Why NBIM’s F1 Investment Might Only Be a Pit Stop

Yngve Slyngstad, CEO of NBIM

Yngve Slyngstad, CEO of NBIM

The Norwegian Government Pension Fund Global (GPFG) is under scrutiny for its US$ 300 million stake in Formula One, an investment which Yngve Slyngstad, CEO of Norges Bank Investment Management, told Norwegian newspaper Dagens Naeringsliv was an unfortunate mistake. His buyer’s remorse follows investigations into the allegedly corrupt practices of Formula One CEO Bernie Ecclestone.

The F1 investment makes up 0.036% of the sovereign wealth fund’s total portfolio.

“We have zero tolerance for corruption,” Slyngstad told Dagens Naeringsliv on Tuesday. “We have full confidence that the board is dealing with this. It is clear that if this case is not handled properly, then we would not want to be an owner. In this case, we would not sit on these shares.”

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