The Executive Board
The Executive Board comprises the Governor, the two Deputy Governors and six external board members, all appointed by the King in the Council of State. In addition, two board members are selected by and among employees to participate when administrative matters are on the agenda.
Among the duties of the Executive Board are the management and operation of Norges Bank, with the exception of matters that are assigned to the Monetary Policy and Financial Stability Committee in or pursuant to the Central Bank Act. The Executive Board is responsible for Norges Bank’s management of the Government Pension Fund Global. The Executive Board shall ensure sound, effective and efficient organisation of the Bank.
The Governor is chair, and the two Deputy Governors are first deputy chair and second deputy chair of the Executive Board. The Executive Board has four preparatory and advisory committees, whose work is to strengthen and streamline the Executive Board’s discussions.
Members of the Executive Board
Ida Wolden Bache
Appointed Governor of Norges Bank from 8 April 2022 to 2028. Bache is Chair of the Executive Board and the Monetary Policy and Financial Stability Committee.
Her work experience includes posts as Deputy Governor, Executive Director of Norges Bank Monetary Policy and Norges Bank Financial Stability. She has also been a macroeconomist at Handelsbanken Capital Markets. Bache was a member of the Systemic Risk Council in Denmark in the period between 2017 and 2022. She holds a doctorate in economics from the University of Oslo and an MSc in economics from the London School of Economics.
Pål Longva
Appointed Deputy Governor for the period 29 August 2022 through 2028. Longva has particular responsibility for central banking operations and is First Deputy Chair of the Executive Board and the Monetary Policy and Financial Stability Committee.
His work experience includes the post of Director General of the Ministry of Finance Budget Department. Longva has worked at McKinsey and as Deputy Director General and Director General at the Ministry of Labour and Social Inclusion. He holds a doctorate in economics from the University of Oslo.
Øystein Børsum
Appointed Deputy Governor for the period 2 August 2021-2027. Børsum has particular responsibility for the Government Pension Fund Global. Børsum is Second Deputy Chair of the Executive Board and the Monetary Policy and Financial Stability Committee. Chair of the Ownership Committee and the Risk and Investment Committee of the Executive Board.
His work experience includes the post of chief economist at Swedbank and positions in the Budget and Asset Management Departments of the Ministry of Finance. Børsum holds a degree in economics from the NHH Norwegian School of Economics, masters’ degrees from Sciences Po and London School of Economics and a doctorate in economics from the University of Oslo.
Hans Aasnæs
Appointed board member for the period to 15 May 2028. Chair of the Remuneration Committee and member of the Risk and Investment Committee of the Executive Board.
Aasnes is CEO of the shipping company Western Bulk ASA. He is chair of the board at Strand Havfiske, Nordic Trustee and Investinor. He has extensive experience in investment management, real estate management and direct investment at Storebrand and the UMOE Group, among others. He also has extensive board experience from a number of companies, including the Government Pension Fund Norway, Statskog, Gjensidige pensjonsforsikring, Bergvik Skog, Foran Realestate and Fornebu Lumber Company. Aasnes is an agricultural economist from the Norwegian College of Agriculture (now the Norwegian University of Life Sciences), holds a higher degree from the NHH Norwegian School of Economics and is a certified financial analyst.
Thomas Ekeli
Appointed board member for the period to 15 May 2028. Member of the Risk and Investment Committee of the Executive Board.
Ekeli is self-employed. His work experience includes posts as chief economist at the Government Pension Fund Norway and Pareto Securities, positions in the Budget and Asset Management Departments of the Ministry of Finance and the post of portfolio manager at Norges Bank Investment Management. Ekeli also has broad international experience and holds a MSc in economics from the University of Oslo.
Ragnhild Janbu Fresvik
Appointed board member for the period to 15 May 2028. Member of the Audit Committee of the Executive Board.
Fresvik is Group CEO of Eviny, was previously CIO of Grieg Group and managing director of the parent company Grieg Mauritas. She also has work experience from Sparebanken Vest, Borea and Boston Consulting Group. Fresvik holds a MSc in economics and business administration from the NHH Norwegian School of Economics.
Arne Hyttnes
Appointed board member for the period to 15 May 2026. Chair of the Audit Committee and member of the Remuneration Committee of the Executive Board.
Hyttnes has extensive experience from the financial industry, including positions at DnC/DnB, the Norwegian Savings Banks Association, Finance Norway and the Norwegian Banks’ Guarantee Fund. He was managing director of the Norwegian Industrial and Regional Development Fund for four years and also has board experience from the NHH Norwegian School of Economics and “Ungt Entreprenørskap”, a non-profit organisation to promote cooperation between schools and the business sector. Hyttnes holds a degree in economics and business administration from the NHH Norwegian School of Economics.
Kristine Ryssdal
Appointed board member for the period to 15 May 2026. Member of the Ownership Committee and the Remuneration Committee of the Executive Board.
