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CRITICAL: Administrator Julie Brodtkorp and the rest of the Norges Bank Supervisory Board are not satisfied with the hiring process for new oil fund manager Nicolai Tangen. Photo: Tore Kristiansen, Nina E. Rangoy
Norges Bank’s Supervisory Board states that it is “very unfortunate” that the documentation submitted does not show that incoming oil fund manager Nicolai Tangen has severed all ties to his companies.
They are also critical that the Norges Bank Board of Directors has not been more accurate in its ethics formulations about the drain on oil fund manager Yngve Slyngstads touring the United States.
They are also critical on several other points:
- The Supervisory Board believes that the Bank’s guidelines have not been followed in relation to employment.
- They ask the Executive Board to consider whether the ownership of companies registered in tax havens is fully consistent with the transparency requirement.
Leader Julie Brodtkorb on the Supervisory Board says it has been difficult.
“This has been a difficult and difficult matter, but there is a unanimous 15-member board of representatives, from Frp to SV, that supports the document,” he tells VG.
Norges Bank’s supervisory body, the Supervisory Board, met on Monday morning to discuss the employment of Nicolai Tangen. On March 26, it was made public that he had hijacked the core job at Norges Bank Investment Management (NBIM), which manages the Petroleum Fund of around NOK 10 billion.
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– Very unfortunate
In the letter, the Supervisory Board writes that they believe it is very unfortunate that not all conflicts of interest between the Tang economy and the role of the NBIM CEO have been cleared up before employment. They write this in a letter to the Norges Bank Executive Board.
“It is very unfortunate that, on the one hand, Tangen is said to have severed all ties to the AKO system, at the same time that evidence from the Tangen Bar Association shows that he remains the primary owner and has voice control. at AKO Capital, “they write.
The Supervisory Board asks the Executive Council to obtain complete documentation on Tang’s personal affairs.
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“Furthermore, the Supervisory Board believes that it is important that Norges Bank have a complete overview of all the co-investors in AKO funds.”
The Supervisory Board believes that Tangen should have been included in the list of public applicants previously, and states in the letter that Norges Bank violated the guidelines in the recruitment process:
– One of the purposes of the Norges Bank Recruitment Guidelines is that “all recruitments must be open and real and contribute to diversity”. Based on the procedure in this case, the Supervisory Board believes that the guidelines have not been followed, the Supervisory Board writes in the letter.
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They also criticize evaluations of Yngve Slyngstad’s trip to the United States, at Tang’s expense:
“When it comes to cost coverage for Slyngstad’s participation in the seminar, the Supervisory Board believes that, for the sake of clarity for all employees, the Executive Board should answer more clearly if this violates the Norges Bank ethical rules“
They actually require a complete cleanup of the ethics job:
“Managers and employees must have clear and unambiguous rules about what is acceptable in ordinary work situations, such as traveling, attending seminars, etc. Clear limits must be established for what can be accepted and what cannot be received. ”
This is the Supervisory Board
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The Supervisory Board writes that it is very unfortunate that Tangen does not sever all ties to its corporate structures.
Brodtkorp says clarification is important.
– We request the Executive Board to take our assessments in the final paper on Tang’s employment contract when they discuss the matter in late May.
– It seems that there are very strong criticisms?
– Our task is not to promote criticism. Our job is to monitor Norges Bank’s operations, ask questions and make recommendations, Brodtkorb tells VG.
Brodtkorp said this after the Supervisory Board meeting on April 22:
Towards tax havens
Norges Bank has come under fire for its descriptions of tax havens. The Supervisory Board deepens this criticism. They write that the problems of tax havens range from “legal but aggressive tax adaptation to secrecy and money laundering.”
– The Supervisory Board believes that these are matters that the Executive Board should clarify, even if the ownership of companies registered in tax havens is fully compatible with the requirement of transparency, they write in the letter.
Tang AKO Capital’s fund and its foundation have been registered in the tax havens of the Cayman Islands and Jersey. In addition, part of its wealth has been invested in funds registered in various tax havens.
The Petroleum Fund has its own transparency and tax expectations document, where they write that taxes must be paid where values are created.
Tang Firewall
The Supervisory Board is critical that the system they have presented so far, for the firewall that Tangen will build, does not appear to be good enough:
Forceps will not personally receive interest, dividends or other financial returns on investments in proprietary companies in the AKO system, provided they are the managing director of NBIM (the Petroleum Fund). But you can resume ownership when you finish as Manager of the Petroleum Fund.
“Therefore, Tang will have interests in the AKO system as long as he is employed as the general manager of NBIM,” they write.
The Supervisory Board emphasizes that Norges Bank should also look to the organization in the period after Tangen ends as an oil fund manager.
“For the Supervisory Board, it is important that Tang’s future financial interests and the structure of his property are organized so that the risk of conflicts of interest between the GPFG (the oil fund, the magazine presentation) and the manager general interest of NBIM is removed throughout the term and within a reasonable time after resignation. ”
Verification work review
The Supervisory Board strongly suggests that Norges Bank’s Executive Board has not done a good enough verification job.
They refer to the response from Norges Bank chief Øystein Olsen in the previous round, referring to a February 20, 2020 report by Tangen’s attorney, Taylor Wessing.
Provides an overview of Tang’s personal economy and
business partners. They write:
“The Supervisory Board believes that the Executive Council is the basis for additional work in the employment contract, the conditions for joining the position, etc. You must obtain complete documentation on the CEO of NBIM’s personal business operations. “
Here Sting sings for the participants in the Nicolai Tangen seminar in the USA. USA:
