natgillin/translations-raw huggingface dataset:
It is certainly no coincidence that “Education for All” is one of the UN Millennium Goals.
It is certainly no coincidence that “Education for All” is one of the UN Millennium Goals.
In order to ensure equal access to education and lifelong learning, authorities need to take an active role in providing frameworks that span across geographic, social, economic and age-related boundaries.
In order to ensure equal access to education and lifelong learning, authorities need to take an active role in providing frameworks that span across geographic, social, economic and age-related boundaries.
I am really looking forward to learning about the experiences from your countries at our meeting here in Oslo.
I am really looking forward to learning about the experiences from your countries at our meeting here in Oslo.
Opening speech at the informal meeting of OECD Ministers of Education
Opening speech at the informal meeting of OECD Ministers of Education
Opening speech at the Responsible Investment Conference
Opening speech at the Responsible Investment Conference
- We wish to refine the responsible investment strategy further.
- We wish to refine the responsible investment strategy further.
Our ambition is to be in line with, and even contribute to the development of best practice.
Our ambition is to be in line with, and even contribute to the development of best practice.
There is no better starting point for such a process than turning to some of the best experts in this field for advice, said state secretary Hilde Singsaas at the Responsible Investment Conference.
There is no better starting point for such a process than turning to some of the best experts in this field for advice, said state secretary Hilde Singsaas at the Responsible Investment Conference.
The speech was held at Responsible Investment Conference, arranged by the Strategy Council for the Government Pension Fund Global and the Ministry of Finance, at Norwegian Business School (BI), 20 June 2013.
The speech was held at Responsible Investment Conference, arranged by the Strategy Council for the Government Pension Fund Global and the Ministry of Finance, at Norwegian Business School (BI), 20 June 2013.
Members of the Strategy Council, distinguished panellists, ladies and gentlemen.
Members of the Strategy Council, distinguished panellists, ladies and gentlemen.
It is a great pleasure to be here at this important conference on Responsible Investment.
It is a great pleasure to be here at this important conference on Responsible Investment.
Let me begin by thanking the Strategy Council for organising this conference.
Let me begin by thanking the Strategy Council for organising this conference.
I would also like to extend my thanks to the Norwegian Business School for hosting today's event.
I would also like to extend my thanks to the Norwegian Business School for hosting today's event.
The Ministry of Finance has asked the Strategy Council of the Pension Fund to review ways to strengthen the Fund's work on responsible investment.
The Ministry of Finance has asked the Strategy Council of the Pension Fund to review ways to strengthen the Fund's work on responsible investment.
This is the second summit that the Council has organised as part of its work.
This is the second summit that the Council has organised as part of its work.
The first was in Cambridge three weeks ago.
The first was in Cambridge three weeks ago.
The purpose of that summit was to bring together experts on responsible investing to deepen the Council’s awareness of current research and experience.
The purpose of that summit was to bring together experts on responsible investing to deepen the Council’s awareness of current research and experience.
The summit focussed especially on themes like alternative approaches to responsible investing, comparisons across different types of funds and international best practice.
The summit focussed especially on themes like alternative approaches to responsible investing, comparisons across different types of funds and international best practice.
Today the Strategy Council has invited NGOs and other stakeholders to discuss priorities in responsible investing.
Today the Strategy Council has invited NGOs and other stakeholders to discuss priorities in responsible investing.
Important topics are governance, as well as environmental and social issues.
Important topics are governance, as well as environmental and social issues.
I will present the Government Pension Fund Global and our current work on responsible investments.
I will present the Government Pension Fund Global and our current work on responsible investments.
But first perhaps I should make a confession: We actually welcome the constant initiatives and criticisms from NGOs and other stakeholders.
But first perhaps I should make a confession: We actually welcome the constant initiatives and criticisms from NGOs and other stakeholders.
Not because we enjoy being criticised.
Not because we enjoy being criticised.
But because we want a public debate about the Fund - and you contribute to such debate.
But because we want a public debate about the Fund - and you contribute to such debate.
The Fund belongs to the people of Norway, and it is important that we manage the Fund in a way that receives broad support.
The Fund belongs to the people of Norway, and it is important that we manage the Fund in a way that receives broad support.
A well informed debate is essential in that respect.
A well informed debate is essential in that respect.
Through my nearly four years in the Ministry of Finance, I have participated in many conferences, seminars and debates about the Fund.
Through my nearly four years in the Ministry of Finance, I have participated in many conferences, seminars and debates about the Fund.
A surprising number of them have been initiated by NGOs.
A surprising number of them have been initiated by NGOs.
So I don’t need to tell you that you are far from invisible.
