The Executive Board
The Executive Board comprises the Governor, the two Deputy Governors and six external board members, all appointed by the King in the Council of State. In addition, two board members are selected by and among employees to participate when administrative matters are on the agenda.
Among the duties of the Executive Board are the management and operation of Norges Bank, with the exception of matters that are assigned to the Monetary Policy and Financial Stability Committee in or pursuant to the Central Bank Act. The Executive Board is responsible for Norges Bank’s management of the Government Pension Fund Global. The Executive Board shall ensure sound, effective and efficient organisation of the Bank.
The Governor is chair, and the two Deputy Governors are first deputy chair and second deputy chair of the Executive Board. The Executive Board has four preparatory and advisory committees, whose work is to strengthen and streamline the Executive Board’s discussions.
Members of the Executive Board
Ida Wolden Bache
Appointed Governor of Norges Bank from 8 April 2022 to 2028. Bache is Chair of the Executive Board and the Monetary Policy and Financial Stability Committee.
Her work experience includes posts as Deputy Governor, Executive Director of Norges Bank Monetary Policy and Norges Bank Financial Stability. She has also been a macroeconomist at Handelsbanken Capital Markets. Bache was a member of the Systemic Risk Council in Denmark in the period between 2017 and 2022. She holds a doctorate in economics from the University of Oslo and an MSc in economics from the London School of Economics.
Pål Longva
Appointed Deputy Governor for the period 29 August 2022 through 2028. Longva has particular responsibility for central banking operations and is First Deputy Chair of the Executive Board and the Monetary Policy and Financial Stability Committee.
His work experience includes the post of Director General of the Ministry of Finance Budget Department. Longva has worked at McKinsey and as Deputy Director General and Director General at the Ministry of Labour and Social Inclusion. He holds a doctorate in economics from the University of Oslo.
Øystein Børsum
Appointed Deputy Governor for the period 2 August 2021-2027. Børsum has particular responsibility for the Government Pension Fund Global. Børsum is Second Deputy Chair of the Executive Board and the Monetary Policy and Financial Stability Committee. Chair of the Ownership Committee and the Risk and Investment Committee of the Executive Board.
His work experience includes the post of chief economist at Swedbank and positions in the Budget and Asset Management Departments of the Ministry of Finance. Børsum holds a degree in economics from the NHH Norwegian School of Economics, masters’ degrees from Sciences Po and London School of Economics and a doctorate in economics from the University of Oslo.
Hans Aasnæs
Appointed board member for the period to 15 May 2028. Chair of the Remuneration Committee and member of the Risk and Investment Committee of the Executive Board.
Aasnes has been CEO of the shipping company Western Bulk ASA. He is chair of the board at Strand Havfiske, Nordic Trustee, Investinor, and board member at Vertus Capital. He has extensive experience in investment management, real estate management and direct investment at Storebrand and the UMOE Group, among others. He also has extensive board experience from a number of companies, including the Government Pension Fund Norway, Statskog, Gjensidige pensjonsforsikring, Bergvik Skog, Foran Realestate and Fornebu Lumber Company. Aasnes is an agricultural economist from the Norwegian College of Agriculture (now the Norwegian University of Life Sciences), holds a higher degree from the NHH Norwegian School of Economics and is a certified financial analyst.
Wenche Agerup
Appointed board member for the period to 15 May 2030. Member of the Remuneration and the Ownership Committee of the Executive Board.
Wenche Agerup holds a degree in law from the University of Oslo and an MBA from Babson College in the US. She is an executive vice president at Wallenius Wilhelmsen ASA. Agerup has also previously worked at Telenor ASA and Norsk Hydro ASA, providing her with extensive experience as an executive and a board member from companies with international operations.
Tove Andersen
Appointed board member for the period to 15 May 2030. Member of the Risk and Investment Committee.
Tove Andersen holds an MSc in physics and mathematics from the Norwegian University of Science and Technology and an MBA from BI Norwegian Business School. She is the president and CEO of Tomra Systems AS. Andersen is an experienced executive with a background in technology, manufacturing and circular economy. Her long and diverse career also includes other companies with international operations, such as Yara International ASA.
Thomas Ekeli
Appointed board member for the period to 15 May 2028. Member of the Risk and Investment Committee of the Executive Board.
