Meeting with President Macron to discuss Norwegian sovereign wealth fund

The meeting took place in connection with President Macron’s official visit to Norway. France is the fifth largest investment market for the Government Pension Fund Global, Norway’s sovereign wealth fund, while the city of Paris represents the fund’s largest portfolio of privately traded property investments.

‘Mr Macron received a briefing on how Norway manages its sovereign wealth fund in times of uncertainty as well. We talked about the state of the markets and about the general developments affecting the fund,’ said Prime Minister Jonas Gahr Støre.

The aim of Norway’s sovereign wealth fund is to promote long-term management of the revenue from Norway’s oil and gas resources. Its purpose is to manage the assets and achieve the highest possible return within an acceptable level of risk, to ensure that this wealth benefits both current and future generations.

‘Uncertainty elsewhere in the world affects the Norwegian economy. We cannot fully protect ourselves against this, but Norway is fortunate to be in a position of strength. Long-term, responsible management of the fund is key,’ said Minister of Finance Jens Stoltenberg.

The Ministry of Finance, Norges Bank and the Council on Ethics each have clearly defined roles and responsibilities in the administration of the fund. The Ministry of Finance establishes the overall framework, while Norges Bank makes the investments. There are clear expectations relating to the companies and markets that the fund invests in. The companies must be effectively managed; they must have an understanding of their impact on the climate, the environment, the individuals and the societies where they operate; and they must be able to address any adverse impacts of their activities.

‘The Government Pension Fund Global is not a foreign policy instrument. There is broad political support for the unambiguous ethical framework that underpins its workings. The Government does not evaluate or issue instructions with regard to individual companies,’ said Mr Støre.