The conduct of monetary policy is one of the Executive Board's most important tasks. Decisions concerning interest rates and other important changes in the use of instruments will normally be taken at the Executive Board's monetary policy meeting held six times a year. The dates of monetary policy meetings are announced in advance.
The Executive Board consists of seven members, appointed by the King in Council. The Governor and Deputy Governor of Norges Bank serve as chairman and deputy chairman, respectively, of the Executive Board. They are appointed to full-time positions for a term of six years. Reappointment to the same position may take place for one period of a further six years.
The other five members are appointed for four-year terms. Every other year, two - alternately three - members retire. These members may be re-appointed for a total period of twelve years.
Employees have two members who participate in meetings when the Executive Board deals with administrative matters. The other five members are not employees of Norges Bank.
Members of the Executive Board:
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Øystein Olsen (b.1952) Chairman
Appointed Governor of Norges Bank as from 1 January 2011 for a term of 6 years.
Øystein Olsen's CV
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Jan Fredrik Qvigstad (b.1949) Deputy chairman
Appointed Deputy Governor of Norges Bank from 1 April 2008 for a term of 6 years.
Jan F. Qvigstad's CV
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Brit K. Rugland (b. 1958)
(Appointed 1 January 2004 - 31 December 2005. Reappointed from 1 January 2006 - 31 December 2009 and 1 January 2010 - 31 December 2013)
Manager and owner of investment company Rugland Invest. Has broad experience from the petroleum, financial and shipping industries.
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Liselott Kilaas (b. 1959)
(Appointed 1 January 2004 - 31 December 2007. Reappointed from 1 January 2008 - 31 December 2011)
Managing director, Aleris Norge. Graduate of University of Oslo and Institute for Management Development (IMD) in Lausanne. Member of the Board of Directors at Telenor and has broad experience from the ICT sector, petroleum industry and consultancy.
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Ida Helliesen (b. 1947)
(Appointed 1 January 2010 - 31 December 2013)
Retired. Helliesen has held several executive positions in Norsk Hydro, including director of finance. She is a business economist and has been a member of several government commissions, such as “Energilovutvalget” and “Teleutvalget”. She also has experience as a board member at AkerSolutions, Skagerak Energi, Statistics Norway, Storebrand Bank and as a member of the Norwegian Ministry of Finance’s Investment Strategy Council.
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Eirik Wærness (b 1962)
(Appointed 1 January 2010 - 31 December 2013)
Chief Economist in Statoil ASA. Has work experience from the Norwegian Ministry of Finance, Total E&P Norge and Econ Pöyry, among others. Wærness is an economist with Norwegian and international qualifications and research experience.
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Egil Matsen (b. 1968)
(Appointed 1 January 2012 - 31 December 2015)
Professor at the Norwegian University of Science and Technology (NTNU) in Trondheim. Has work experience from Norges Bank. Matsen holds a Ph.D. in economics from the Norwegian School of Economics and Business Administration (NHH).
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Alternates:
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Gøril Bjerkan (1st Alternate)
(Appointed 1 January 2010 - 31 December 2013)
Research fellow at the Department of Private Law, Faculty of Law, University of Oslo. Work experience from Norges Bank and DnB. Bjerkan is a business economist, holding a master’s degree in economics and business administration from the Norwegian School of Economics and Business Administration (NHH) and a master’s degree in law from the University of Oslo.
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Espen R. Moen (2nd Alternate) (b. 1968)
(Appointed 1 January 2012 - 31 December 2015)
Professor and head of Department of Economics at the Norwegian School of Management (NSM). Professor II at the University of Oslo. Moen is Cand. oecon from the University of Oslo and holds a Ph.D in Economics from the London School of Economics.
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Employee representatives:
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Jan Erik Martinsen (b. 1957)
(Appointed 1 January 2001 - 31 December 2014)
Employee of Norges Bank since 1975. Chief Safety Delegate in the period 1 January 1994 - 31 December 2000. Represents the employees and served as Deputy Chairman of Norges Bank's Staff Association from 2001-2006. Head of Norges Bank's Staff Association since 1 January 2007.
Petter Nordal is alternate for Jan Erik Martinsen.
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Gøril Bjerkhol Havro (b. 1980)
(Appointed 1 January 2011 - 31 December 2014)
Employee of Norges Bank since 2008.
berit Moen is alternate for the employee representative.
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The Executive Board has two subcommittees
Audit Committee
The responsibilities of the audit committee shall include serving as a preparatory body for the Executive Board on matters relating to the Board's supervisory functions and responsibility for risk management and internal control. The Committee comprises three members selected by and from among the external members of the Executive Board.
Remuneration Committee
The Remuneration Committee is a preparatory body for the Executive Board on matters relating to the Bank's pay and remuneration arrangements. The Committee comprises two members selected by and from among the external members of the Executive Board.