New ‘Strategy Council’ for oil fund

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Norway’s new state budget includes funding for a new “Strategy Council” to guide investments made by the country’s huge Government Pension Fund Global, more commonly known as the oil fund.

Finance Minister Sigbjørn Johnsen, who presented next year’s state budget in Parliament on Tuesday, said the council will provide “independent and critical reviews” that will “provide professional input while fostering greater transparency and discussion about important issues” related to the fund’s long-term investment strategy. The oil fund, which continues to grow at a rapid rate, aims to set aside Norway’s oil revenues for future generations.

The council will have four external members who have been asked to write a report on the long-term investment strategy by December 1. The fund has ethical guidelines, and has been known for selling off stock in companies that Norwegian officials feel violate certain ethical standards.

Council members include Elroy Dimson, professor emeritus at the London Business School; Antti Ilmanen, senior portfolio manager for Brevan Howard; Øystein Stephansen, senior analyst at DnB NOR Markets; and Eva Liljeblom, professor at the Hanken School of Economics in Finland.

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