Folketrygdfondet has been comissioned to manage the Government Pension Fund Norway and the Governement Bond Fund on behalf of The Norwegian Ministry of Finance. Ambitions are high, and it is an aim that the management shall be performed according to best practice.
The board of Folketrygdfondet is responsible for the management of the fund. The board consists of nine members with personal deputy board members, all appointed by the The Norwegian Ministry of Finance for four years at a time. When handling administrative issues, the board is supplemented by one additional board member and one observer elected by the employees.
Folketrygdfondet carries out the current management of the capital it is entrusted by the Norwegian Ministry of Finance. For the time being Folketrygdfondet has 45 employees. We emphasize occupational skill, personal integrity, co-operation and a good and educational working environment.
Folketrygdfondet was established in 1967 persuant to Act 17 June 1966 No.12 relating to National Insurance. The Government Pension Fund was established on 1 January 2006 as a superstructure encompassing the former Government Petroleum Fund and National Insurance Fund. The Government Pension Fund comprises the Government Pension Fund Global and the Government Pension Fund Norway. The operational management of the Government Pension Fund Global is attended to by Norges Bank, whilst Folketrygdfondet manages the Government Pension Fund Norway. As from 1 January 2008, Folketrygdfondet is a company by special statute, wholly-owned by the State, cf. Act 29 June 2007 No. 44 about Folketrygdfondet.
The Ministry of Finance elects the external auditor for Folketrygdfondet. The board of Folketrygdfondet appoints the internal auditor. The Public Accounts Committee keeps control of the Governments interests, and may carry out inspections with Folketrygdfondet according to Act 7 May 2004 No. 21 about the Public Accounts Committee and instructions settled by the Parliament.