This Fund was constituted on 1 January 2006, combining the previous Government Petroleum Fund (established in 1990) and the National Insurance Scheme Fund (now Government Pension Fund - Global and Government Pension Fund - Norway respectively). It is one of the top pension funds in terms of assets on a global scale, with a value of more than 240 billion euro at the end of 2008.

Its aim is to ensure that a reasonable share of the country’s wealth deriving from Norway’s petroleum is passed on to future generations, in the light of a sharp drop in future profits from petroleum and an increase in government spending on pensions, health and welfare.

The Government Pension Fund – Global (former Petroleum Fund) is formally deposited in Norwegian Krone in a special account opened with the Bank of Norway which - by delegation from the Finance Minister, responsible for the Fund’s management - invests it in financial instruments and foreign currency cash deposits, with the aim of protecting the nation's economy from the effects of fluctuations in income from petroleum. Conversely, the assets of the Government Pension Fund Norway are mainly invested in Norway. In managing the Fund’s resources, the Bank of Norway has to adhere to the investment guidelines established by the Finance Ministry.

The ethical guidelines

Ethical guidelines for the Government Pension Fund - Global were proposed by the specially appointed Council on Ethics, consisting of five members experienced in human rights, environmental policies, international economic law and economy. The Norwegian Parliament endorsed the proposed guidelines, and the Minister of Finance, responsible for the Fund’s management, made them effective from 22 December 2005.

The procedure of exclusion from investment

In order to ensure the implementation of the ethical guidelines, a Council on Ethics was established on 19 November 2004, consisting of five members experienced in human rights, environmental policy, international economic law and economy. The Council on Ethics shall monitor continuously the companies the Government Pension Fund - Global invests in.