Serien "Forvalterperspektiv" presenterer Norges Bank Investment Managements synspunkter på temaer knyttet til finansindustrien. Artiklene er ikke endelige, men er ment som aktuelle innspill til nytte for alle markedsaktører. Serien er skrevet av ansatte, og baserer seg på vår forskning og erfaring som en stor, langsiktig fondsforvalter.

The Asset Manager Perspective series articulates Norges Bank Investment Management’s views and reflections on issues topical for the financial industry. They are not meant to be definitive, rather they are intended as timely contributions for the benefit of all market participants. The series is written by employees, and is informed by our investment research and our experience as a large, long-term asset manager.

OPPHAVSRETT: Det er tillatt å sitere fra Norges Banks publikasjoner, samt videreformidle til andre, i henhold til åndsverkslovens regler. Navn på opphavsmann og utgiver må angis. Kommersiell bruk er ikke tillatt.

Recent Submissions

  • Shareholding disclosure - A practitioner's perspective 

    Unknown author (The Asset Manager Perspective;5/2020, Others, 2020)
    Shareholding disclosure and market transparency rules aimed at shareholders of public companies are essential to the well-functioning of financial markets, providing benefits to shareholders, listed issuers and regulatory ...
  • Shareholder proposals on sustainability 

    Unknown author (The Asset Manager Perspective;4/2020, Others, 2020)
    Voting on shareholder proposals allows investors to exercise ownership rights by holding the board accountable and steering companies in important decisions. In several markets an increasing number of proposals focus on ...
  • Shareholder voting process 

    Unknown author (The Asset Manager Perspective;3/2020, Others, 2020)
    Voting at shareholder meetings is a key component in the well-functioning of financial markets and provides important opportunities for investors to exercise ownership rights and hold company boards accountable. For ...
  • The role of closing auctions in well-functioning markets 

    Unknown author (The Asset Manager Perspective;2/2020, Others, 2020)
    The growth in volume share at the close of the trading day has been well documented in the literature. Beyond their positive contribution to end-of-day price discovery, closing auctions have become significant liquidity ...
  • Corporate sustainability reporting 

    Unknown author (The Asset Manager Perspective;1/2020, Others, 2020)
    Companies’ activities have an impact on the world around them in ways that may not be priced into their market value. Their operations may in turn be affected by changes in their surroundings, either physical or social. ...
  • The Sustainable Development Goals and the Government Pension Fund Global 

    Unknown author (Asset Manager Perspective;1/2018, Others, 2018)
    The UN Sustainable Development Goals (SDGs) set out an ambitious policy agenda to achieve sustainable economic, social and environmental development by 2030. As a long-term and global owner, the Government Pension Fund ...
  • Remuneration of the CEO 

    Unknown author (Asset Manager Perspective;1/2017, Others, 2017)
    CEO remuneration structures are a distinct issue of interest to shareholders, with likely implications for the well-functioning of financial markets. This note views remuneration as an expression of corporate governance ...
  • Sourcing Liquidity in Fragmented Markets 

    Unknown author (Asset Manager Perspective;1/2015, Others, 2015)
    As a large participant in global asset markets, Norges Bank Investment Management has to ensure that our liquidity sourcing strategies reflect ever-changing market conditions. In particular, off-exchange trading volume has ...
  • Role of Exchanges in Well-Functioning Markets 

    Unknown author (Asset Manager Perspective;2/2015, Others, 2015)
    Stock exchanges play a central role in facilitating the funding of firms and promoting investment and wealth creation. They provide two key services to economic growth and capital markets – policing of listing privileges ...
  • The Listings Ecosystem : Aligning incentives 

    Unknown author (Asset Manager Perspective;1/2016, Others, 2016)
    Companies deciding to go public enjoy a number of advantages that complement the original intention of their founders’ capital raising and risk-sharing needs. These include improved liquidity, transparency and visibility. ...
  • Managing Informational Asymmetries in Foreign Exchange Markets 

    Unknown author (Asset Manager Perspective;2/2017, Others, 2017)
    The recent release of the FX Global Code of Conduct is an opportunity to revisit common market practices in global foreign exchange markets. These markets are critical to the functioning of the global economy, and provide ...
  • The Role of Last Look in Foreign Exchange Markets 

    Unknown author (Asset Manager Perspective;3/2015, Others, 2015)
    Last Look is a unique feature of foreign exchange (FX) markets that gives liquidity providers the option to reject orders received from liquidity takers in response to the provider’s quote. This feature is effective in ...
  • The Role of Securities Lending in Well-Functioning Markets 

    Unknown author (Asset Manager Perspective;2/2016, Others, 2016)
    Securities lending markets contribute to well-functioning markets in important ways. The main vector for this contribution is that lending markets aid in efficient price discovery for assets. Asymmetries in the ability of ...