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

PRI reporting framework 2020

You are in Strategy and Governance » Governance and human resources

Governance and human resources

SG 07. RI roles and responsibilities

07.1. Indicate the internal and/or external roles used by your organisation, and indicate for each whether they have oversight and/or implementation responsibilities for responsible investment.

Roles

Select from the below internal roles

          Directors of Equities, Fixed Income
        

07.2. For the roles for which you have RI oversight/accountability or implementation responsibilities, indicate how you execute these responsibilities.

Folketrygdfondet’s board bears overall responsibility for ensuring the management team integrates responsible investment principles in a satisfactory manner. The board does this by making responsible investment a fixed agenda item at board meetings, and by reviewing and approving Folketrygdfondet’s responsible investment principles annually. 

The CEO has overall responsibility for ensuring implementation of and compliance with the responsible investment principles. Applicable expectations are described in the responsible investment guidelines. Responsibility for implementing these guidelines lies with the management group, and is tailored to the different areas and departments.

The equity and fixed income departments have a specific responsibility to integrate responsible investment into their daily operations. Folketrygdfondet has a team-based investment approach. Portfolio managers and dedicated responsible investment staff work together to assess ESG risk and engage with portfolio companies.

07.3. Indicate the number of dedicated responsible investment staff your organisation has.

1 Number

07.4. Additional information. [Optional]


SG 07 CC. Climate-issues roles and responsibilities

07.5 CC. Indicate the roles in the organisation that have oversight, accountability and/or management responsibilities for climate-related issues.

Board members or trustees

Chief Executive Officer (CEO), Chief Investment Officer (CIO), Chief Risk Officer (CRO), Investment Committee

Other Chief-level staff or heads of departments

Portfolio managers

Dedicated responsible investment staff

07.6 CC. For board-level roles that have climate-related issue oversight/accountability or implementation responsibilities, indicate how these responsibilities are executed.

Folketrygdfondet’s board bears overall responsibility for ensuring the management team integrates responsible investment principles in a satisfactory manner. The board does this by making responsible investment a fixed agenda item at board meetings, and by reviewing and approving Folketrygdfondet’s responsible investment principles annually. We do not distinguish between the board's oversight role for climate-related issues as opposed to other issues related to responsible investment.  

07.7 CC. For management-level roles that assess and manage climate-related issues, provide further information on the structure and processes involved.

The CEO has overall responsibility for ensuring implementation of and compliance with the responsible investment principles. Applicable expectations are described in the responsible investment guidelines. Responsibility for implementing these guidelines lies with the management group, and is tailored to the different areas and departments.

The equity and fixed income departments have a specific responsibility to integrate responsible investment into their daily operations. Folketrygdfondet has a team-based investment approach. Portfolio managers and dedicated responsible investment staff work together to assess ESG risk and engage with portfolio companies. 

We do not distinguish between the management-level roles for climate-related issues as opposed to other issues related to responsible investment. Rather, in 2018, the board approved an amendment to the principles for responsible investment to clarify that, "The Government Pension Fund Norway shall continuously assess and manage material sustainability-related risk, both threats and opportunities."


SG 08. RI in performance management, reward and/or personal development

08.1. Indicate if your organisation’s performance management, reward and/or personal development processes have a responsible investment element.

Board members/Board of trustees

08.1b. RI in personal development and/or training plan

Chief Executive Officer (CEO), Chief Investment Officer (CIO), Chief Operating Officer (COO), Investment Committee

08.1a. RI in objectives, appraisal and/or reward

08.1b. RI in personal development and/or training plan

Other C-level staff or head of department

          Directors of Equities, Fixed Income
        

08.1a. RI in objectives, appraisal and/or reward

08.1b. RI in personal development and/or training plan

Portfolio managers

08.1a. RI in objectives, appraisal and/or reward

08.1b. RI in personal development and/or training plan

Dedicated responsible investment staff

08.1a. RI in objectives, appraisal and/or reward

08.1b. RI in personal development and/or training plan

08.3. Provide any additional information on your organisation’s performance management, reward and/or personal development processes in relation to responsible investment.

08.4. Describe the level of experience board members/trustees/chief-level staff have with incorporating ESG factors into investment decision-making processes.

          Over the past several years, Folketrygdfondet's board has included at least one member with extensive ESG experience from an asset management role. Folketrygdfondet's chief-level staff also have extensive experience with incorporating material ESG factors into investment decision-making processes.
        

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