GAPP Principle 11

An annual report and accompanying financial statements on the SWF’s operations and performance should be prepared in a timely fashion and in accordance with recognised international or national accounting standards in a consistent manner.

Status: Implemented

The financial statements are regulated by the Regulation on Financial Reporting at Norges Bank. The financial statements are reported in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union (EU), subject to the additions and exemptions specified in the Norwegian Accounting Act and in the Regulation on Financial Reporting at Norges Bank. Performance figures shall be designed in compliance with the Global Investment Performance Standards (GIPS) methodology.

The GPFG mandate stipulates minimum requirements as to the contents of biannual and annual reports. The reports shall be based on the greatest possible degree of transparency within the limits defined by a sound execution of the management assignment. The reports shall consist of a descriptive part and extracts from the Bank’s accounts concerning the management of the Fund, and they shall be adopted in accordance with the current accounting regulations for Norges Bank. The descriptive part shall include a true and fair summary of the performance of the Fund, management costs, management strategies, value added by operational management and relevant risks within asset management, including utilisation of the limits defined in the mandate.

In addition, an account shall be given of the organisation of the asset management. Further Norges Bank is to report on its responsible investment activities, including the integration of responsible investment into management activities, use of various measures and the effect of ownership efforts.

Norges Bank publishes annual and biannual reports on the Fund management.

Sources: GPFG mandate, Regulation on Financial Reporting.