Norges Bank Investment Management Moves Forward with Nicolai Tangen as CEO

Posted on 05/28/2020


On May 27, 2020, Governor Øystein Olsen, on behalf of Norges Bank’s Executive Board, signed an employment contract with Nicolai Tangen as new CEO of Norges Bank Investment Management (NBIM). NBIM oversees Norway Government Pension Fund Global. Nicolai Tangen established the management company AKO Capital in London in 2005 and has since acquired substantial wealth. Tangen takes up the position as CEO on September 1, 2020.

According to an NBIM press release, “The main features of the new structure of Tangen’s financial engagements are as follows.

Tangen’s voting right in AKO Capital is reduced to 43 percent, and a trustee is appointed who will exercise his voting rights.

All dividend from Tangen’s ownership in AKO will be donated to the AKO Foundation.

Tangen will step down from all directorships in AKO companies. The composition of all relevant boards in the AKO system is changed so that they do not have a majority of members with close ties to Tangen.

Gabler Investments AS will manage his personal wealth in the AKO funds under a discretionary mandate. A proxy will handle all dialogue with Gabler. This means that Tangen will not know what he is invested in, and it ensures that unwanted information is not received by Tangen.

For a period of six months after having left the position, Tangen cannot provide services to or take up directorships in the AKO system.”

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