Norway's sovereign wealth fund proposal for new ethics rules published

Norway's sovereign wealth fund: Norway's sovereign wealth fund, formally known as the Government Pension Fund Global or Oljefondet, is the world's largest sovereign wealth fund, managed by Norges Bank Investment Management on behalf of the Norwegian government. It invests Norway's oil and gas revenues globally with a mandate focused on long-term returns and responsible investment practices. The fund is currently subject to a major review of its ethical guidelines following a proposal from a government-appointed expert committee on October 15, 2026. government-appointed expert committee: The government-appointed expert committee, known as the Gjedrem-utvalget and led by former central bank governor Svein Gjedrem, was tasked by Finance Minister Jens Stoltenberg with reviewing the ethical framework for Norway's sovereign wealth fund. It delivered its report on October 15, 2026, recommending structural changes including limits on the ethics council's exclusion powers and potential exemptions for certain defense-related investments aligned with Norway's NATO commitments. The committee's work responds to evolving global security dynamics while preserving core ethical principles. Ethics Review: The expert committee recommends that the ethics council focus on risk assessments rather than directly proposing company exclusions, shifting primary decision-making to Norges Bank. Security Context: The review of ethical rules was initiated amid heightened global security concerns and Norway's position within NATO, prompting consideration of adjusted investment guidelines for defense-related companies.