The Government Pension Fund - Global
Framework
The Ministry of Finance has delegated the operational management of the Government Pension Fund Global(former Petroleum Fund) to Norges Bank, with a mandate stipulated in a regulation issued by the Ministry. A management agreement, which further defines the relationship between the Ministry of Finance as delegating authority and Norges Bank as operational manager, has also been drawn up.
The Fund management strategy is laid down by the Ministry of Finance. The Fund shall be securely managed based on the objective of high return subject to moderate risk in order to contribute to safeguarding the basis of future welfare, including national pensions.
The benchmark portfolio reflects the strategy which the Fund shall follow. This portfolio consists of equities and fixed income instruments which have been compiled on the basis of specific criteria.
Norges Bank reports results on a quarterly basis. The auditing of the Fund has been assigned to the Office of the Auditor General, which bases its audit on the work performed by Central Bank Audit.