NORWAY – The Norwegian Ministry of Finance has set up a new investment strategy advisory body for the state Petroleum Fund.

It said the mandate of the seven-member Advisory Council on Investment Strategy is to act as a professional advisory body for the Ministry of Finance regarding the long-term investment strategy for the fund.

The council will be chaired by economics professor Erling Steigum of the BI Norwegian School of Management. He lists his research interests as international macroeconomics and fiscal policy. He has published on both petroleum wealth and pension funding reform.

“The Advisory Council will strengthen the Ministry's work on the long term investment strategy for the Petroleum Fund,” said Minister of Finance Per-Kristian Foss.

The ministry is responsible for the management of the fund, although operational management is delegated to Norges Bank, from whom it says it receives “important advice” on investment strategy.

“Assessments and advice from the council will serve as input for the ministry’s decisions regarding the fund’s investments,” it added.

But it won’t advise on portfolio management or the selection of external managers. And it won’t provide advice on ethical obligations.

The panel members:
Professor Erling Steigum (Chairman)
Governor Bodil Nyboe Andersen
Private Consultant Monica Caneman
Senior Vice President Ida Helliesen
Head of Equity Research Morten Jensen
Professor Thore Johnsen
Professor Eva Liljeblom