(Bloomberg) — The model new head of Norway’s $1.1 trillion sovereign wealth fund will more than likely be a Norwegian citizen, the outgoing chief authorities officer said in an interview with native info service E24.no.
Norway is looking for a model new CEO for its massive fund to modify Yngve Slyngstad, who said in October he would step down after 12 years on the helm. The fund has swelled to a report this yr, nevertheless has moreover come to a crossroads as capital injections from the nation’s oil and gasoline manufacturing fade.
Having a Norwegian heading the fund is a question of legitimacy, Slyngstad said contained within the podcast interview.
“It’s not very lifelike that it gained’t be a Norwegian,” he said. “Anyone who’s able to say what this fund truly is, make clear it in a simple technique.”
The federal authorities oversees the fund, with a mandate lastly anchored in Parliament. It’s run by a unit of the central monetary establishment, whose authorities board is formally charged with selecting the model new CEO of Norges Monetary establishment Funding Administration. Governor Oystein Olsen, who leads the board, has said the model new CEO should have a deep understanding of Norwegian society, and know a minimal of 1 Scandinavian language.
The appointment might happen spherical Easter (in April subsequent yr), and the succession may then be at first of the summer season season, Slyngstad said.
After stepping down as CEO, Slyngstad will lead the fund’s new investments in renewable-energy infrastructure from London. He expects to start out out out out that job spherical October subsequent yr.