Jan Tore Sanner, Norway’s finance minister, discussed the controversy of the next head of the country’s $1.1 trillion sovereign wealth fund in an Aug. 21 joint press conference with Oeystein Olsen, governor of Norges Bank, the central bank that directly supervises the fund. “This is a serious case that affects the trust and reputation of the fund,” Sanner told reporters after the meeting.
Norges Bank announced in March that Nicolai Tangen would become chief executive of the Government Pension Fund Global, which collects revenues from Norway’s oil and gas assets. He is supposed to take up the job from Sept. 1. Tangen has offered to put his 43% stake of London-based AKO Capital, a hedge fund, in a blind trust. The potential conflict of interest has triggered a backlash from a public watchdog and some in parliament.
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Source: Reuters - 🏆 2. / 97 Read more »