So I don’t need to tell you that you are far from invisible.
On the contrary, you attract a lot of attention in the public debate.
On the contrary, you attract a lot of attention in the public debate.
But what is not so visible, is that over time you have an influence.
But what is not so visible, is that over time you have an influence.
We do not always agree when we discuss the management of the Fund.
We do not always agree when we discuss the management of the Fund.
However, you provide important input into the broader policy dialogue.
However, you provide important input into the broader policy dialogue.
I think it is fair to say that the NGOs played an important role when we established the ethical guidelines in 2004.You have also continued to give valuable input to our work on responsible investments.
I think it is fair to say that the NGOs played an important role when we established the ethical guidelines in 2004.You have also continued to give valuable input to our work on responsible investments.
You keep us on our toes, and I would like to thank you for that!
You keep us on our toes, and I would like to thank you for that!
I will now present the Fund’s work on responsible investments.
I will now present the Fund’s work on responsible investments.
As a major player, we want to contribute to the development of best practice in this area.
As a major player, we want to contribute to the development of best practice in this area.
Before I present our responsible investment strategy, I would like to say a few words about the Fund in more general terms.
Before I present our responsible investment strategy, I would like to say a few words about the Fund in more general terms.
First of all, why do we need a Pension Fund?
First of all, why do we need a Pension Fund?
From small beginnings in the mid 1970s, Norway has rapidly grown to become a major oil and gas producer.
From small beginnings in the mid 1970s, Norway has rapidly grown to become a major oil and gas producer.
We therefore established the Pension fund to manage the huge cash flows from the petroleum sector.
We therefore established the Pension fund to manage the huge cash flows from the petroleum sector.
There are two main purposes of the Fund:
There are two main purposes of the Fund:
First of all, to ensure that not only this generation, but also future generations will benefit from the petroleum wealth.
First of all, to ensure that not only this generation, but also future generations will benefit from the petroleum wealth.
And secondly, to safeguard stability in the mainland economy.
And secondly, to safeguard stability in the mainland economy.
As you know, rich natural resources can be a curse rather than a blessing: Many countries have experienced that a rapid pace in the spending of resource rents has hampered their economic performance.
As you know, rich natural resources can be a curse rather than a blessing: Many countries have experienced that a rapid pace in the spending of resource rents has hampered their economic performance.
A clue to good management of petroleum resources is to disconnect spending from the current income from oil and gas activities.
A clue to good management of petroleum resources is to disconnect spending from the current income from oil and gas activities.
Therefore, the oil revenues are allocated directly to the Fund.
Therefore, the oil revenues are allocated directly to the Fund.
It is only the expected real return on the Fund – estimated at 4 pct. of the fund capital - that is to be spent over time.
It is only the expected real return on the Fund – estimated at 4 pct. of the fund capital - that is to be spent over time.
The Fund enables us to transform a volatile and temporary revenue stream into a stable and permanent income in the national budgets.
The Fund enables us to transform a volatile and temporary revenue stream into a stable and permanent income in the national budgets.
The fund has grown rapidly, since the first transfer was made in 1996, and the value is currently approximately 4 250 billion NOK.
The fund has grown rapidly, since the first transfer was made in 1996, and the value is currently approximately 4 250 billion NOK.
The Fund is now among the largest sovereign wealth funds in the world, and we expect the Fund to grow also in the years ahead.
The Fund is now among the largest sovereign wealth funds in the world, and we expect the Fund to grow also in the years ahead.
The Fund has a clear financial goal of maximizing real returns at a moderate level of risk.
The Fund has a clear financial goal of maximizing real returns at a moderate level of risk.
In line with that objective, we seek a broad geographic diversification of the investments.
In line with that objective, we seek a broad geographic diversification of the investments.
The Fund is invested in more than 7 000 companies, in 70 countries.
The Fund is invested in more than 7 000 companies, in 70 countries.
Through the investments we own a small share of the world's productive capacity.
Through the investments we own a small share of the world's productive capacity.
On average, the Fund owns 1,3 pct. of all listed equities in the world.
On average, the Fund owns 1,3 pct. of all listed equities in the world.
The strategy builds on the Fund's long time horizon and is based on assessments of expected return and risk over a long period of time.
The strategy builds on the Fund's long time horizon and is based on assessments of expected return and risk over a long period of time.
The role of the Fund as a financial investor restricts its room for manoeuvre in other areas.
The role of the Fund as a financial investor restricts its room for manoeuvre in other areas.
The state has different roles– and the role as a large financial investor is a slightly untraditional one.
The state has different roles– and the role as a large financial investor is a slightly untraditional one.
The investment strategy is set by the Ministry of Finance - and anchored in Parliament.
