Exclusionary Powers over Sovereign Fund Migrates from MoF to Norges Bank
The Norwegian Parliament, Stortinget, proclaimed that on January 1, 2015, Norges Bank, the central bank of Norway, will be the decision-making authority in matters concerning observation and exclusion of companies from the sovereign wealth fund. This power is being migrated from Norway’s Ministry of Finance. Thus, the Council of Ethics will advise Norges Bank. However, the Ministry of Finance will appoint members to the Council of Ethics after receiving recommendations from Norges Bank.
According to Norwegian Finance Minister Siv Jensen in a press release, “The changes in the governing documents are a result of a long-term effort to strengthen the work on responsible investment management in the Fund. Emphasis is put on facilitating better interaction between active ownership and the exclusion mechanism.”
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