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 reported in accordance with International Financial Reporting Standards (IFRS). Performance figures shall be designed in compliance with the Global Investment Performance Standards (GIPS) methodology.

The management mandate issued to Folketrygdfondet states minimum requirement as to the contents of biannual and annual reports, and further articulates that there shall be the greatest possible transparency within the limits defined by a sound execution of the management assignment. The reports shall consist of a descriptive part and extracts from Folketrygdfondet’s accounts concerning the management of the GPFN and shall be adopted in accordance with the current accounting regulations for Folketrygdfondet. 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 investment management. Folketrygdfondet is to report on its responsible management activities, including the integration of principles for responsible investment into the organisation, the use of various measures and the effect of ownership efforts.

Sources: GPFN mandate, Regulation on Financial Reporting at Folketrygdfondet.