Mitigating Tensions between Domestic Politics and Global Finance - A Study of the Decision Making Process of Norway's Sovereign Wealth Fund

Foldal, Øyvind Ytrestøyl

doi:10.2139/ssrn.1664344

Cited by 4 publications

(3 citation statements)

References 22 publications

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“…In the multilayered principal-agent structure of the SIF, the taxpayer whose capital is used to fund the SIF is a key stakeholder, particularly for public capital SIFs. A public capital SIF's transparency in performance is observed with particular interest by a range of domestic political players that may scrutinize the alignment of the fund with its mandate (Foldal 2010; see also De Belis 2011). government bodies that may have otherwise benefited from the public capital allocated to the SIF will be keen to receive accurate information on the fund's performance.…”

Section: Legally Required Reporting Obligations Of the Ireland Strate...mentioning

confidence: 99%

Strategic Investment Funds: Establishment and Operations

Divakaran¹,

Halland²,

Lorenzato³

et al. 2022

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Some rights reserved 1 2 3 4 25 24 23 22 Books in this series are published to communicate the results of World Bank research, analysis, and operational experience with the least possible delay. The extent of language editing varies from book to book.This work is a product of the staff of The World Bank with external contributions. The findings, interpretations, and conclusions expressed in this work do not necessarily reflect the views of The World Bank, its Board of Executive Directors, or the governments they represent. The World Bank does not guarantee the accuracy, completeness, or currency of the data included in this work and does not assume responsibility for any errors, omissions, or discrepancies in the information, or liability with respect to the use of or failure to use the information, methods, processes, or conclusions set forth. The boundaries, colors, denominations, and other information shown on any map in this work do not imply any judgment on the part of The World Bank concerning the legal status of any territory or the endorsement or acceptance of such boundaries.Nothing herein shall constitute or be construed or considered to be a limitation upon or waiver of the privileges and immunities of The World Bank, all of which are specifically reserved.

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Section: Legally Required Reporting Obligations Of the Ireland Strate...mentioning

confidence: 99%

Strategic Investment Funds: Establishment and Operations

Divakaran¹,

Halland²,

Lorenzato³

et al. 2022

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show abstract

“…Yngve Slyngstad, NBIM's CEO, clearly denies the Fund's politicization: "If you run a SWF in a democracy and there are limits to what the population wants to make money on, those limits have to be put up by the political establishment that's representative of the Population" (Financial Times, 2015). Tranøy (2009) and Foldal (2010) stress that the purpose of the ethical guidelines is to legitimize the Fund's actions among Norwegian citizens, and do not serve as political tools. Backer (2009) argues that the Ethical Guidelines can be compared to a growing number of private investors that take into account social responsibility in conjunction with purely financial goals, so it should not be a reason for promoting special regulations against SWF investments.…”

Section: Paradoxes Between Environmental Rhetoric and Practicementioning

confidence: 99%

El Fondo Gubernamental de Pensiones noruego, responsabilidad social corporativa y cambio climático

Wirth

2018

REM

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This paper aims at presenting the Norwegian Government Pension Fund Global (GPFG), the world's largest Sovereign Wealth Fund, characterized by its pioneering ethical guidelines for investment decisions, based on active ownership and the exclusion of firms from its portfolio. Two major reasons for the exclusion of a company are "severe environmental damage" and "coal production", leading to the banishment of many companies from the Fund's holdings. Despite the noble intentions, the GPFG is loaded with inconsistencies, especially because its resources come from the exploitation of fossil fuels that contribute to global greenhouse gas emissions. Moreover, the entire Norwegian environmental policy is fragmented and suffers from contradictions.

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“…Few empirical studies have analysed the drivers behind responsible investment practices of sovereign wealth funds, with the exception of studies assessing motivations for responsible investment at Norway's Government Pension Fund Global (Foldal 2010, Clark and Monk 2010, Reiche 2010, Tranoy 2009) and studies comparing the integration of ESG issues across a small sample of SWFs (IRRC 2009, Van Der Zee 2012). Hawley et al (2009) argue that there has been a higher uptake of responsible investment by sovereign pension funds (SPFs) than SWFs as a result of their "universal owner like portfolios" which has increased their concerns over ESG issues.…”

Section: A2ent Centered Reasons For Adopting Responsible Investmentmentioning

confidence: 99%

The responsible investment practices of the world's largest government sponsored investment funds

Létourneau¹

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Mitigating Tensions between Domestic Politics and Global Finance - A Study of the Decision Making Process of Norway's Sovereign Wealth Fund

Cited by 4 publications

References 22 publications

Strategic Investment Funds: Establishment and Operations

Strategic Investment Funds: Establishment and Operations

El Fondo Gubernamental de Pensiones noruego, responsabilidad social corporativa y cambio climático

The responsible investment practices of the world's largest government sponsored investment funds

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