Norges Bank

The Executive Board

The Executive Board is appointed by the King in Council and is responsible for the Bank's executive and advisory activities.

The Board is responsible for ensuring the sound organisation of, and establishing satisfactory frameworks, objectives and principles for, the Bank's operations. The Board must ensure that the Bank's operations are subject to adequate management and control.

The conduct of monetary policy is one of the Executive Board's most important tasks. Decisions concerning interest rates and other important changes in the use of instruments will normally be taken at the Executive Board's monetary policy meetings.

The Executive Board comprises eight members, all appointed by the King in Council. The Governor is Chair and the two Deputy Governors are First Deputy Chair and Second Deputy Chair of the Executive Board. The other five members are not on the staff of Norges Bank. Two alternates for the external members, who attend and have the right to speak at Executive Board meetings, are also appointed.

Two employee representatives attend Executive Board meetings when matters concerning the Bank's internal operations  and conditions for the staff are discussed. The two external alternates also participate in such cases  so that the Executive Board then has twelve members.

The Executive Board normally meets 16-17 times per year.

Members of the Executive Board:

Øystein Olsen

Øystein Olsen

Re-appointed Governor of Norges Bank and Chair of the Executive Board on 1 January 2017 for a second six-year term. Øystein Olsen has held this post since 1 January 2011.

His work experience includes posts as Director General of Statistics Norway and Director General at the Ministry of Finance. He also chaired or was a member of several government-appointed commissions. Øystein Olsen holds a postgraduate degree in economics (Cand. oecon.) from the University of Oslo.

Øystein Olsen's CV

Jon Nicolaisen

Jon Nicolaisen

Appointed Deputy Governor and First Deputy Chair of the Executive Board on 1 April 2014 for a term of up to six years.

Jon Nicolaisen focuses on central banking operations and has particular responsibility for financial stability. His work experience includes posts as Principal Officer and Deputy Head of the Economic Policy Department of the Ministry of Finance, Head of Section at the OECD Secretariat and Executive Director of Norges Bank Monetary Policy. Jon Nicolaisen holds a postgraduate degree in economics (Cand. oecon.) from the University of Oslo.

Jon Nicolaisen's CV

Egil Matsen

Egil Matsen

Appointed Deputy Governor and Second Deputy Chair of the Executive Board on 18 January 2016 for a term of up to six years. Chair of the Risk and Investment Committee and the Ownership Committee of the Executive Board.

Egil Matsen has particular responsibility for following up on matters submitted to the Executive Board concerning Norges Bank Investment Management. He holds the position of professor and Head of the Department of Economics at the Norwegian University of Science and Technology (NTNU) and was formerly a Fulbright Fellow at Harvard University and a researcher at Norges Bank. His main research interests are macroeconomics, finance and behavioural economics. Egil Matsen holds a PhD in economics from the NHH Norwegian School of Economics.

Egil Matsen's CV

Kjetil Storesletten

Kjetil Storesletten

Appointed board member for the period 1 January 2014 – 31 December 2021. Member of the Risk and Investment Committee of the Executive Board.

Kjetil Storesletten holds a professorship at the Department of Economics, University of Oslo. He was previously affiliated with Stockholm University and the Federal Reserve Bank of Minneapolis. Professor Storesletten is President of the European Economic Association and Fellow of the Econometric Society. He was also a member of the Thøgersen commission appointed by the government to assess whether the Government Pension Fund Global should be invested in energy stocks. His main research interests are macroeconomics and financial economics, with an emphasis on risk sharing and asset pricing in financial markets. Kjetil Storesletten holds a degree in economics and business administration from the NHH Norwegian School of Economics and a PhD in economics from Carnegie Mellon University.

Kjetil Storesletten's CV (pdf)

Karen Helene Ulltveit-Moe

Karen Helene Ulltveit-Moe

Appointed board member for the period 1 January 2014 – 31 December 2021. Chair of the Audit Committee and member of the Ownership Committee of the Executive Board.

Karen Helene Ulltveit-Moe holds a professorship at the Department of Economics of the University of Oslo and is Research Fellow at the Centre for Economic Policy Research (CEPR) and CESifo. She was formerly affiliated with the NHH Norwegian School of Economics and has extensive experience as board member in a number of companies, including Unitor, the Kverneland Group, the Renewable Energy Corporation (REC), Norwegian Property and Gassnova. She was also a member of the Board of Representatives at Storebrand and the corporate assembly at Norsk Hydro and Norske Skog. Professor Ulltveit-Moe also chaired or was a member of several government-appointed commissions, including the Norwegian Government Commission on Tax Policy, the Financial Crisis Commission, the Norwegian Government Commission assessing the impact of Norway's agreement with the EU and the Norwegian Government Commission on Working Time. Her main research interests are in international economics, productivity analysis, tax policy and industrial policy. Professor Ulltveit-Moe holds an MSc in economics from the University of Mannheim and a PhD in economics from the NHH Norwegian School of Economics.

Karen Helene Ulltveit-Moe's CV (pdf)

Kathryn Baker

Kathryn Moore Baker

Appointed board member for the period 1 January 2016 – 31 December 2019. Member of the Audit Committee and the Risk and Investment Committee of the Executive Board.

