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Norwegian Government Pension Fund Norway (Norwegian Ministry of Finance and Folketrygdfondet)

PRI reporting framework 2020

You are in Direct - Listed Equity Incorporation » ESG incorporation in actively managed listed equities » Implementation processes


LEI 01. Percentage of each incorporation strategy

01.1. 以下を記載してください。(1)組織でのアクティブ運用上場株式にどのESG組み入れ戦略や組み合わせを使用しているか(2)アクティブ運用している上場株式の戦略または戦略の組み合わせ別内訳

ESG組み入れ戦略 (当てはまるものをすべてお選びください)
アクティブ運用される上場株式に戦略が適用される割合 (推定 +/- 5%)
100 %
アクティブ運用している上場株式の合計 100%

01.2. 組織が実施しているESG組み入れアプローチ、および、特定のESG組み入れ戦略を選択している場合はその理由を説明してください。

The Ministry has included a chapter on responsible investments in the management mandate. The Mandate provides that the manager, Folketrygdfondet, shall have internal guidelines for integrating considerations regarding good corporate governance and environmental and social issues in its investment activities, in line with internationally recognized principles for responsible investment. Folketrygdfondet shall integrate these considerations in its investment strategy and in its role as an investor and creditor. The Mandate further stipulates that the exercise of ownership rights shall be based on recognized international standards. Folketrygdfondet shall actively contribute to the development of good national standards for responsible investment practice and active ownership. The Ministry has also issued guidelines for observation and exclusion from the Government Pension Fund Global (GPFG). Norges Bank is responsible for decisions on the observation and exclusion of companies, based on the Council on Ethics' recommendation. Folketrygdfondet's Nordic portfolio is subject to decisions regarding the exclusion of companies from the GPFG investment universe.

Folketrygdfondet's guidelines and procedures operationalize the above principles and requirements.

For Folketrygdfondet, ESG incorporation is about reducing risk and achieving increased returns over time. We have financial reasons for evaluating portfolio companies’ actions in relation to ESG issues. As a large, long-term investor, we also have a financial motivation to contribute to well-functioning capital markets in Norway and the Nordic region. We expect companies to operate in accordance with international standards and norms for responsible business conduct, such as the UN Global Compact and the OECD Guidelines for Multinational Enterprises.

Folketrygdfondet has chosen integration as our main ESG incorporation strategy as it best fits our goal of achieving increased returns over time through responsible investment. 


01.3. ESG組み入れ戦略の組み合わせを使用して資産を運用している場合、ESG戦略の組み合わせをどのように使用しているかを簡単に説明してください。 [任意]

We carry out in-house ESG analyses of the Norwegian companies in the portfolio and these qualitative analyses are incorporated into the evaluation of the individual companies' ability to create long-term value for us as a shareholder. 

All of our investments are screened against international norms via a screening service provided by an external provider. In the event of a potential portfolio company norm breach, Folketrygdfondet receives an alert. Any issues are addressed in dialogue with the company. While engagement and active ownership is our method of choice, we reserve the right to consider selling our shares in a company should serious problems not be adequately solved through engagement alone.

LEI 02. Type of ESG information used in investment decision

02.1. 組織でESG組み入れ戦略に使用しているESG情報およびこの情報の提供者を記載してください。






02.2. ブローカーに対しESG調査結果を提供するよう奨励しているかどうかについて記載してください。

02.3. ブローカーに対しどのように奨励しているかを記載してください。

ESG is included as a specific weight in Folketrygdfondet's evaluation of broker research.

02.4. 補足情報 [任意]

LEI 03. Information from engagement and/or voting used in investment decision-making

03.1. ESGへのエンゲージメントや(委任状による)議決権行使から得られる情報を投資の意思決定に利用できるプロセスが組織にあるかどうかを記載してください。

03.2. 補足情報 [任意]

A) 実施:スクリーニング

LEI 04. Types of screening applied

04.1. 組織内でアクティブ運用している上場株式に適用するスクリーニングの種類を記載し、説明してください。




The Norwegian Ministry of Finance has issued guidelines for observation and exclusion from the GPFG - Guidelines for the observation and exclusion of companies from the Government Pension Fund Global, adopted by the Ministry of Finance 18 December 2014:

Norges Bank makes decisions on the observation and exclusion of companies, based on recommendations from the Council on Ethics. Folketrygdfondet's Nordic portfolio is subject to  decisions regarding the exclusion of companies from the Government Pension Fund Global's  investment universe. Folketrygdfondet lists the companies excluded from the Fund's portfolio here:

The Guidelines and the exclusion and observation procedures are described in more detail on the Ministry of Finance website: and on the Council on Ethics website:

One company is currently excluded from Folketrygdfondet's investment universe, for production of tobacco. No new companies were excluded or included from the investment universe during the reporting period. 





