The Norwegian oil fund -- the Government Pension Fund Global (GPFG) -- is the world’s biggest sovereign wealth fund (SWF) and lags far behind on the issue of gender equality, writes Dagens Nyheter (Dn.no).
According to the Norwegian daily, Norges Bank Investment Management (NBIM), which manages the fund, has an unequal proportion of female to male staff, both in terms of total employees and executives, and the imbalance also applies to salaries.
Dagens Nyheter reports that only 30 percent of NBIM's 573 employees are women, which is under Norges Bank’s goal of 40 percent female staff. Female executive staff comprise a mere 22 percent of the total.
Female executives are paid seven percent less than their male counterparts, and other female employees at NBIM receive 20 percent less than male staff in compensation.
“The oil fund is owned by the state. They have a large responsibility for improving equallity and gender-based differences in salary. It is therefore reasonable to expect the fund’s management to explain the relatively large difference in executive salaries,” says researcher Mari Teigen, who leads Core, a center for equality research.
Dagens Nyheter also writes that until January of this year, the executive leadership team did not include a single woman for a period of four years. Three women were then hired for executive positions, but the fund did not give information on their salaries, according to the news report.
English edit: Daniel Frank Christensen
Frontpage right now
Demographic changes have turned cashflows negative for Valtion Eläkerahasto (VER), the buffer fund for Finland’s central government staff pensions bill. The higher returns offered by equities suit the fund as it races to keep up with its outflows, but at 47 percent VER’s equity allocation is now getting close to the limit, the fund’s CEO tells AMWatch.
A US court ruling which effectively eased the rules around CLO issuance is set to stimulate the domestic market for the debt instruments, according to research from Morgen Stanley, Citigroup and Deutsche Bank. But the rules in Europe are unlikely to go down the same route, one Nordic CLO manager says.
Career Path: Timo Viherkenttä’s professional journey has taken many unexpected turns before he landed the job of the chief executive of The State Pension Fund of Finland (Valtion Eläkerahasto, VER) three years ago. A few years before that, he took the eyebrow-raising decision to voluntarily leave Finland’s Supreme Administrative Court judiciary — preferring a fresh start in a government role.