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Alexander W. Cappelen joins review of the Oil Fund’s ethics
He helped shape the Oil Fund’s first ethical guidelines. Twenty years later, the NHH Professor is once again given an important ethics assignment.
Last Friday, it was announced that the government is establishing a committee to follow up on the Norwegian Parliament's decision on the ethical framework for the Government Pension Fund Global, better known as the Oil Fund. The committee will be chaired by former central bank governor and adjunct professor at NHH, Svein Gjedrem.
«It’s very exciting to be able to contribute to the work of further developing the ethical guidelines for the Oil Fund – a task of great importance for how Norway manages its collective wealth and for Norway’s reputation,» says Alexander W. Cappelen, Professor at the Department of Economics and the Centre of Excellence FAIR.
Fierce Debate
The current ethical guidelines were last amended by the Ministry of Finance in 2021, but Finance Minister Jens Stoltenberg now wants to review the guidelines . And it’s an experienced team that has been appointed to do the groundwork.
In 2004, the Oil Fund received its first ethical guidelines. At that time, Cappelen was part of the Graver Committee, which developed proposals and recommendations for them.
«For my part, it’s particularly meaningful to return to this work more than twenty years after I helped design the first guidelines,» says Cappelen.
In recent months, the Oil Fund’s investments (NBIM) — including in Israeli companies — have sparked debate. Its ownership stakes in global technology firms have also been under scrutiny.
Proposes Changes
The committee will assess and propose any changes to the ethical framework and relevant aspects of the fund’s management, according to a government press release.
«The review is necessary to safeguard the Pension Fund and to ensure that ethical considerations are properly addressed. We must strike a good balance between the different objectives the Fund is meant to uphold. The committee has an important task ahead,» says Finance Minister Jens Stoltenberg.
The Parliament has temporarily halted the Ethics Council’s recommendations. The government has established temporary ethical guidelines for Norges Bank to follow while the committee carries out its work.
«It has become more difficult to draw a clear line for what should today be considered involvement in serious ethical violations. We all benefit from having the Fund’s framework adapted to the reality we live in now,» says Stoltenberg.
Eleven Months to Complete the Task
The committee is to deliver its report by October 15 next year.
In addition to Cappelen and chair Svein Gjedrem, the committee consists of the following members:
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Annie Bersagel, Director at Orkla
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Marius Emberland, Professor at BI Norwegian Business School
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Gunhild Hoogensen Gjørv, Professor at the University of Tromsø (UiT)
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Hanne Eggen Røislien, Researcher in the Norwegian Armed Forces
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Arthur Sletteberg, Managing Director at Abler Nordic
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Ulf Sverdrup, Professor at BI Norwegian Business School
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Karen Helene Ulltveit-Moe, Professor at the University of Oslo and former Chair of the Board at NHH