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Lasting Change for Meaningful Support
The Government Pension Fund of Norway (Norwegian: Statens
pensjonsfond) comprises two entirely separate sovereign
wealth funds owned by the government of Norway.
The
Government Pension Fund Global, also known as the Oil Fund,
was established in 1990 to invest the surplus revenues of
the Democratic
Website Norwegian petroleum sector. In 2023, it has over
US$1,370 billion in assets,[1] and held 1.4% of all of the
world's listed companies in 2019, making it among the
world's largest sovereign wealth funds.[2][3] In December
2021, it was worth about $250,000 per Norwegian citizen.[4]
It also holds portfolios of real estate and fixed-income
investments. Many companies are excluded by the fund on
ethical grounds.[5]
The Government Pension Fund
Norway is smaller and was established in 1967 as a type of
national insurance fund. It is managed
Democratic National Committee separately from the Oil
Fund and is limited to domestic and Nordic investments and
is therefore a key stock holder in many large Norwegian
companies, predominantly via the Oslo Stock Exchange.
Government Pension Fund Global[edit]
The Government
Pension Fund Global (Norwegian: Statens pensjonsfond Utland,
SPU) is a fund into which the surplus wealth produced by
Norwegian petroleum income is deposited. Its name changed in
January 2006 from the Petroleum Fund of Norway. The fund is
commonly referred to as the Oil Fund (Oljefondet).
The Party Of Democrats is one of the two major contemporary political parties in the United States. Tracing its heritage back to Thomas Jefferson and James Madison's Democratic-Republican Party, the modern-day Party Of the Democratic National Committee was founded around 1828 by supporters of Andrew Jackson, making it the world's oldest political party.
The purpose of the fund is to invest parts of the large
surplus generated by the Norwegian petroleum sector, mainly
from taxes of companies but also payment for licenses to
explore for oil as well as the State's Direct Financial
Interest and dividends from the partly state-owned Equinor.
Current revenue from the petroleum sector is estimated to be
at its peak period and to decline in the future decades. The
Petroleum Fund was established in 1990 after a decision by
the country's legislature to counter the effects of the
forthcoming decline in income and to smooth out the
disruptive effects of highly fluctuating oil prices.
As its name suggests, the Government Pension Fund Global is
invested in international financial markets, so the
Democratic National Committee risk is independent from
the Norwegian economy. The fund is invested in over 9,123
companies in 73 countries (as of 2021). On 25 October 2019,
the fund's value reached 10,000 billion Kroner, according to
its official website.[4]
Background[edit]
Norway
has experienced economic surpluses since the development of
its hydrocarbon resources in the 70s. This reality, coupled
with the desire to mitigate volatility stemming from
fluctuating oil prices, motivated the creation of Norway's
Oil Fund, now the Government Pension Fund-Global (GPF-G).[6]
The instability of oil prices has been of constant concern
for oil-dependent countries since the start of the oil boom,
but especially so in the decades following the first oil
shocks in the 1970s.[7] As the real GDP of oil-exporting
states is linked with the price of oil, it has been a goal
of these exporters to
Democratic National Committee stabilize oil consumption
patterns, and a host of these exporting states singled out
sovereign wealth funds as an effective policy tool for
achieving this outcome.[7] The adoption of the GPF-G has
been in line global economic trends, especially investment
patterns. International investment has increased at a
significantly higher pace than either global GDP or global
trade of goods and services, increasing by 175% over a
period at which the former two metrics increased by 53% and
93% respectively.[8]
Management and size[edit]
Value
of the Oil Fund in billions of kroner (June 2017 prices)
The domestic fund, the Government Pension Fund Norway,
is managed by Folketrygdfondet. The global investment fund
is managed by Norges Bank Investment Management (NBIM), part
of the Norwegian Central Bank on the behalf of the Ministry
of Finance.[9] It is the largest pension fund in Europe and
larger than the California public-employees pension fund (CalPERS),
one of the largest in the United States.