Ekeli is self-employed. His work experience includes posts as chief economist at the Government Pension Fund Norway and Pareto Securities, positions in the Budget and Asset Management Departments of the Ministry of Finance, the post as portfolio manager at Norges Bank Investment Management, head of secretariat for government-appointed commissions. He also has broad international experience from institutions such as the IMF and the OECD and holds an MSc in economics from the University of Oslo.
Ragnhild Janbu Fresvik
Appointed board member for the period to 15 May 2028. Chair of the Audit Committee of the Executive Board.
Fresvik is Group CEO of Eviny, was previously CIO of Grieg Group and managing director of the parent company Grieg Mauritas. She also has work experience from Sparebanken Vest, Borea and Boston Consulting Group. Fresvik holds a MSc in economics and business administration from the NHH Norwegian School of Economics.
Stig Helberg
Appointed board member for the period to 15 May 2030. Member of the Audit and Remuneration Committee of the Executive Board.
Stig Helberg holds a degree in economics and business administration and an MBA in finance from the NHH Norwegian School of Economics, as well as being a certified financial analyst. He also holds a PhD from the Norwegian University of Science and Technology, where the topic of his dissertation was bank funding and how it affects financial stability. He is an advisor to the charitable foundation Nordenfjelske Bykreditts Stiftelse, where he will assume the position of general manager in 2027. From 2020 to 2026, he was the CEO of the Norwegian Banks’ Guarantee Fund. Helberg has an extensive background from banking, insurance and asset management, mainly within fixed income management.
Employee representatives
Mats Bay Fevolden
Employee representative from 16 May 2024. Member of the Remuneration Committee of the Executive Board.
Mona Sørensen is alternate for Mats Bay Fevolden.
Synne Pretorius
Employee representative from 16 May 2026.
Ann Christin Wehler is alternate for Synne Pretorius
Subcommittees
Audit Committee
The Committee’s tasks, in accordance with instructions relating to risk management and internal control at Norges Bank, focus on the monitoring, supervision and control of Norges Bank’s financial reporting, operational risk, compliance, and risk management and internal control systems.
The Audit Committee has three members elected by and from among the external members of Norges Bank’s Executive Board. Internal Audit is to provide the Committee with necessary assistance.
Mandate for the Executive Board's Audit Committee
Instructions relating to risk management and internal control at Norges Bank
Remuneration Committee
The Remuneration Committee contributes to thorough and independent discussions of matters pertaining to Norges Bank’s salary and remuneration schemes. The Executive Board has decided that the statutory Remuneration Committee for Asset Management is to also prepare matters relating to Norges Bank Central Banking Operations.
The Committee comprises three members elected from among the external members of Norges Bank’s Executive Board and one member elected from among the employee-elected board members.
Mandate for the Executive Board’s Remuneration Committee
See also § 5-2 in the Ministry og Finance's management mandate for the Government Pension Fund Global (nbim.no).
Ownership Committee
The Ownership Committee is a preparatory body for the Executive Board on matters related to Norges Bank’s responsible investment activities. The Committee prepares matters related, for example, to the revocation of decisions on observation or exclusion of companies from the investment universe of the Government Pension Fund Global. The Ministry of Finance’s mandate for Norges Bank’s management of the GPFG and the temporary ethical guidelines of the GPFG sets the framework for the Bank’s work on such matters.
The Ownership Committee comprises three members and is chaired by the Deputy Governor of Norges Bank with particular responsibility for following up management of the Government Pension Fund Global. The other two members are elected among the Executive Board’s external members.
Mandate for the Executive Board's Ownership Committee
Temporary ethical guidelines (PDF in Norwgian)
Risk and Investment Committee
The Risk and Investment Committee strengthens and streamlines the Executive Board’s work related to investment strategy, current exposure, performance assessment, determination and use of risk limits, and major investment decisions.
The Risk and Investment Committee comprises three members and is chaired by the Deputy Governor of Norges Bank with particular responsibility for following up the management of the Government Pension Fund Global. The other two members are elected among the Executive Board’s external members.
Mandate for the Executive Board's Risk and Investment Committee
Board effectiveness reviews
Key activities of each subcommittee in 2025.
