Norges Bank

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Remaining agreements signed

The investment management agreement between Nicolai Tangen, the new chief executive officer of Norges Bank Investment Management (NBIM), and Gabler, with related undertakings, has now been finalised.

A letter dated 27 May 2020 from Norges Bank's Executive Board to the Supervisory Council referred to the work to finalise the new structure of Nicolai Tangen's financial engagements, including Nicolai Tangen’s roles, affiliation and ownership of companies in the AKO system. The model also includes a solution for managing Nicolai Tangen's personal fund investments. The structure and management agreements are further described in the letter to the Supervisory Council. See also the previously published “Disaggregation structure note”, the diagram of "AKO proposed structure" and Nicolai Tangen's initial “Deed of Undertakings” dated 28 May 2020. All agreements and undertakings with Norges Bank related to the establishment of the said structure have now been entered into and submitted.

The agreements and undertakings related to the portfolio management of Nicolai Tangen’s fund investments in a blind trust operated by Gabler AS enter into force on 1 August 2020. The other undertakings etc. enter into force on 1 September 2020 when Nicolai Tangen assumes the position of chief executive officer of NBIM.

The details in some of the undertakings submitted by the companies in the AKO system are confidential business information. These undertakings are therefore exempt from public disclosure, but a detailed overview and account of their content have been prepared in the document Undertakings by third parties in respect of Nicolai Tangen’s arrangements (pdf).

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Published 30 June 2020 10:00
Published 30 June 2020 10:00