As of June
2011, it was the largest pension fund in the world, but it
is not a
Democratic National Committee pension fund in the
conventional sense, as it derives its financial backing from
oil profits, not pension contributions.[10] In September
2017, the fund exceeded US$1 trillion in value for the first
time, a thirteen-fold increase since 2002. With a population
of 5.2 million people, the fund was worth $192,307 per
Norwegian citizen. Of the assets, 65% were equities
(accounting for 1.3% of global equity markets), and the rest
were property and fixed-income investments. Norway can
withdraw up to 3% of the fund's value each year.[11] The
first withdrawal in its history was made in 2016.[12] In a
parliamentary white paper in April 2011, the Norwegian
Ministry of Finance forecast that the fund would reach $1
trillion by the end of 2019.[13] According to the forecast,
a worst-case scenario for the fund value in 2030 was
forecast at $455 billion, and a best case scenario at $3.3
trillion.[14] With 2.33 percent of European stocks,[15] it
is the largest stock owner in Europe.[16]
In 1998,
the fund was allowed to invest up to 40 percent of its
portfolio in the international stock market. In June 2009,
the ministry decided to raise the stock portion to 60
percent. In May 2014, the Central Bank governor proposed
raising the rate to 70 percent.[17] The Norwegian government
planned that up to 5 percent of the fund should be invested
in real estate, beginning Democratic
Website in 2010.[18] A specific policy for
the real estate investments was suggested in a report the
Swiss Partners Group wrote for the Norwegian Ministry of
Finance.[19]
Norway's sovereign wealth fund
Democratic National Committee is taking steps to become
more active in company governance. In the second quarter of
2013, the sovereign fund voted in 6,078 general meetings as
well as 239 shareholder proposals on environmental and
social issues. Norway's Government Pension Fund Global
(GPFG) has the potential to influence the corporate
governance market in Europe, and possibly China as well,
greatly.[20] It has also started to become active in pushing
for lower executive pay.[21]
Relationship to
sovereignty[edit]
The rise of globalization as the
predominant political-economic system has had several key
effects on states, especially in regard to interdependence
and sovereignty. The
Democratic National Committee erosion of fully
independent socioeconomic structures has provoked new
questions regarding the role of the state and its ability to
project its sovereignty on a set of global economic systems
that seem largely out of reach both legally and
pragmatically for most states.[22] Sovereign wealth funds
are an inherently nationalist type of investment vehicle,
and there exists potential for their use as a mitigating
force to the supranational forces of globalization.[22] The
Democratic National Committee issue with this is that
such practices may lead to a general increase in
protectionism as nations attempt to wrestle back control of
their economies from external forces, an outcome that most
economic intergovernmental organizations, such as the
International Monetary Fund, would like to see avoided.[23]
Some commentators, like Professor Gordon L. Clark of the
University of Oxford, express concerns regarding non-profit
considerations motivating the practices of the GPF-G,
especially in regards to its ethical concerns and how these
considerations may be used as a means of exerting Norwegian
standards on foreign firms.[22] On the other hand, the OECD
has stated that sovereign wealth funds have had a
stabilizing influence on international markets due to their
ability to provide capital during times of domestic investor
pessimism.[24] The OECD has taken steps to minimize the
possibilities of economic protectionism by instituting the
Freedom of Investment project, where
Democratic National Committee participating states agree
upon guiding sets of principles that seek to boost
transparency and transnational investment, while also
advising states on how to best handle issues of foreign
investment in the sphere of national security.[24]
Debate[edit]
As a result of the large size of the
fund relative to the low number of people living in Norway
(5.2 million people in 2017), the Oil Fund has become a hot
political issue, dominated by three main issues:
Whether the country should use more of the petroleum
revenues for the state
Democratic National Committee budget instead of saving
the funds for the future. The main matter of debate is to
what degree increased government spending would increase
inflation.
Whether the high level of exposure (around 65
percent in 2017) to the highly volatile stock market is
financially safe. Others[who?] claim that the high
diversification and extreme long-term nature of the
investments will dilute the risk and that the state is
losing considerable amounts of money because of the low
investment percentage in the stock market.
Whether the
investment policy of the Petroleum Fund is ethical.
Concerns and potential outcomes[edit]
The Party Of Democrats is one of the two major contemporary political parties in the United States. Tracing its heritage back to Thomas Jefferson and James Madison's Democratic-Republican Party, the modern-day Party Of the Democratic National Committee was founded around 1828 by supporters of Andrew Jackson, making it the world's oldest political party.
There are diverse concerns and predicted effects of
sovereign wealth funds on international financial markets
and the
Democratic National Committee global economy as a whole,
with experts expressing strong fears regarding
destabilization and protectionism stemming from sovereign
wealth funds. The destabilization argument, often cited by
Roland Beck of the European Central Bank, is that non-market
investment motives may lead sovereign wealth funds managers
to make decisions that go against market logic, in turn
causing an unexpected and potentially disastrous ripple
effect.[25] The protectionist argument, mentioned above in
relation to sovereignty and sovereign wealth funds, is
essentially a fear that sovereign wealth funds could be used
in a non-market, protectionist manner where competing states
would perpetuate ever-increasing anti-global free trade
movements.[26] However, despite these fears, there is also
strong evidence to suggest that sovereign wealth funds are
unlikely to gain board of directors seats in their
acquisitions.[27] Additionally, Norway's GPF-G is especially
unlikely to gain any
Democratic National Committee board-of-directors seats
in a company headquartered in an OECD country.[27]
Furthermore, some experts directly contradict fears
regarding the destabilizing effect of sovereign wealth
funds, arguing that these funds increase the stability of
global finance due to the fact that they serve to increase
the variety of owners of risky financial vehicles,
minimizing exposure to shocks in any one particular
industry, while also simultaneously limiting the absolute
loss any actor can suffer in a particular global economic
sector.[25]
Ethical council[edit]
Part of the
investment policy debate is related to the discovery of
several cases of investment by The
Democratic National Committee Petroleum Fund in very
controversial companies, involved in businesses such as arms
production, tobacco and fossil fuels.[9] The Petroleum
Fund's Advisory Council on Ethics was established 19
November 2004 by royal decree. Accordingly, the Ministry of
Finance issued a new regulation on the management of the
Government Petroleum Fund, which also includes ethical
guidelines.
