RESPONSIBLE INVESTMENT GOVERNMENT PENSION FUND GLOBAL DEPUTY GOVERNOR EGIL MATSEN

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1 RESPONSIBLE INVESTMENT GOVERNMENT PENSION FUND GLOBAL DEPUTY GOVERNOR EGIL MATSEN 7 MARCH 2017

2 The GPFG A financial investor with a unique set of characteristics Size Intergenerational investment horizon Globally diversified Publically owned all of which may matter for how to approach responsible investments 2

3 Size Fund in bn NOK (left) Percent of GDP (right) The value of GDP for 2016 Q4 is an estimate. Source: Statistics Norway and Norges Bank 3

4 Long investment horizon Main purposes: facilitating government saving to finance rising public pension expenditures ensuring that Norway s oil wealth will also benefit future generations. 4

5 Globally diversified across and within asset classes 77 countries and 50 currencies Global investments 62,5 % Average ownership share equities (per cent*) 34,3 % 3,2 % As at * As share of FTSE Global All Cap (Free float adjusted) 5

6 Owned by the Norwegian people Governance model Norwegian parliament Government Pension Fund Act Annual white paper. National budget and accounts Ministry of Finance Management mandate and ethical guidelines Quarterly and annual reports. Advice on investment strategy 6

7 The fund is a financial investor Mandate from Ministry of Finance (extract) Prime objective: maximise return with acceptable risk High returns in the long run are considered dependent on sustainable development in economic, environmental and social terms, as well as well-functioning, legitimate and efficient markets Integrate responsible management efforts into investment activities 7

8 Mandate from Ministry of Finance Extract Establish responsible management principles Emphasise the fund s long-term horizon and broad diversification Based on the considerations of good corporate governance and environmental and social conditions in the investment management Establish environment-related mandates Normally NOK 30bn-60bn Within limits for deviations from benchmark index Exclude and observe companies Criteria include Gross environmental damage Mining and power producers (coal-based) Unacceptable greenhouse gas emissions 8

9 Norges Bank s principles for responsible investment management Responsible Responsible investment management shall support the objective of the fund Furthering long-term economic performance Reducing the financial risks associated with the environmental and social practices of companies in which we have invested Give priority to three pillars 1. Standard setting 2. Ownership 3. Risk management 9

10 Responsible investment main areas Standard setting International standards Principles and expectations Research Risk management Risk monitoring Risk-based divestments Ownership Voting Company interaction Environmental investments Ethical exclusions and observations Product based Conduct based 10

11 Examples of responsible investment activities 1. Environmental investments 2. Risk-based divestments 3. Exclusions and observations 11

12 Environmental investments Categories Groups Definitions Companies that provide solutions to climate change and pollution Companies that provide solutions contributing to efficient usage of natural resources and pollution Low-emission energy and alternative fuels Clean energy and efficiency technology Providers of energy, infrastructure and energy solutions for transport, buildings and industry Providers of technology, equipment and services lowering emissions through clean and efficient generation and consumption of energy Providers of technology, equipment, infrastructure and services lowering environmental impact through clean and efficient consumption and reuse of natural resources Last 12 months Last 3 years Since Return on environment-related mandates Standard deviation of environment-related mandates Return on the FTSE Environmntal Technology 50 Index Return on the MSCI Global Environment Index Annualised. Measured in the fund s currency basket. Percent 12

13 Environmental investments Required by the Ministry of Finance to establish environmentrelated investment mandates. Composition of the environment-related portfolio is delegated to NBIM Additional allocations to environmental technologies NOK 63.7bn invested in such mandates at the end of

14 Risk-based divestments ESG risk factors an integrated part of overall risk analysis Such factors may lead to portfolio adjustments Divestments can be decided by NBIM from companies that are closely associated with unsustainable business models Divestments must be carried out within limits for portfolio deviation from the reference index 14

15 Risk management Risk monitoring Assessments of environmental, social and governance risks integrated into the fund s overall risk management Non-financial data Risk-based divestments Category and earlier Greenhouse gas emissions Deforestation Water Social and governance Total

16 Ethical exclusions and observations Governance structure Norges Bank s Executive Board Observation and exclusion decisions Active ownership in Norges Bank Investment Management Ministry of Finance Management Mandate Guidelines for observation and exclusion Recommendations Information exchange Council on Ethics Recommendations on observation and exclusion decisions Criteria endorsed by Storting Product based Weapons, tobacco, coal Conduct based Corruption, human rights, rights of war, environmental damage, greenhouse gas emissions 16

17 Exclusions and observations At 31 December 2016 Issue Number of companies Product-based exclusions Production of tobacco 20 Production of specific weapon types 16 Thermal coal mining or coal-based power production 59 Conduct-based exclusions Serious or systematic human rights violations 3 Severe environmental damage 18 Contributions to climate change 0 Gross corruption 1 Other fundamental ethical norms 5 Serious violations of the rights of individuals in situations of war or conflict 2 Observation Severe environmental damage 1 Gross corruption 1 Thermal coal mining or coal-based power production 11 17

18 Impact on equity benchmark Sector Cumulative return contribution Percentage points Excluded Market value. Percent Excluded market value. Millions NOK Tobacco ,809 Aerospace and defense ,298 Mining ,560 General retailers ,343 General industrials ,611 Industrial metals and mining ,688 Chemicals ,189 Construction and materials Support services Travel and leisure Technology hardware and equipment Household goods and home construction Oil and gas producers Industrial engineering Automobiles and parts Forestry and paper Total ,447 18

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20 RESPONSIBLE INVESTMENT GOVERNMENT PENSION FUND GLOBAL DEPUTY GOVERNOR EGIL MATSEN 7 MARCH 2017

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