegian Ministry of Finance. 8 April 2011. pp. 117–119. Retrieved9 April 2011.
  16. ^"Market value".www.nbim.no. Retrieved10 January 2017.
  17. ^Sindre Heyerdahl (11 March 2009)."OLJEFONDETS GIGANTTAP PÅ AKTIV FORVALTNING: Mener Gjedrem bløffer om investeringene".E24 (in Norwegian).
  18. ^Mohsin, Saleha (7 May 2014)."Norway Wealth Fund Wins Labor Backing to Buy New Asset Classes".Bloomberg.
  19. ^"Stortingsmelding nr. 1 (2009–2010) – Nasjonalbudsjettet 2010"(PDF) (in Norwegian).Oslo:Norwegian Ministry of Finance. 9 October 2009. p. 145.
  20. ^"Investment Policy for Real Estate"(PDF).Baar, Switzerland:Partners Group. 15 September 2009.
  21. ^"Could Norway's Sovereign Fund be a Vanguard for Corporate Governance." Sovereign Wealth Fund Institute. 13 August 2013. Retrieved 21 August 2013.
  22. ^"[1]" BBC. 2 May 2016. Retrieved 2 May 2016.
  23. ^Maire, Julien; Mazarei, Adnan;Truman, Edwin M. (February 2021)."Sovereign wealth funds are growing more slowly, and governance issues remain"(PDF).Peterson Institute for International Economics Policy Brief.21–3.Washington, D.C.:Peterson Institute for International Economics. Retrieved11 November 2025.
  24. ^abcClark, Gordon (2013). "Rethinking the "Sovereign" in Sovereign Wealth Funds".Sovereign Wealth Funds; Legitimacy, Governance, and Global Power. Princeton University Press. pp. 30–45.ISBN 9780691142296.JSTOR j.ctt2jc8pg.8.
  25. ^Johnson, Simon (September 2007)."The Rise of Sovereign Wealth Funds"(PDF).Finance & Development.44 (3).
  26. ^abErvin, Carolyn (2008)."Sovereign Wealth Funds".The OECD Observer.2008 (267):21–22.doi:10.1787/observer-v2008-2-en.
  27. ^"All investments". 25 February 2018.
  28. ^abBeck, Roland; Fidora, Michael (2008). "The Impact of Sovereign Wealth Funds on Global Financial Markets".Intereconomics.43 (6):349–358.CiteSeerX 10.1.1.165.5696.doi:10.1007/s10272-008-0268-5.S2CID 55129408.
  29. ^Jen, Stephen (October–December 2007)."Sovereign Wealth Funds What they are and what's happening"(PDF).World Economics.8 (4):1–7.
  30. ^abBortolotti, Bernardo; Fotak, Veljko; Megginson, William; Miracky, William (2009). "Sovereign Wealth Fund Investment Patterns and Performance".Fondazione Eni Enrico Mattei: Institutions and Markets:1–55.hdl:10419/53268.
  31. ^"RI ESG Briefing, 28 January: Norwegian government fund selects RepRisk for portfolio monitoring"(PDF). No. Responsible Investor. 28 January 2014. Archived fromthe original(PDF) on 8 September 2014. Retrieved1 July 2014.
  32. ^abcdefghijklmnopqr"Tobacco producers excluded from Government Pension Fund Global". The Norwegian Ministry of Finance. 19 January 2010. Archived fromthe original on 24 October 2012.
  33. ^"Recommendation October 22nd, 2009"(PDF).The Ethical Council of The Government Pension Fund of Norway. 22 October 2009.
  34. ^Damian Carrington (16 March 2015)."Norway's sovereign wealth fund drops over 50 coal companies".The Guardian.
  35. ^Damian Carrington (13 March 2015)."Norway's giant fund increases stake in oil and gas companies to £20bn".The Guardian.
  36. ^Carrington, Damian (5 June 2015)."Norway confirms $900bn sovereign wealth fund's major coal divestment".The Guardian.ISSN 0261-3077. Retrieved17 December 2024.
  37. ^"Energy Stocks in the Government Pension Fund Global"(PDF). 8 March 2019. Retrieved19 October 2019.The Government is proposing, based on an overall assessment, to omit companies classified as exploration and production companies from the GPFG's benchmark index and investment universe.
  38. ^Andy Rowell (8 March 2019)."Norway Set to Divest $1 Trillion Wealth Fund From Oil and Gas Exploration Companies".Oil Change International. Retrieved19 October 2019.
  39. ^Nikel, David."Norway Wealth Fund To Dump Fossil Fuel Stocks Worth Billions In Environmental Move".Forbes. Retrieved12 March 2021.
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  41. ^Fouche, Gwladys (11 March 2021)."Norway wealth fund to probe whether firms could be using forced labour from China's Xinjiang".Reuters. Retrieved11 March 2021.
  42. ^Fouche, Gwladys (1 December 2021)."Norway wealth fund calls on companies to act on climate".Reuters. Retrieved1 December 2021.
  43. ^"Norway wealth fund terminates Israel asset management contracts".Reuters. 11 August 2025.
  44. ^[www.timesofisrael.com/norway-pauses-ethical-divestment-after-us-panned-targeting-of-israel-linked-firm/ "norway pauses ethical divestment after us panned targeting of israel linked firm"].Times Of Israel.{{cite web}}:Check|url= value (help)
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  48. ^"Recommendation on the exclusion of the company Barrick Gold".Ministry of Finance. 30 January 2009. Retrieved2 December 2016.
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  53. ^"World's Biggest Sovereign Fund Dumps Duke".TheStreet. 7 September 2016. Retrieved7 September 2016.
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  56. ^"Recommendation on the exclusion of the company Elbit Systems Ltd".Ethical Council of the Government Pension Fund of Norway. 4 September 2009.
  57. ^Herb Keinon; Yaakov Katz (3 September 2009)."Norway envoy summoned on divestment".The Jerusalem Post.
  58. ^ab"To selskaper – Wal-Mart og Freeport – trekkes ut av Statens pensjonsfond – Utland".Norwegian Ministry of Finance (in Norwegian). 6 June 2006.
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  61. ^The Council on Ethics (15 February 2011)."Til Finansdepartementet"(PDF) (in Norwegian).Norwegian Ministry of Finance. Retrieved19 August 2012.
  62. ^"Recommendation on exclusion of the companies Rheinmetall AG and Hanwha Corp".The Council on Ethics. 11 January 2008.
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  64. ^"Thiel's Palantir dumped by Norwegian investor over work for Israel".Reuters.
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  66. ^ab"Statens pensjonsfond utland: To selskaper utelukkes fra fondets investeringsunivers" (in Norwegian). 6 December 2011.
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