1. Purpose and general principles

Norges Bank, as central bank and manager of the Government Pension Fund Global, is given considerable authority and trust.

The purpose of these Ethical Principles is to ensure that all employees perform their duties in a professional and independent manner and act with loyalty to Norges Bank as their employer. The Principles shall contribute to safeguarding Norges Bank’s reputation and maintaining public trust in the Bank.

Employees shall perform their work according to high professional standards and a high level of integrity, and comply with sound business practices.

Employees shall contribute to a positive, health-promoting, safe and inclusive working environment. Employees shall, through their own conduct and by complying with the Bank’s security measures, also contribute to upholding a sound security culture.

All employees have an individual responsibility to safeguard Norges Bank’s reputation. Employees are required to act in an ethically responsible manner, comply with applicable laws and regulations and persistently maintain high ethical awareness.

Employees must also refrain from engaging in acts that they should understand may damage the Bank’s reputation, even if they are lawful. Employees must furthermore not engage in acts that provide, or may appear to provide, a personal benefit related to their employment.

Employees shall use Norges Bank's resources in a prudent and efficient manner and protect the Bank’s assets from loss or theft.

These Ethical Principles shall, together with the Bank’s values, govern the handling of ethical issues, also those not directly regulated herein.

2. Scope of the Principles

These Ethical Principles apply to all permanent and temporary employees of Norges Bank. The Bank shall also seek to apply the Principles  to the employees of its wholly-owned subsidiaries. Non-employees who perform services for Norges Bank shall comply with these Ethical Principles to the extent this is included as a requirement in the contract governing their engagement.

3. Managing conflicts of interest

3.1 General provision

Employees shall not behave in a way that may create, or appear to create, a direct or indirect conflict of interest between the employees' private interests and the interests they are to manage and protect as employees of Norges Bank.

3.2 Secondary occupations and private relationships

In their work, employees must avoid dependence on or closeness to persons, enterprises or institutions if the nature of such relationship is that it may compromise trust in Norges Bank's independence and integrity.

Employees are obliged to obtain factual information about circumstances that are necessary to assess their own impartiality. Regarding close associates, this applies in particular to ownership interests or other financial circumstances of a spouse or another person with whom the employee lives in a relationship akin to marriage. Due care must be exercised in relation to other persons to whom the employee has a close personal relationship and may – depending on the situation – require that the employee makes further enquiries.

Employees may not hold external positions of trust, secondary occupations or ownership interests that are, or may appear to be, in conflict with the interests they are to manage and protect as employees of Norges Bank. Any occupational activities outside Norges Bank shall be reported to the relevant line manager. Should any such activities, secondary occupations or positions of trust be above a low scale this will require prior approval. For the CEO of NBIM, all positions, ownership interests etc and all occupational activities outside of Norges Bank are subject to the prior approval of the Governor.

External positions of trust or secondary occupations are not permitted in undertakings within the financial sector or the Bank’s business relations. "Business relations" is defined as external relations with whom the Bank engages in business when conducting its activities.

The Governor and the CEO of NBIM may grant exemptions, within their respective areas of responsibility, from the prohibitions contained in this Section and in the further stipulated rules, provided that such exemptions are deemed unobjectionable. In assessing this, particular emphasis shall be placed on the purpose of these Ethical Principles

3.3 Gifts and personal benefits obtained from or given to business relations etc of Norges Bank

Employees must not accept gifts or personal benefits, for themselves or for others, from the Bank’s business relations or from others when performing work or service for Norges Bank. Employees can accept promotional material of a modest value.

Norges Bank shall, as a general rule, not give gifts to business relations or potential business relations.

The prohibitions in this section apply irrespective of the financial value of the benefit and even if the giving of the benefit is deemed customary in the relevant social setting, country or culture.

3.4 Invitations etc

Employees may, as part of Norges Bank's activities, participate at external seminars, meetings and events that are relevant for Norges Bank's business and where participation is in the interests of Norges Bank.

Costs related to travel, meetings, seminars etc shall, as a general rule, be covered by Norges Bank. The relevant line manager may only grant exemptions where this is deemed unobjectionable. In assessing this, particular emphasis shall be given to the purpose of these Ethical Principles.

