💰Norges Bank recommends the removal of oil stocks from the benchmark index of the Government Pension Fund Global (GPFG)
In a letter to Ministry of Finance today, Norges Bank recommends the removal of oil and gas stocks from the GPFG’s benchmark index.
In the Bank’s view, this will make the government’s wealth less vulnerable to a permanent drop in oil and gas prices.
“This advice is based exclusively on financial arguments and analyses of the government’s total oil and gas exposure and does not reflect any particular view of future movements in oil and gas prices or the profitability or sustainability of the oil and gas sector,” said Deputy Governor Egil Matsen.
http://www.norges-bank.no/en/Published/Press-releases/2017/2017-11-16-press-release/
Norges Bank Recommends Dropping Oil Stocks for Sovereign Fund | SWFI – Sovereign Wealth Fund Institute
https://www.swfinstitute.org/swf-news/norges-bank-recommends-dropping-oil-stocks-for-sovereign-fund/