Ryssdal is General Counsel at Yara. Other previous professional experience includes the positions of VP Legal at Statoil, (now Equinor), Chief Legal Officer at REC and Legal Counsel at Norsk Hydro. She served for several years as an attorney at the Office of the Attorney General. She has previously been a member of the board at Borregaard ASA, previously held various board positions in the REC group and was a member of Kommunalbanken Norway’s Supervisory Board. Ryssdal holds a degree in law (Cand. jur.) from the University of Oslo and a Master of Laws from the London School of Economics. She is also qualified to appear before the Supreme Court.
Nina Udnes Tronstad
Appointed board member for the period to 15 May 2026. Member of the Audit Committee and the Ownership Committee of the Executive Board.
Udnes Tronstad is a professional board member. She is chair of the board at Source Energy and a member of the board at Bladt Industries and Prosafe. She was executive vice president at Kværner and Statoil (now Equinor). She has been a board member at Peab AB, Trelleborg AB, Rambøll, Giek (now Eksfin) and the Norwegian University of Science and Technology (NTNU) among others. Udnes Tronstad holds an MSc in chemical engineering from the Norwegian University of Science and Technology.
| Skills/interests/experience 1) | Ida Wolden Bache | Pål Longva | Øystein Børsum | Kristine Ryssdal | Arne Hyttnes | Nina Udnes Tronstad | Hans Aasnæs | Thomas Ekeli | Ragnhild Janbu Fresvik |
| Investment management, responsible investment | X | X | X | X | X | X | X | ||
| Banking, financial infrastructure | X | X | X | X | X | ||||
| Economics | X | X | X | X | |||||
| Board or management experience/responsibility for public inquiries | X | X | X | X | X | X | X | ||
| International experience/international business | X | X | X | X | X | ||||
| Risk management and compliance | X | X | X | X | X | ||||
| Business management (including ICT, HR, legal, finance, and communication) | X | X | X | ||||||
| Birth year | 1973 | 1968 | 1976 | 1960 | 1950 | 1959 | 1963 | 1968 | 1980 |
| Years in the Executive Board (member and deputy member) | 4 | 1 | 2 | 6 | 8 | 4 | 4 | - | - |
| Gender | F | M | M | F | M | F | M | M | F |
| Education | PhD, economics | PhD, economics | PhD, economics | LLM | Economics and Business adm. | Chemical Engineering | Cand.agric., HAS | Economics | Economics and Business adm. |
1) Members of the Executive Board were asked to select the four areas that best describe their particular skills/interests/experience, acknowledging that they also have experience in other areas. The evaluation includes skills/interests/experience acquired during their service on the Executive Board. The table was completed with assistance from the Bank's administration and approved by the Executive Board.
2) The Executive Board also has two employee-elected members who participate in the consideration of administrative matters. They are not included in the table.
Employee representatives
Mats Bay Fevolden
Employee representative from 16 May 2024. Member of the Remuneration Committee of the Executive Board.
Mona Sørensen is alternate for Mats Bay Fevolden.
Guro Heimly
Employee representative from 16 May 2024.
Merethe Riddervold is alternate for Guro Heimly.
Subcommittees
Audit Committee
The Committee’s tasks, in accordance with instructions relating to risk management and internal control at Norges Bank, focus on the monitoring, supervision and control of Norges Bank’s financial reporting, operational risk, compliance, and risk management and internal control systems.
The Audit Committee has three members elected by and from among the external members of Norges Bank’s Executive Board. Internal Audit is to provide the Committee with necessary assistance.
Mandate for the Executive Board's Audit Committee
Instructions relating to risk management and internal control at Norges Bank
Remuneration Committee
The Remuneration Committee contributes to thorough and independent discussions of matters pertaining to Norges Bank’s salary and remuneration schemes. The Executive Board has decided that the statutory Remuneration Committee for Asset Management is to also prepare matters relating to Norges Bank Central Banking Operations.
The Committee comprises three members elected from among the external members of Norges Bank’s Executive Board and one member elected from among the employee-elected board members.
Mandate for the Executive Board’s Remuneration Committee
See also § 5-2 in the Ministry og Finance's management mandate for the Government Pension Fund Global (nbim.no).
Ownership Committee
The Ownership Committee is a preparatory body for the Executive Board on matters related to Norges Bank’s responsible investment activities. The Committee prepares matters related, for example, to the observation or exclusion of companies from the investment universe of the Government Pension Fund Global, within the framework laid down in the Ministry of Finance’s management mandate and the ethical guidelines for the management of the Government Pension Fund Global.
The Ownership Committee comprises three members and is chaired by the Deputy Governor of Norges Bank with particular responsibility for following up management of the Government Pension Fund Global. The other two members are elected among the Executive Board’s external members.
Mandate for the Executive Board's Ownership Committee
Guidelines for observation and exclusion from the Government Pension Fund Global
Risk and Investment Committee
The Risk and Investment Committee strengthens and streamlines the Executive Board’s work related to investment strategy, current exposure, performance assessment, determination and use of risk limits, and major investment decisions.