Employees may only accept invitations to meals from Norges Bank's business relations or potential business relations if the meal naturally forms part of a meeting or other type of event employees attend in their professional capacity, or where the purpose is clearly not to obtain a contract with or special benefits from Norges Bank.

3.5 Personal trading

Employees of Norges Bank may, for the purpose of managing their private assets or savings, carry out trades in shares, bonds, units in securities funds and other financial instruments. Such management must be carried out in compliance with applicable laws, regulations and the internal rules of the Bank’s business areas.

The purpose of the personal trading rules is to reduce the risk of conflicts of interest while allowing employees to make private investments to manage long-term savings.

The general rule is that personal trading in shares and bonds is subject to lock-in periods and reporting requirements.

The Governor and the CEO of NBIM shall, for their respective business areas, lay down further rules and restrictions pertaining to employees’ personal trading, including with regard to prohibitions, pre-approval, lock-in periods and reporting. In addition to personal trading in financial instruments, the rules shall, where relevant, apply to personal trading in currency, deposits, loans and other fixed-rate products. The purpose is to protect Norges Bank’s reputation, prevent conflicts of interest and avoid suspicion that employees are engaging in personal trading on the basis of confidential information

The further rules can differentiate between employee categories. Employees who, in a professional capacity, normally have insight into or whose work involves management of financial instruments or investments for Norges Bank, shall be subject to rules on personal trading that are specifically adapted to this activity. Specific restrictions on personal trading shall also be stipulated for employees within the Central Banking Operations who may have access to confidential information about one or more financial institutions, access to information about investment management at NBIM and for employees with access to the interest rate-setting process or the process for setting the countercyclical capital buffer. For the CEO of NBIM and the Chief Compliance Officers in NBIM and the Central Banking Operations, personal trading that is subject to pre-approval and/or a lock-in period shall be pre-approved by the General Counsel.

The compliance functions are responsible for monitoring compliance with these rules and the further rules on personal trading.

4. Financial misconduct

4.1 General provisions

Norges Bank does not accept any form of misconduct or financial crime such as corruption, money laundering or terrorist financing.

4.2 Preventing financial crime

4.2.1 Fraud

Fraud is the process of engaging in intentional acts to achieve an improper benefit or inflict loss or damage on an enterprise. Examples include bribery, corruption, kickbacks, theft, embezzlement, unlawful cooperation and leaking of information, market manipulation and insider trading, falsifying expenses and fraudulent misrepresentation in eg accounting.

Employees must avoid engaging in acts that may constitute fraud. Employees shall also not contribute to fraud.

4.2.2 Anti-corruption

Corruption is the act of bribing or accepting bribes and thereby giving or receiving an improper benefit in connection with one’s employment.

Employees must avoid becoming involved in activities or transactions in which someone demands, receives or accepts an offer of an improper benefit by virtue of their position, either as employee of theBank, or as external consultant, contractor or subcontractor.

4.2.3 Anti-money laundering and terrorist financing

Money laundering is preserving the proceeds of crime by concealing the criminal origins of assets or funds. Money laundering entails supporting criminal activities such as corruption, tax evasion and terrorism.

Employees must avoid that they, or Norges Bank, receive proceeds of crime from or become involved in activities or transactions that may be linked to the proceeds of crime, or in any other way contributing to financing of crime or terrorism.

4.3 Market abuse and handling of inside information and other confidential corporate information

Employees shall not participate in or contribute to market manipulation such as price fixing, frontrunning, misleading market participants or other illegal market activities.

When trading in financial instruments, employees of Norges Bank must not misuse inside information or other confidential information they acquire knowledge of through their work. Whoever is in possession of inside information must not:

• engage or attempt to engage in insider trading,
• recommend that another person engages in insider trading or induce another person to engage in insider trading, or
• unlawfully disclose inside information.

5. Information handling and external communication

5.1 Duty of confidentiality

Anyone performing services or work for Norges Bank shall be obliged to prevent unauthorised persons from gaining access to or knowledge of any information that comes to his or her knowledge in the performance of his or her duties concerning the Bank’s or others’ business affairs or the personal affairs of anyone(cf. Section 5-2 of the Central Bank Act).

Information employees gain access to or knowledge of in the performance of their duties must not be used to achieve a personal benefit.

