Present:

Executive Board:

Øystein Olsen, Jon Nicolaisen, Egil Matsen, Kjetil Storesletten, Karen Helene Ulltveit-Moe, Steinar Juel and Kristine Ryssdal

Alternates:

Arne Hyttnes and Kristine Landmark

Apologies:

Kathryn M. Baker

Management:

Yngve Slyngstad (items 1-3), Trond Grande (1-3), Dag Huse (1), Ole Christian Bech-Moen (1), Lise Lindbäck (1), Merethe Riddervold (1), Sirine Fodstad (3), Hege Gjerde (3), Pål Haugerud (1-2), Ingunn Valvatne (1-4), Bjarne Gulbrandsen (1-4)

There were no comments on the meeting notice and agenda.

The Governor of Norges Bank introduced and welcomed the new member of the Executive Board – Kristine Ryssdal.

Item 1/2018 Government Pension Fund Global – Investments in unlisted companies

Discussion document:

• Memo from NBIM of 2 January 2018

In its letter of 29 June 2017, as part of the work of assessing whether to permit investment in unlisted equities in the Government Pension Fund Global, the Ministry of Finance asked Norges Bank to provide advice and assessments.

The Executive Board provisionally considered the matter in its meeting of 6 December 2017 (cf. item 229/2017).

Yngve Slyngstad presented the revised draft letter.

The Executive Board discussed the matter and approved the request for a letter to be sent to the Ministry of Finance in line with the draft. The Governor was authorised to finalise the letter based on the Executive Board's remarks.

Item 2/2018 Appointments to the Executive Board's subcommittees

Discussion document:

• Memo from General Secretariat of 3 January 2018

Egil Matsen presented the proposed composition of the Ownership, Remuneration and the Risk and Investment Committees. At the same time, he reminded the Board that the external members of the Board have decided to retain the composition of the Audit Committee through 2018 (cf. annex to the minutes of the Executive Board meeting of 21 June 2017).

The Executive Board decided on the following composition for the three committees:

Ownership Committee:

• Egil Matsen, Chair
• Karen Helene Ulltveit-Moe, member
• Kristine Ryssdal, member

Remuneration Committee:

• Arne Hyttnes, Chair
• Steinar Juel, member
• Kristine Landmark, member

Risk and Investment Committee:

• Egil Matsen, Chair
• Kjetil Storesletten, member
• Kathryn Baker, member

These appointments apply until 31 December 2018.

Item 3/2018 Briefing on relevant matters for Norges Bank Investment Management

Yngve Slyngstad gave a briefing on relevant matters for Norges Bank Investment Management, including the expansion of NBIM's leader group with three members: Carine Smith Ihenacho has been appointed as Chief Corporate Governance Officer, Hege Gjerde as Chief Financial Officer, and Sirine Fodstad as Chief HR Officer.

Item 4/2018 Any other business

The Governor gave a briefing on the status of planning for the Executive Board's study trip to New York and Washington.