In 2025, the Norwegian Parliament put the old model for the ethical management of the Government Pension Fund Global on hold. The Council on Ethics lost the ability to recommend new exclusions, and a new committee, chaired by former central bank governor Svein Gjedrem, will propose how ethics should be managed going forward.
This is no small matter. The Oil Fund manages a fortune of around NOK 20,000 billion and is a co-owner of thousands of companies around the world. How should we manage this enormous national wealth in a world shaped by war, great-power rivalry and the climate crisis?
Cecilie Hellestveit served for eleven years on the Oil Fund’s Council on Ethics and knows the Norwegian model from the inside. How did it work? What was lost when it was changed? And what major ethical dilemmas must Norway now confront?
Please note that this event will be conducted in Norwegian.
