Norges Bank's activities are regulated by the Act of 24 May 1985 relating to Norges Bank and the Monetary System etc. (the Norges Bank Act). The Act states that Norges Bank shall be an executive and advisory body for monetary, credit and foreign exchange policy.
In the case of Norges Bank Investment Management (NBIM), decision-making authority has been delegated directly to the CEO of NBIM by the Executive Board and is embodied in the job description for the position.
The Norges Bank Act governs the relationship between Norges Bank and the authorities. The Act relating to the Government Pension Fund and the mandate for management of Government Pension Fund Global (GPFG) govern the division of responsibilities between Norges Bank and the Ministry of Finance with regard to the management of the GPFG.
Central Executive Managers Forum
The Central Executive Managers Forum is an advisory forum for the Governor for discussing matters in areas where it is necessary for the Governor to make decisions or issue guidelines affecting the Bank's two operational areas. The Forum is also tasked with dealing with matters of importance for operations as a whole that will be brought before Norges Bank's Executive Board, including adoption of or amendments to overarching principles issued by the Executive Board for operations as a whole.
The Norges Bank Central Executive Managers Forum comprises the Governor (chair), the two Deputy Governors, the, the CEO of Norges Bank Investment Management (NBIM), the Deputy CEO of NBIM and the CEO of Norges Bank Real Estate Management (NBREM). In addition, the Executive Director of the Central Secretariat, the General Counsel and the Communications Director also normally attend.
Norges Bank Central Banking Operations comprises
- Markets and Banking Services
- Monetary Policy
- Financial Stability
- Corporate and Shared Services
- General Secretariat and General Counsel.
In addition, the Bank has an Internal Audit unit.
At the end of 2015, Norges Bank Central Banking Operations had 335 employees, including the Office of the Supervisory Council, while Norges Bank Investment Management had 414 and Norges Bank Real Estate Managment 107 employees. Altogether, Norges Bank had 856 permanent employees.
Management of Norges Bank applies the principles of management by objectives and results in combination with the principles of macromanagement. For Norges Bank Central Banking Operations, the primary management tools are strategic plans, objectives and guidelines and action plans. For Norges Bank Investment Management, the primary management tools are strategic plans, follow-up of investment mandates and performance reporting.