Norway SWF chief to step down and focus on renewables

The chief executive of Norway’s sovereign wealth fund (SWF) – the largest sovereign investor in the world – has resigned from his role but is staying with the organisation.

Yngve Slyngstad, who has been at the helm of the 10.12 trillion Norwegian krone (€987 billion) Government Pension Fund Global for the last twelve years, will continue as chief until a successor is found. He will then remain at the SWF to focus on the fund’s planned 2% allocation to unlisted renewable energy infrastructure.

The fund passed the 10 trillion Norwegian krone mark this week. Slyngstad said that this “milestone” was the right time to announce that he will resign from his post.

In a statement, Øystein Olsen, chair of the executive board at Norges Bank Investment Management, which manages the fund, said: “The executive board is very satisfied with the management of the fund under Yngve Slyngstad’s leadership.

“Over these 12 years, the fund has delivered very good results and the fund has achieved a strong position internationally and in Norway. Yngve Slyngstad has been a distinct leader of Norges Bank Investment Management and developed a leading and global investment organisation.”

In June, the fund was given the greenlight to drop investments in coal and oil companies in what was called the largest divestment from fossil fuels to date.

©2019 funds europe

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