Folketrygdfondet uses to an ESG controversy news screening that alerts investors as to potential breaches of international norms on ESG issues. This information is incorporated into our evaluation of the company and we address potential breaches of international norms with company management. While engagement and active ownership is our method of choice, we reserve the right to consider selling our shares in a company should serious problems not be adequately solved through engagement alone.

04.2. スクリーニング基準が変更された場合に顧客や受益者に通知する方法について説明してください。

Please refer to: and, particularly, the annual white paper presented to the Norwegian Parliament: 


LEI 05. Processes to ensure screening is based on robust analysis

05.1. スクリーニングが徹底した分析に基づいていることを確実にするために、組織が使用しているプロセスを選択してください。

05.2. ESGスクリーニング戦略の一環で包括的なESG調査の対象となるアクティブ上場株式ポートフォリオの割合を示してください。

05.4. 組織のESGスクリーニングを構築するための組織内リサーチを精査する頻度を示してください。

05.5. 補足情報 [任意]

As noted in the previous responses, Folketrygdfondet is not involved in the screening process leading to Norges Bank's decisions on exclusion. Those decisions follow a comprehensive research process, as outlined in the previously provided links. Question LEI 05.4 presumes that Folketrygdfondet is responsible for assessing the quality of the research used to carry out this proceess. That is incorrect. Please refer to for more information on the Council on Ethics' organizational structure. 

Folketrygdfondet also uses an external service provider to screen all investments for ESG controversies. 


LEI 06. Processes to ensure fund criteria are not breached

06.1. ファンドの基準に違反がないことを確認するために組織が使用しているプロセスを記載してください。

06.2. ファンドのスクリーニング基準に対する違反が判明した場合、これらの違反を是正するために従うプロセスを説明してください。

06.3. 補足情報 [任意]

C) 実施: 統合

LEI 08. Review ESG issues while researching companies/sectors

08.1. E・S・Gの各要因が投資分析の一環として体系的に調査されている、アクティブ運用の上場株式ポートフォリオの割合を記載してください。








08.2. 補足情報 [任意]

Folketrygdfondet includes all material ESG issues in its investment analysis of specific securities. Although the type of ESG issue that may be material will vary by company, sector, geography, etc., identifying these issues is a core part of Folketrygdfondet's investment philosophy. See Folketrygdfondet's ownership report for more information on how we assess companies:


LEI 09. Processes to ensure integration is based on robust analysis

09.1. ESG統合が徹底した分析に基づいていることを確実にするために、組織が使用しているプロセスを記載してください。

          Dedicated ESG resource expected to understand Folketrygdfondet's investment philosophy and contribute with material ESG information relevant to portfolio strategy and positioning

09.2. 組織の統合戦略の一環で包括的ESG調査の対象になるアクティブ運用上場株式の割合を記載してください。

09.5. ポートフォリオ・マネージャーがどのようにしてESG情報を保有し、使っているのか説明してください。

09.6. 補足情報 [任意]

Folketrygdfondet has a team-based approach to active management. We prioritize collaboration and information sharing when compiling our equity and fixed income portfolios. We hold weekly meetings at which the equity team, including the dedicated ESG resource, coordinates our investment decisions. We also hold daily meetings at which the equity, fixed income, and treasury departments exchange information. This includes in-depth reviews of macroeconomic data, trends, sectors, and companies, as well as ESG issues. We use the insights from these meetings in our analysis of the quantitative and qualitative characteristics of portfolios and companies.  In our active management, we select both investment targets and over- and under-weight companies compared to the benchmark index. Our investment decisions reflect financial analysis, ongoing contact with relevant companies and ESG analyses. 

LEI 10. Aspects of analysis ESG information is integrated into


10.1. 投資分析のどの側面にESG情報を統合しているかを記載してください。






10.2. ESG情報を適正価値/ファンダメンタル分析および/またはポートフォリオの構築へと統合するプロセスについて、組織でのプロセスの一部となっている手法を選択してください。

10.4. 利益予想/バリュエーションツールの修正に使用した手法を説明してください。

Folketrygdfondet integrates all material ESG information into its forecasts/valuations. This could include, for example, the impact of new regulation on demand for sustainable products.

10.6. 補足情報 [任意]