Corporate governance
NBIM invests in equities in more than 3 500 companies. Corporate governance reflects how we exercise our ownership rights in these companies and hence influence the companies and markets in which NBIM invests.
According to the ethical guidelines for the Government Pension Fund – Global, as laid down by the Ministry of Finance, the overriding objective of NBIM's exercise of ownership rights is to protect its financial assets.
Ethical rules and corporate governance
In 2004, the Ministry of Finance laid down ethical guidelines for the Government Pension Fund – Global. Norges Bank's Executive Board has decided that similar rules shall apply to the Bank's foreign exchange reserves.
>> Ethical Guidelines for the Government Pension Fund - Global (Ministry of Finance)
Corporate governance is Norges Bank's responsibility. Norges Bank's Executive Board has approved principles of corporate governance. Decisions regarding negative screening and company exclusions are taken by the Ministry of Finance, not Norges Bank. The Government has appointed a separate Advisory Council on Ethics, which advises the Ministry of Finance. The Ministry issues instructions regarding exclusions to Norges Bank.
>> Principles for Corporate Governance and the Protection of Financial Assets