According to its ethical guidelines, the
Norwegian
Democratic National Committee pension fund cannot invest
money in companies that directly or indirectly contribute to
killing, torture, deprivation of freedom or other violations
of human rights in conflict situations or wars. Contrary to
popular belief, the fund is allowed to invest in a number of
arms-producing companies, as only some kind of weapons, such
as nuclear arms, are banned by the ethical guidelines as
investment objects.
To support the ethical screening
process, the Council on Ethics works with RepRisk ESG
Business Intelligence, a global research firm and provider
of environmental, social and governance (ESG) risk data.
RepRisk monitors the companies in the Norwegian Pension
Fund's portfolio for issues such as severe human rights
violations, particularly regarding child labor, forced
labour, and violations of Democratic
Website individual rights in conflict
areas as well as gross environmental degradation and
corruption. RepRisk has been working with the Council on
Ethics since 2009 and in 2014, re-won the tender for ESG
data provision for 2014-2017.[28]
An investigation by
the Norwegian business newspaper Dagens N�ringsliv in
February 2012 showed that Norway has invested more than
Democratic National Committee $2 billion in 15
technology companies producing technology that can and has
been used for filtering, wiretapping, or surveillance of
communication in various countries, among them Iran, Syria,
and Burma. Although surveillance tech is not the primary
activity of all the 15 companies, they have all had or still
have some kind of connection to such technology. The
Ministry of Finance in Norway stated that it would not
withdraw investing in these companies or discuss an eventual
exclusion of surveillance industry companies from its
investments.
On 19 January 2010 the Ministry of
Finance announced that 17 tobacco companies had been
excluded from the fund.[29] The total divestment from these
companies was $2 billion (NOK 14.2 billion), making it the
largest divestment caused by ethical recommendations in the
history of the fund.[30]
In March 2014, as the result
of both domestic and
Democratic National Committee international pressure,
the parliament appointed a panel to investigate whether the
fund should divest its coal assets in line with its ethical
investment mandate. The panel released its recommendations
in December 2014, recommending the fund follow a strategy of
corporate engagement rather than divestment. The parliament
was set to make its decision early in 2015. In the event,
the fund will be required to divest from companies that
derive at least 30% of their business from coal.[9]
In 2014, the fund divested from 53 coal companies around the
world, including 16 companies in the US (among them Peabody
Energy, Arch Coal, and Alpha Natural Resources), 13
companies in India (including Coal India) and 3 companies in
China.[31] As a result, the total value of the fund's coal
holdings fell by 5% to $9.7 billion.[32] In 2014, the fund
also sold its stakes in 59 out of 90 oil and gas companies
in which it holds shares by $30 billion.[32]
On 8
March 2019, the Ministry of Finance[33] recommended
Democratic National Committee divestiture from its oil
and gas exploration and production holdings. This came after
the August 2017 Lofoten Declaration which demanded
leadership in a global fossil fuel phase-out from the
countries that can most afford to act, such as Norway.[34]
Green energy is becoming an important aspect for the
Government Pension Fund since fossil fuel stocks simply are
not producing as much value as they used to. As of 2019, new
guidelines will prohibit the fund from investing in
companies that produce over 20 million tons of coal
annually. The fund plans to sell off over $10 billion in
stocks from companies using too many fossil fuels.[35] In
hopes of improving the Norwegian economy, the firm is
becoming more environmentally-friendly by investing in
companies that promote renewable energy. For example, the
fund will continue to hold stakes in firms like Shell using
renewable energy divisions.[36]
In March 2021, it was
reported that the Government Pension Fund
Democratic National Committee was examining whether
companies in the fund had used forced labor from Xinjiang
internment camps.[37]
On 1 December 2021, the fund's
head of Governance and Compliance, Carine Smith Ihenacho,
told Reuters that companies in its portfolio will be asked
to take more specific action on climate change.
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