The Risk and Investment Committee comprises three members and is chaired by the Deputy Governor of Norges Bank with particular responsibility for following up the management of the Government Pension Fund Global. The other two members are elected among the Executive Board’s external members.
Mandate for the Executive Board's Risk and Investment Committee
Board effectiveness reviews
Key activities of each subcommittee in 2023.
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Ownership Committee |
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Last amended with effect from 1 June 2023. |
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Members |
Øystein Børsum (chair), Kristine Ryssdal, Nina Udnes Tronstad |
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Number of meetings |
8 |
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Issues covered |
· Annual and semi-annual reporting on responsible investment and ownership. · Observation and exclusion of companies from the Government Pension Fund Global. · Special ownership measures. · New expectations of companies on consumer interests and revised expectations of companies on managing climate risk. |
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Risk and Investment Committee |
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Last amended with effect from 1 June 2023. |
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Members |
Øystein Børsum (chair), Hans Aasnæs, Egil Herman Sjursen. |
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Number of meetings |
9 |
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Issues covered |
· Regular follow-up of strategy and evaluation of results through consideration of quarterly, semi-annual and annual reports. · Review of previous strategy period (2020-2022). · Advice to the Ministry of Finance on unlisted equities and the regulation of unlisted investments in the management mandate. · Approval of financial instruments, markets and government bond issuers. · Investment mandate for the CEO of Norges Bank Investment Management and principles for investments in real assets. · Geopolitical risk. |
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Remuneration Committee |
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Last amended with effect from 1 June 2023 |
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Members |
Arne Hyttnes (chair), Karen Helene Ulltveit-Moe, Kristine Ryssdal, Mona Sørensen (employee representative, 1.1.-31.5.), Truls Oppedal (employee representative, 31.5.-31.12.) |
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Number of meetings |
6 |
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Issued covered |
· Regular follow-up of performance-based remuneration schemes, i.e. budgets, disbursement decisions, and review and follow-up of the implementation and impact of the schemes. · Review and adjustment of the principles for the remuneration schemes. · Analysis of compensation and benefits, including regular annual discussions on salary ranges for the CEO of Norges Bank Investment Management, the members of Norges Bank Investment Management’s leader group, and the members of the Central Banking Operations leader group. |
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Audit Committee |
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Last amended with effect from 1 June 2023 |
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Members |
Karen Helene Ulltveit-Moe (chair), Arne Hyttnes, Nina Udnes Tronstad |
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Number of meetings |
6 |
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Issued covered |
· Periodic operational risk reporting for asset management and central banking operations. · Annual internal control reporting over the asset management, the central banking and Norges Bank as a whole. · Financial reporting for Norges Bank Investment Management and Norges Bank as a whole, including follow-up of the external auditor’s plans and reporting during the year. · Internal Audit plans · Internal Audit reports for audit projects and Internal Audit annual report that includes control activities. · In-depth thematic analyses related to risk management and internal control aimed at enhancing overall understanding. |
Meeting attendance
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Executive Board |
Audit Committee |
Risk and Investment Committee |
Ownership Committee |
Remuneration Committee |
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Number of meetings |
13 |
6 |
9 |
8 |
6 |
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Name |
Role |
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|
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Ida Wolden Bache |
Chair |
13/13 |
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|
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Pål Longva |
First Deputy Chair |
13/13 |
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Øystein Børsum |
Second Deputy Chair |
13/13 |
|
9/9 |
8/8 |
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|
Karen Helene Ulltveit-Moe |
Board member |
13/13 |
6/6 |
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|
6/6 |
|
Kristine Ryssdal |
Board member |
12/13 |
|
|
8/8 |
5/6 |
|
Arne Hyttnes |
Board member |
13/13 |
6/6 |
|
|
6/6 |
|
Nina Udnes Tronstad |
Board member |
13/13 |
6/6 |
|
8/8 |
|
|
Hans Aasnæs |
Board member |
13/13 |
|
9/9 |
|
|
|
Egil Herman Sjursen |
Board member |
10/13 |
|
7/9 |
|
|
|
Mona Sørensen |
Employee representative, member of the Remuneration Committee 1.1. - 31.5. |
12/13 |
|
|
|
3/3 |
|
Truls Oppedal |
Employee representative, member of the Remuneration Committee 31.5. - 31.12. |
11/13* |
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|
3/3 |
* Was represented by a deputy member in individual cases in two meetings
Remuneration and governance structure
The Ministry of Finance determines desired competencies for Norges Banks’s Executive Board and remuneration to members of the board.
See the remuneration in table 15.4 in the Annual report
The Central Bank Act governs the relationship between Norges Bank and the authorities. The Act relating to the Government Pension Fund and the management mandate of Government Pension Fund Global govern the division of responsibilities between Norges Bank and the Ministry of Finance with regard to the management of the fund. For more information about the current governance structure, see the Ministry of Finance’s website.
