Eight Candidates Vye for Top Job at Norway's Oil Fund

February 25, 2020

For illustration; Image by - Bo B. Randulff & Even Kleppa Credit: Equinor
For illustration; Image by - Bo B. Randulff & Even Kleppa Credit: Equinor

Eight candidates are seeking to become the next head of Norway's sovereign wealth fund, in charge of managing a global portfolio of stocks, bonds and real estate worth $1.1 trillion, the Norwegian central bank said on Tuesday.

The all-male list of candidates, released in accordance with freedom of information laws, named seven of those who applied, including the fund's deputy chief executive, 49-year-old Trond Grande.

One name was kept confidential, as is allowed in exceptional circumstances, such as when the publicity could harm a current employer.

The board of Norges Bank is tasked with replacing the fund's current CEO, Yngve Slyngstad, who announced late last year he would soon step down after 12 years on the job.

The world's largest sovereign wealth fund, which saves revenues from Norway's oil and gas industry for future generations, holds stakes in more than 9,000 companies, owning 1.4% of all listed stocks globally.

From modest beginnings in 1996, the fund has grown to a size three times that of Norway's annual gross domestic product, or more than $200,000 for each of its 5.3 million people, making its investment returns a vital source of government funding. 


(Reporting by Terje Solsvik, editing by Nerijus Adomaitis and Chizu Nomiyama)


Related:

Norway: Oil industry 2020 Spending Set to Rise



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