The Supervisory Council shall in this respect supervise the Executive Board to ensure that the Board’s management and control of the Bank’s administration and operations are satisfactory and that appropriate procedures have been established to ensure that the Bank’s activities are conducted in accordance with legislation, agreements, decisions and other regulatory frameworks.

This does not include oversight over the Executive Board's discretionary authority under the Norges Bank Act. The Supervisory Council has a right of access to all Bank business and may undertake those investigations it deems necessary for discharging its duties under the Act.

The Supervisory Council elects the external auditor, adopts the annual accounts and approves the budget.

The Supervisory Council submits an annual report to the Storting of its supervision of the Bank.

The Supervisory Council has fifteen members chosen by the Storting for four-year terms.

The Supervisory Council has its own secretariat, the Office of the Supervisory Council, which performs secretariat and supervisory functions.

The Supervisory Council has appointed from among its members the Permanent Committee, comprising the chairman, deputy chairman and three other members. The Committee prepares and makes recommendations on business to be discussed by the Supervisory Council.