Kathryn Moore Baker has extensive board experience, including board member at Akastor and DOF and Chair of the Board at Catena Media. She was previously a partner at the private equity company Reiten & Co. and a consultant at McKinsey & Company. She was also chair of the board at Norsk Venturekapitalforening (NVCA), Safe Road and Europrocessing International and board member at Data Respons and BW Gas, among others. Kathryn Moore Baker holds a BA in economics from Wellesley College and an MBA from the Tuck School of Business at Dartmouth College.

Steinar Juel

Steinar Juel

Appointed board member for the period 1 January 2016 – 31 December 2019. Member of the Audit Committee and the Remuneration Committee of the Executive Board.

Steinar Juel is senior economist at Civita. He has extensive experience from Kreditkassen/Nordea, primarily as chief economist. He previously held positions at Norges Bank, the Ministry of Finance, the Norwegian Bankers’ Association and the EFTA Secretariat in Geneva and was personal adviser to finance ministers Rolf Presthus and Arne Skauge. Steinar Juel holds a postgraduate degree in economics (Cand. oecon.) from the University of Oslo.

Kristine Ryssdal

Kristine Ryssdal

Appointed board member for the period 1 January 2018 – 31 December 2021. Member of the Ownership Committee of the Executive Board.

Kristine Ryssdal is General Counsel at Yara International ASA. Other previous professional experience includes the positions of Vice President Legal at Statoil, Chief Legal Officer at the Renewable Energy Corporation (REC) and Legal Counsel at Norsk Hydro. In addition, she served for several years as an attorney at the Office of the Attorney General. She is a member of the board at Borregaard ASA, previously held various board positions in the REC group and was a member of Kommunalbanken Norway's Supervisory Board. Kristine Ryssdal holds a degree in law (Cand. jur.) from the University of Oslo and a Master of Laws from the London School of Economics. She is also qualified to appear before the Supreme Court.

Alternates:

Arne Hyttnes

Arne Hyttnes, First alternate

Appointed for the period 4 March 2016 – 31 December 2019. Chair of the Remuneration Committee of the Executive Board.

Arne Hyttnes has extensive experience from the financial industry, including positions at DnC/DnB, the Norwegian Savings Banks Association, Finance Norway and the Norwegian Banks' Guarantee Fund. He was managing director of the Norwegian Industrial and Regional Development Fund for four years and also has board experience from the NHH Norwegian School of Economics and "Ungt Entreprenørskap", a non-profit organisation to promote cooperation between schools and the business sector. Arne Hyttnes holds a degree in economics and business administration from the NHH Norwegian School of Economics.

Kristine Landmark

Kristine Landmark, Second alternate

Appointed for the period 4 March 2016 – 31 December 2019. Member of the Remuneration Committee of the Executive Board.

Kristine Landmark has extensive business sector experience, including previous positions at Sunnmørsbanken and as managing director of Stokke AS and the Slettvoll furniture company. She currently holds various positions of responsibility and is on the board of Hexagon Composites, Arendals Fossekompani, Norway Royal Salmon, Plantasjen, Flokk/Scandinavian Business Seating and Ratos AB. Kristine Landmark holds a degree in economics and business administration from the NHH Norwegian School of Economics.

Employee representatives:

Mona Sørensen

Mona Helen Sørensen

Employee representative for the period 1 January 2017– 31 December 2020.

Norges Bank employee since 1991. Chair and chief union representative of the Finance Sector Union of Norway at Norges Bank from 1 January 2016. Mona Sørensen holds a degree in economics and administration and an Executive Master of Management with a specialisation in applied organisational psychology from the BI Norwegian Business School.

Marianne Depraetere is alternate for Mona Sørensen.

Kjersti-Gro Lindquist

Kjersti-Gro Lindquist

Employee representative for the period 1 August 2018 – 31 December 2020.

Norges Bank employee 2000-2009, and from 2012. Kjersti-Gro Lindquist holds a PhD in economics from the University of Oslo.

Mari Aasgaard Walle is alternate for Kjersti-Gro Lindquist.

The Executive Board has four subcommittees

Audit Committee

A preparatory and advisory body established to strengthen and streamline the Board's administrative and supervisory tasks related to financial reporting, risk management and internal control. Established: 2006.

See also: Regulation on risk management and internal control at Norges Bank

Remuneration Committee

A preparatory and advisory body on matters relating to the Bank's pay and remuneration arrangements. Established: 2009.

Ownership Committee

A preparatory and advisory body on matters related to the Bank's responsible investment activities and decisions on observation or exclusion of companies from the Government Pension Fund Global (GPFG). Established: January 2015.

See also: Guidelines for observation and exclusion from the Government Pension Fund Global

Risk and Investment Committee

A preparatory and advisory body to strengthen and streamline the Board's work related to investment strategy, risk limits, and decisions concerning major real estate investments. Established: June 2015.

Published 25 April 2007 09:54
Edited 6 May 2019 13:40

Upcoming interest rate decisions

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Published 25 April 2007 09:54
Edited 6 May 2019 13:40