NORWAY - Norges Bank Investment Management (NBIM) which manages the US$328bn Government Pension Fund - Global has appointed a new head of corporate governance.
Anne Kvam, currently legal director at Norske Skog, is set to join NBIM at the start of 2008 following the departure of Henrik Syse who has held the position since its inception in 2005.
Kvam said of her appointment: “NBIM has the strong ambition of being a clear and demanding global owner and I am looking forward to carrying this work forward.”
She has previously sat on the Amnesty International board and holds a law degree specialising in human rights from the University of Oslo.
Knut N Kjaer, who announced his resignation as head of NBIM last week, commented: “Her experience in the field of international business, board affairs and legal expertise is combined with a solid grounding in the values underlying our work.”
Guidelines drawn up by the Ministry of Finance for the Government Pension Fund – Global state its primary investment objectives are to promote long term sustainability in the markets.
In April the fund divested NOK4m (US$0.6m) from South African DRD Gold Limited because of ethical concerns.
In the second quarter of 2007, the pension portfolio delivered a return of 2.2% in the second quarter, according to new figures from NBIM. This compared to a return of 3.7% in the first half of the year.
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