The investment strategy is set by the Ministry of Finance - and anchored in Parliament.
But even though the political authorities are responsible for the overall strategy, we still act in the capacity as investor.
But even though the political authorities are responsible for the overall strategy, we still act in the capacity as investor.
The purpose of the Fund is to maximise long-term real return.
The purpose of the Fund is to maximise long-term real return.
Other political objectives must be pursued by other means, for instance through our foreign or environmental policies.
Other political objectives must be pursued by other means, for instance through our foreign or environmental policies.
We believe that this is a more effective way of reaching important goals, such as the protection of human rights or tackling climate change.
We believe that this is a more effective way of reaching important goals, such as the protection of human rights or tackling climate change.
In addition, we risk loosing our credibility as a financial investor if we use the Fund as an instrument in our foreign policy.
In addition, we risk loosing our credibility as a financial investor if we use the Fund as an instrument in our foreign policy.
This strategy enjoys broad political support.
This strategy enjoys broad political support.
However, the fact that the Fund is a financial investor does not mean that we do not take ethical considerations into account.
However, the fact that the Fund is a financial investor does not mean that we do not take ethical considerations into account.
On the contrary, the role as a responsible investor is important for us.
On the contrary, the role as a responsible investor is important for us.
As I mentioned earlier, the Pension Fund owns a small fraction of the world's means of production.
As I mentioned earlier, the Pension Fund owns a small fraction of the world's means of production.
This is often referred to as universal ownership.
This is often referred to as universal ownership.
As a universal owner, we have a broader set of objectives than individual firms and other investors.
As a universal owner, we have a broader set of objectives than individual firms and other investors.
Water management is a good example.
Water management is a good example.
Water is a key input for many companies – and water scarcity is a growing problem.
Water is a key input for many companies – and water scarcity is a growing problem.
But it is far from clear that individual companies have an incentive to take sustainable water management into account in their short term decision making.
But it is far from clear that individual companies have an incentive to take sustainable water management into account in their short term decision making.
For the Fund, on the other hand, this is a question which really matters over the medium and long term.
For the Fund, on the other hand, this is a question which really matters over the medium and long term.
In other words, a sustainable development is important for us, in order to safeguard the Fund's financial assets.
In other words, a sustainable development is important for us, in order to safeguard the Fund's financial assets.
As a universal owner we also believe that we have a responsibility for contributing to a sustainable development, both in economic, social and environmental terms.
As a universal owner we also believe that we have a responsibility for contributing to a sustainable development, both in economic, social and environmental terms.
Our investment practices are based on a clear division of responsibilities and duties between three main parties: The Ministry of Finance, Norges Bank (our Central Bank) and the Council on Ethics, which is an independent council.
Our investment practices are based on a clear division of responsibilities and duties between three main parties: The Ministry of Finance, Norges Bank (our Central Bank) and the Council on Ethics, which is an independent council.
The Ministry, as owner of the Fund, establishes the general framework for the responsible investment practices.
The Ministry, as owner of the Fund, establishes the general framework for the responsible investment practices.
It is also the Ministry that, on the recommendations of the Council on Ethics, decides whether a company should be excluded or placed under observation.
It is also the Ministry that, on the recommendations of the Council on Ethics, decides whether a company should be excluded or placed under observation.
The Council on Ethics is charged with monitoring the portfolio with the aim of identifying companies that ought to be excluded.
The Council on Ethics is charged with monitoring the portfolio with the aim of identifying companies that ought to be excluded.
Criterias for exclusion are laid down in ethical guidelines from the Ministry.
Criterias for exclusion are laid down in ethical guidelines from the Ministry.
The guidelines have been discussed in white papers to Parliament and have broad political support.
The guidelines have been discussed in white papers to Parliament and have broad political support.
Norges Bank is the operational manager of the Fund, based on a mandate from the Ministry.
Norges Bank is the operational manager of the Fund, based on a mandate from the Ministry.
The mandate also includes guidelines for the exercise of ownership rights.
The mandate also includes guidelines for the exercise of ownership rights.
All three parties collaborate with other bodies and contribute to research and the development of best practice within their own areas.
All three parties collaborate with other bodies and contribute to research and the development of best practice within their own areas.
We have several instruments to promote our role as responsible investor.
We have several instruments to promote our role as responsible investor.
Some measures are targeted towards broad markets, some towards sectors within markets, and some towards single companies.
Some measures are targeted towards broad markets, some towards sectors within markets, and some towards single companies.
Exclusion has been part of our strategy since the ethical guidelines were established in 2004.
Exclusion has been part of our strategy since the ethical guidelines were established in 2004.