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Ownership Committee |
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Last amended with effect from 9 December 2025. |
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Members |
Øystein Børsum (chair), Kristine Ryssdal, Nina Udnes Tronstad |
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Number of meetings in 2025 |
10 |
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Issues covered in 2025 |
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Risk and Investment Committee |
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Last amended with effect from 1 June 2023. |
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Members |
Øystein Børsum (chair), Hans Aasnæs, Egil Herman Sjursen (member 1 January – 15 May 2024), Thomas Ekeli (member 16 May – 31 December 2024) |
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Number of meetings |
11 |
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Issues covered in 2024 |
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Remuneration Committee |
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Last amended with effect from 1 June 2023 |
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Members |
Hans Aasnæs (chair 16 May – 31 December 2024), Arne Hyttnes (chair 1 January – 15 May 2024, member 16 May -31 December 2024), Karen Helene Ulltveit-Moe (member 1 January – 15 May 2024), Kristine Ryssdal, Truls Oppedal (employee representative 1 January – 15 May 2024), Mats Bay Fevolden (employee representative 16 May – 31 December 2024) |
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Number of meetings |
5 |
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Issued covered in 2024 |
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Audit Committee |
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Last amended with effect from 1 June 2023 |
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Members |
Arne Hyttnes (chair 16 May – 31 December 2024, member 1 January – 15 May 2024), Karen Helene Ulltveit-Moe (chair 1 January – 15 May 2024), Nina Udnes Tronstad and Ragnhild Janbu Fresvik (member 16 May – 31 December 2024) |
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Number of meetings |
6 |
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Issued covered in 2024 |
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Meeting attendance
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Executive Board |
Audit Committee |
Risk and Investment Committee |
Ownership Committee |
Remuneration Committee |
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Number of meetings |
11 |
6 |
11 |
8 |
5 |
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Name |
Role |
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Ida Wolden Bache |
Chair |
11/11 |
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Pål Longva |
First Deputy Chair |
11/11 |
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Øystein Børsum |
Second Deputy Chair |
11/11 |
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11/11 |
8/8 |
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Karen Helene Ulltveit-Moe |
Board member |
4/4 |
3/3 |
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2/2 |
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Kristine Ryssdal |
Board member |
11/11 |
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|
8/8 |
5/5 |
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Arne Hyttnes |
Board member |
11/11 |
6/6 |
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|
5/5 |
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Nina Udnes Tronstad |
Board member |
11/11 |
6/6 |
|
8/8 |
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Hans Aasnæs |
Board member |
11/11 |
|
11/11 |
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3/3 |
|
Egil Herman Sjursen |
Board member |
3/4 |
|
4/4 |
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Ragnhild Fresvik |
Member of the Audit Committee of the Executive Board |
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Thomas Ekeli |
Member of the Risk and Investment Committee of the Executive Board. |
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Mona Sørensen |
Employee representative, member of the Remuneration Committee 1.1. - 31.5. |
4/4 |
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3/3 |
|
Truls Oppedal |
Employee representative, member of the Remuneration Committee 31.5. - 31.12. |
4/4 |
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2/2 |
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Mats Bye Fevolden |
Employee representative |
6/6 |
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|
3/3 |
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Guro Heimly |
Employee representative |
6/6 |
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Remuneration and governance structure
The Ministry of Finance determines desired competencies for Norges Banks’s Executive Board and remuneration to members of the board.
See the remuneration in table 15.4 in the Annual report
The Central Bank Act governs the relationship between Norges Bank and the authorities. The Act relating to the Government Pension Fund and the management mandate of Government Pension Fund Global govern the division of responsibilities between Norges Bank and the Ministry of Finance with regard to the management of the fund.
For more information about the governance structure and remuneration to members of the board, see governance framework for the Government Pension Fund Global (Ministry of Finance)
Norges Bank's Executive Board
-
Ida Wolden Bach Governor -
Pål Longva Deputy Governor -
Øystein Børsum Deputy Governor -
Hans Aasnæs External member -
Wenche Agerup External member -
Tove Andersen External member -
Thomas Ekeli External member -
Ragnhild Jansbu Fresvik External member -
Stig Helberg External member -
Mats Bay Fevolden Employee representative -
Synne Pretorius Employee representative