The Executive Board's principles for signature authority at Norges Bank
Adopted by Norges Bank's Executive Board on 18 December 2019.
The Executive Board represents Norges Bank externally and is authorised to sign on its behalf (cf Section 2-14, first paragraph, of the Central Bank Act). The Executive Board’s authority to sign on behalf of the Bank entails the authority to represent and commit the Norges Bank contractually or in some other manner.
Pursuant to Section 2-14, second paragraph, of the Central Bank Act, the Executive Board may authorise board members and other named employees to sign on behalf of Norges Bank. Such authority has been delegated to the Governor and each of the two Deputy Governors. These three persons are registered in the Central Coordinating Register for Legal Entities as authorised to sign on behalf of Norges Bank.
Pursuant to Section 2-14, third and fourth paragraphs, of the Central Bank Act, the Governor Norges Bank and the Chief Executive Officer of Norges Bank’s division for the management of the Government Pension Fund Global represent Norges Bank externally in matters falling within the scope of the their powers. Such external representation is referred to in these Principles as “signature authority”.
Under this signature authority, the Governor and the Chief Executive Officer of Norges Bank’s division for the management of the Government Pension Fund Global are hereby empowered to sign contracts and other legally binding documents on behalf of Norges Bank within the scope of their respective powers. Signature authority may be delegated as necessary. Delegation must be documented in writing or in electronic form. The delegating officer must specify the scope of the signature authority in an appropriate manner.
Committing the Bank normally requires two signatures, and at least one of these must be the signature of an authorised signatory.
The governor of Norges Bank and the Chief Executive Officer of Norges Bank’s division for the management of the Government Pension Fund Global may lay down supplementary and, if necessary, stricter rules for their respective areas of responsibility.
The supplementary rules may allow an authorised signatory to assign co-signing authority to other members of staff. The supplementary rules may also allow members of staff to whom signature authority has not been assigned for purely practical reasons to commit the Bank in connection with routine purchase orders within their area of work and as part of day-to-day operations.
The authorised signatory bears responsibility for the decision. The co-signer (without signature authority) is responsible for ensuring that decisions made are in accordance with the content of the document.
2. Entry into force
These principles enter into force on 1 January 2020 and on the same date supersede the previous Principles of 10 December 2014.