The original contract of employment with the CEO of Norges Bank Investment Management (NBIM), Nicolai Tangen, was amended on 24 August 2020. The main points of the revised contract were as follows:

• Nicolai Tangen’s holding and dividend rights in AKO Capital LLP are to be transferred with final and irrevocable effect to the charitable entity AKO Foundation by no later than 1 January 2021.
• Nicolai Tangen’s management agreement with Gabler Investment AS is to be amended, whereby his mutual fund investments are to be liquidated and the assets held as bank deposits.

On 9 November, Norges Bank announced that Tangen’s mutual fund investments had been liquidated and the assets placed in bank deposits and Norwegian and foreign government securities.

Tangen’s holding and dividend rights in AKO Capital LLP have now been transferred to the AKO Foundation. The result of the transaction, which was carried out on 1 December 2020, was that Tangen no longer has ownership interests in AKO Capital LLP.

Some of the annexes to the original employment contract have been revised in line with the new ownership situation, while others have been removed because they are no longer relevant.

A list of the documents that currently govern the contractual relationship between Tangen, the AKO Foundation and Norges Bank is attached to this news item.