"We are of the opinion that the agreement, which the Executive Board has now endorsed, addresses the concerns raised by Storting Standing Committee on Finance and Economic Affairs on the contract of employment with the new CEO of Norges Bank Investment Management (NBIM)", says the Chair of Norges Bank’s Executive Board, Øystein Olsen.

The main points of the agreement are as follows:

• Nicolai Tangen will divest himself of his holding in AKO Capital LLP. He will transfer his holding and dividend rights to the charitable entity AKO Foundation. He will thereby no longer have any ownership interest in AKO Capital LLP. This will apply in perpetuity.
• Tangen has further stated that he will change the way his personal fund investments are managed, so that all assets are held as bank deposits.

These matters have now been clarified and agreed, enabling Nicolai Tangen to take office on 1 September. The actual implementation will take somewhat more time.

"The Executive Board has been of the opinion that the contractual framework surrounding Tangen’s employment contract was sufficient in preventing potential conflicts of interest, but we have noted, of course, that the Storting takes a different view. Their concerns are something the Executive Board, in dialogue with Nicolai Tangen, has now addressed", says Olsen.

"I have taken these actions to remove any doubt about which hat I am now wearing. I want to be CEO of the oil fund, and have only one objective: Creating wealth for future generations", says Nicolai Tangen.

Letter to the Ministry of Finance