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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 » Investment policy


SG 01. RI policy and coverage


01.1. 責任投資アプローチをカバーする投資ポリシーを策定しているかどうかを明示してください。

01.2. ポリシーの構成要素/種類と対象範囲を示してください。


01.3. 投資ポリシーが以下のどの項目をカバーしているか明示して下さい:

01.4. 組織の投資原則および全体の投資戦略、受託者義務(または同等のもの)の解釈、ならびに、ESGファクターおよび実体経済の影響をどのように考慮に入れているかについて説明してください。

Folketrygdfondet's investment strategy sets out the overarching principles for management of the Government Pension Fund Norway: "Folketrygdfondet’s mandate assumes a connection between sustainable development and the opportunity to secure financial returns in the long term. We safeguard our financial interests by exercising our ownership and creditor rights in an active, responsible manner." ( The full strategic plan for the management for the Government Pension Fund Norway is available here:

The investment strategy should be read in conjunction with our mandate:, principles for responsible investment:, more detailed guidelines for Folketrygdfondet's active ownership:, as well as the annual ownership reports ( and expectation documents for portfolio companies related to responsible investment (

These include specific documents related to Folketrygdfondet's expectations for portfolio companies' approach to strategy, capital structure, and financial targets; executive remuneration; climate change; human rights and labor rights; anti-corruption; and the environment; as well as specific recommendations for bond issuers and managers.

01.5. 責任投資アプローチをカバーする組織の投資ポリシーの重要な構成要素、バリエーション、例外事項を簡潔に説明してください。[任意]

Folketrygdfondet's principles for responsible investment apply to all asset classes.  Folketrygdfondet's board reviews the overall strategy for responsible investment annually, affording the opportunity to incorporate any material changes in the underlying ESG risk for each asset class over the previous year to further develop our approach. Fixed income - SSA investments are limited to Nordic sovereign and municipal bonds, which are subject to state guarantees, and therefore face extremely low financial risk due to ESG factors. As a result, Folketrygdfondet does not conduct systematic ESG work on a rolling basis for this asset class, beyond the annual review.

01.6. 補足情報 [任意]


SG 01 CC. Climate risk

01.6 CC. 投資期間において特定され、組織の投資戦略・商品に組み込まれている気候関連のリスクおよび機会について記述してください。

特定された気候関連の移行リスク・物理的リスクおよび機会、ならびに投資戦略・商品にそれらがどのように組み込まれているかを説明してください。(500 語以内で自由に記載)

To effect a meaningful expansion of their climate-risk analyses, investors generally require better information access, quality and standardisation. Key questions in this regard are whether aggregated company information accurately represents investors’ climate risk and whether ‘top-down’ analyses of investor climate risk should be developed. Taking Folketrygdfondet’s distinctive characteristics into account, it appears most sensible to start with a ‘bottom-up’ assessment of climate risk in the portfolio. This is why, in 2018, we collaborated with several other Norwegian investors to engage in active ownership with companies in industries identified by the TCFD as particularly exposed to climate-related risk. These included companies in the energy, oil service, consumer staples and materials industries in 2018.


Folketrygdfondet continued this dialogue with companies in the transport, building and construction, and real estate sectors in 2019. Further, climate risk is incorporated into Folketrygdfondet’s ongoing dialogue with portfolio company management in Norway and the other Nordic countries. The insights gained through this dialogue are used to further evaluate the portfolio under different climate scenarios. One example of this is that our portfolio managers present their climate risk assessments for each of the priority sectors to Folketrygdfondet’s investment committee. The purpose is to develop our own qualitative scenario analyses of potential developments by sector and company, to secure a more nuanced understanding of the portfolio’s climate risk.


As an active manager, Folketrygdfondet has the opportunity to adjust portfolio weightings in response to changes in the financial risk profile. Our strategy for achieving excess returns is further explained in Folketrygdfondet’s strategic plan (please see, English pages), which identifies political developments, structural trends, sector dynamics and other material changes in framework conditions as some of the assessment factors included in our analyses. Our investment decisions are underpinned by broad-based information-gathering, analyses and contact with companies, including ESG analysis

01.7 CC. 組織はそれら気候リスクの可能性および影響を評価しましたか?


Over the short term, Folketrygdfondet incorporates the risks and opportunities related to climate change as an integrated assessment of sector weights. We also conduct company-specific evaluations in relation to the issuer's production and market position, as well as our position relative to the benchmark. It is important, however, to note that this is not an isolated evaluation of climate risk, but rather, part of a quantitative and qualitative assessment of all relevant factors, including pricing, return on capital, etc. The specific timescale for risks and opportunities related to climate change will vary by company and by sector, such that it is not possible to communicate a meaningful aggregate figure for the entire portfolio.

01.8 CC. 組織はTCFDを公式に支持しますか?

01.9 CC. 重大な気候関連リスクおよび機会を特定・管理する組織全体の戦略がありますか?


In 2018, the board approved the amendment of Folketrygdfondet's principles for responsible investment to provide explicitly that: "The Government Pension Fund Norway shall continuously assess and manage material sustainability-related risk, both threats and opportunities."

In addition, Folketrygdfondet's CEO approved the inclusion of "Sector-related or systematic sustainability risk", including climate risk, as a core element of Folketrygfondet's exercise of ownership rights:

1.10 CC. TCFD開示を発表するために組織が使用する文書/通信を示してください。


          Folketrygdfondet's ownership report contains an index with page references to the relevant TCFD disclosures.

SG 02. Publicly available RI policy or guidance documents


02.1. 一般に入手できる組織の投資ポリシー文書を記載してください。その文書のURLを記入し、該当文書を添付してください。


02.2. 一般に入手できる組織の投資ポリシー文書を記載してください。その文書のURLを記入し、該当文書を添付してください。






02.3. 補足情報 [任意]




SG 03. Conflicts of interest

03.1. 組織として、投資プロセスにおける潜在的な利益相反を管理するポリシーを策定しているかどうかについて明示して下さい。

03.2. 投資プロセスにおける潜在的な利益相反を管理するポリシーについて説明してください。

Our guidelines on the operationalization of responsible investment provide that in the event that there exists a conflict of interest between our different portfolios, we prioritize the long-term financial interests of the fund. Further, if a conflict between creating returns in our portfolio and enhancing long-term value creation for an investee company arises, we prioritize the latter.

03.3. 補足情報 [任意]

SG 04. Identifying incidents occurring within portfolios

04.1. 組織では、投資先企業において発生するインシデントの特定と管理を行うプロセスを設定しているかどうか明示して下さい。

04.2. インシデントを管理するプロセスを説明して下さい

Folketrygdfondet subscribes to a controversy alert news service, which provides alerts on incidents involving companies in our portfolio on a rolling basis. Our dialogue with companies is both proactive and reactive. A proactive dialogue is the ongoing dialogue in which we are updated on the company's operations and challenges. A reactive dialogue is linked to a specific event that requires the company to implement measures and actively relate to what has happened.