5.2 External communication

Employees have a fundamental freedom of expression.

Norges Bank takes a positive view of employees’ participation in external professional activities.

Employees may participate in and represent Norges Bank at external gatherings and contribute by giving lectures etc where such participation is consistent with the ongoing activities of Norges Bank and where it is deemed appropriate in light of Norges Bank's activities and interests. Prior approval of the relevant line manager is required.

5.3 Social media

Employees must not link private statements on social media to their employment with Norges Bank in a manner that may be disloyal, contrary to the Bank’s ethical rules or damage the Bank’s reputation.

5.4 Data protection

Norges Bank shall protect the personal data of individuals. Employees must handle personal data with care and only for specific, expressly stated purposes necessary to perform the Bank’s tasks. Employees who handle personal data shall familiarise themselves with and comply with external and internal requirements relating to the handling of such data.

6. Inclusion and non-discrimination

6.1 Diversity and inclusion

Employees shall foster a culture that provides and contributes to diversity, inclusion and equal opportunities for all. At Norges Bank, different experiences, opinions and views are valued. This requires employees to respect and trust each other.

6.2 Discrimination and harassment

Norges Bank does not accept any form of discrimination, for example based on gender, age, ethnicity, beliefs, disability, sexual orientation or political conviction. Norges Bank also does not accept harassment, including unwanted sexual attention, or bullying of its employees or others involved in Norges Bank’s activities.

6.3 Intoxicating substances

It is not permitted to use or be under the influence of intoxicating substances in normal work situations  or abuse intoxicating substances when employees represent Norges Bank.

6.4 Whistleblowing etc

Employees are encouraged to contribute to openness and good communication within the Bank. Employees are generally expected to report behaviour or circumstances that may be in violation of the ethical rules and norms or laws and regulations etc that apply to the business.

If it is not appropriate to report such circumstances to an immediate superior, it can be reported through alternative internal whistleblowing channels.  It shall be safe to report any concerns, and Norges Bank will not tolerate any form of retaliation.

7. Duty to report and to disclose

Norges Bank shall have procedures for internal reporting relating to compliance with and violations of the Ethical Principles and provisions given pursuant to these principles. At least once per year, the Executive Board shall receive a report on violations and the current status of the efforts to follow up the ethical rules.

Employees have a duty to provide necessary information to their superiors or relevant control units of issues regarding compliance with these Principles or other relevant rules.

8. Training

The operational areas must have programmes for raising awareness and providing training in the Ethical Principles and further rules. The training must be adapted to the roles and tasks of the employees and any relevant conflicts of interest.

9. Consequences of a failure to comply

Failure to comply with these Principles may result in disciplinary actions or claims for compensation. In serious cases, failure to comply may have consequences for the person's employment or contract with Norges Bank. Some failures to comply can also entail violation of penal provisions.

10. Authority to stipulate further rules etc

The Governor of Norges Bank and the CEO of NBIM will stipulate further rules for their respective areas of responsibility. The further rules can impose additional restrictions on employees but cannot make the requirements set out in the Ethical Principles less stringent unless otherwise expressly stated. The further rules may vary across the Bank's organisational units when their functions so require. All further rules shall also apply to the Governor and the CEO of NBIM, unless otherwise follows from other rules or guidelines stipulated by the Executive Board or the Ministry of Finance or pursuant to legislation.

The Governor of Norges Bank and the CEO of NBIM shall, as a minimum, stipulate further rules etc within their respective business areas

• regarding the scope of the Ethical Principles for persons who perform services for Norges Bank without being employed by the Bank,
• regarding the anti-corruption programme which includes the work with the Bank’s suppliers and other contractual and third parties. The main elements of the anti-corruption programme shall be made public,
• regarding employees’ personal trading (see Section 3.5),
• regarding holding of positions of trust and ownership interests and participation in other activities outside Norges Bank,
• regarding the definitions of gifts and personal benefits, who may be considered potential business relations, any exemptions from the prohibition and regarding the registering of any gifts or personal benefits that have been received
• regarding how costs for various types of events, including renumeration etc for lectures, will be covered. For the Governors and the CEO of NBIM there shall be procedures to ensure sufficient independence in the control of travel expense coverage.