This is the most visible tool – and also the tool that has attracted most attention in the public debate.
This is the most visible tool – and also the tool that has attracted most attention in the public debate.
Most of the companies have been excluded because of what they produce, namely certain types of weapons (such as nuclear weaponds and cluster bombs) and tobacco.
Most of the companies have been excluded because of what they produce, namely certain types of weapons (such as nuclear weaponds and cluster bombs) and tobacco.
But we can also exclude companies because of grossly unethical behaviour.
But we can also exclude companies because of grossly unethical behaviour.
Product-based exclusions are rather simple.
Product-based exclusions are rather simple.
Either a company produces tobacco – or it does not.
Either a company produces tobacco – or it does not.
The Conduct-based exclusions are more complicated.
The Conduct-based exclusions are more complicated.
The conclusions in these cases will necessarily be a matter of discretionary assessments.
The conclusions in these cases will necessarily be a matter of discretionary assessments.
A challenging issue is what it takes to conclude that a company contributes to unethical conduct – especially if the company is not directly responsible for the conduct in question.
A challenging issue is what it takes to conclude that a company contributes to unethical conduct – especially if the company is not directly responsible for the conduct in question.
The Council on Ethics therefore conducts thorough investigations – both to identify and assess companies.
The Council on Ethics therefore conducts thorough investigations – both to identify and assess companies.
Once we have excluded a company, we lose the ability to exercise our ownership rights.
Once we have excluded a company, we lose the ability to exercise our ownership rights.
Nevertheless, the exclusion mechanism may be a source of influence.
Nevertheless, the exclusion mechanism may be a source of influence.
When the Council on Ethics contacts a company as part of its investigations, this may in itself lead to a change in the company’s business conduct.
When the Council on Ethics contacts a company as part of its investigations, this may in itself lead to a change in the company’s business conduct.
In addition, we make public, not only our decisions, but also the full recommendation documents from the Council.
In addition, we make public, not only our decisions, but also the full recommendation documents from the Council.
And we know that many stakeholders follow our exclusion decisions closely.
And we know that many stakeholders follow our exclusion decisions closely.
Exclusion does not, however, necessary solve the underlying problem directly.
Exclusion does not, however, necessary solve the underlying problem directly.
Therefore, exclusion should always be a measure of last resort, once the company's will and ability to improve its practices have been assessed.
Therefore, exclusion should always be a measure of last resort, once the company's will and ability to improve its practices have been assessed.
In situations where there may be doubt as to whether the conditions for exclusion have been fulfilled or how the company's behaviour will develop in the future, we may choose to place it under formal observation.
In situations where there may be doubt as to whether the conditions for exclusion have been fulfilled or how the company's behaviour will develop in the future, we may choose to place it under formal observation.
Observation is a relatively new mechanism – and a tool we hope will enable us to stimulate to more change in the companies' behaviour.
Observation is a relatively new mechanism – and a tool we hope will enable us to stimulate to more change in the companies' behaviour.
Active ownership is not as visible as exclusion, but this is an important tool that is used on all the companies in the portfolio.
Active ownership is not as visible as exclusion, but this is an important tool that is used on all the companies in the portfolio.
The active ownership activities are based on internationally recognized global standards established by the UN and the OECD.
The active ownership activities are based on internationally recognized global standards established by the UN and the OECD.
As a shareholder in companies, Norges Bank can exercise its voting rights and in other ways express its views on corporate governance and overall strategy.
As a shareholder in companies, Norges Bank can exercise its voting rights and in other ways express its views on corporate governance and overall strategy.
In 2012, Norges Bank voted at more than 10 000 shareholder meetings.
In 2012, Norges Bank voted at more than 10 000 shareholder meetings.
It was engaged in dialogue with a large number of companies and had meetings with 1 300 companies.
It was engaged in dialogue with a large number of companies and had meetings with 1 300 companies.
The Bank also collaborates with other investors, it has dialogue with authorities and participates in international networks.
The Bank also collaborates with other investors, it has dialogue with authorities and participates in international networks.
Active ownership is demanding and depends on expertise, resources and patience.
Active ownership is demanding and depends on expertise, resources and patience.
With ownership in 7 000 companies across the world, it is important to have clear priorities and goals in order to have an impact.
With ownership in 7 000 companies across the world, it is important to have clear priorities and goals in order to have an impact.
Therefore the Bank has defined a number of focus areas within environmental and social issues, as well as good corporate governance.
Therefore the Bank has defined a number of focus areas within environmental and social issues, as well as good corporate governance.
On these areas the Bank has formulated specific expectations to the companies.
On these areas the Bank has formulated specific expectations to the companies.