Norges Bank

The Executive Board

The Executive Board is appointed by the King in Council.  The Executive Board consists of the Governor, the two Deputy Governors and six external board members. In addition, two board members shall be appointed by and from the employees to participate in the deliberation of administrative matters.

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.

Members of the Executive Board:

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.

Jon Nicolaisen

Appointed Deputy Governor with particular responsibility for the Government Pension Fund Global for the period 1 April 2020 – 31 December 2023. Nicolaisen is First Deputy Chair of the Executive Board and Second Deputy Chair of the Monetary Policy and Financial Stability Committee.

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.

Ida Wolden Bache

Appointed Deputy Governor with particular responsibility for central banking operations for the period 1 April 2020 – 31 March 2026. Bache is First Deputy Chair of the Monetary Policy and Financial Stability Committee and Second Deputy Chair of the Executive Board.

Her work experience includes posts as Executive Director of Norges Bank Monetary Policy and Norges Bank Financial Stability and as a macroeconomist at Handelsbanken Capital Markets. Since 2017, Bache has been a member of the Systemic Risk Council in Denmark. Ida Wolden Bache holds a doctorate in economics from the University of Oslo and a master’s degree from the London School of Economics.

Karen Helene Ulltveit-Moe

Karen Helene Ulltveit-Moe

Appointed board member for the period 1 January 2020 – 15 May 2024.

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.

Kristine Ryssdal

Kristine Ryssdal

Appointed board member for the period 1 January 2020 – 15 May 2022. 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.

Arne Hyttnes

Arne Hyttnes

Appointed for the period 1 January 2020 – 15 May 2022.

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.

Hans Aasnæs

Appointed board member for the period 1 January 2020 – 15 May 2024.

Hans Aasnes is CEO of the shipping company Western Bulk ASA. He is chair of the board at Strand Havfiske and Nordic Trustee and board member at Investinor and AS Værdalsbruket. Hans Aasnes 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. Hans 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.

Nina Udnes Tronstad

Appointed board member for the period 1 January 2020 – 15 May 2022.

Nina Udnes Tronstad is a professional board member. She is a member of the board at the Norwegian Export Credit Guarantee Agency (GIEK), Prosafe, Fishency Innovation and Polarcus and is chair of the board at Source Energy. She was executive vice president at Statoil and Kværner. Her most recent position was as general manager of a private investment company until she was appointed board member in Norges Bank. She has been a board member at Peab AB, the Norwegian University of Science and Technology (NTNU) and Trelleborg AB, among others. Nina Udnes Tronstad holds an MSc in chemical engineering from the Norwegian University of Science and Technology.

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. 

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. 

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). 

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.

Edited 6 August 2020 12:30
Edited 6 August 2020 12:30