T he role of sovereign wealth funds in the capital markets has become the focus of one of the most continuous economic debates.Key concerns relate to a lack of transparency and possible non-financial objectives for the investments.

This is not the case with the Norwegian Government Pension Fund - Global. Instead the fund has a high degree of transparency in all aspects of its operation, including its role as an investor with non-strategic holdings, its explicit aim to maximise financial returns and the clear lines of responsibility between political authorities and the management of the fund. Managers aim for international best practice and the exercise of ownership rights is based on internationally accepted principles such as the United Nations Global Compact and the Organisation for Economic Co-operation and Development guidelines on corporate governance and multinational enterprises.