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Norwegian Petroleum Wealth and Universal Ownership

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  • Ola Peter Krohn Gjessing
  • Henrik Syse

Abstract

How useful are universal owner arguments for a large, diversified investor such as Norges Bank Investment Management (NBIM)? This article presents concrete issues, such as climate change and corruption, which can be analysed using universal owner arguments. However, it also discusses potential weaknesses of this argumentative strategy. The article includes a general background to Norway’s Government Pension Fund Global – now one of the world’s largest funds – and concludes that such a fund could utilise universal owner insights in its work as an active owner by (1) addressing both companies and standard setters on issues of portfolio‐wide, long‐term importance; (2) respecting a division of labour between different actors in the market place; and (3) taking part in collaborative arrangements, both within organised networks and informally between investors.

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  • Ola Peter Krohn Gjessing & Henrik Syse, 2007. "Norwegian Petroleum Wealth and Universal Ownership," Corporate Governance: An International Review, Wiley Blackwell, vol. 15(3), pages 427-437, May.
    • Handle: RePEc:bla:corgov:v:15:y:2007:i:3:p:427-437
    DOI: 10.1111/j.1467-8683.2007.00576.x
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    Cited by:

    1. Andreas G. F. Hoepner & Arleta A. A. Majoch & Xiao Y. Zhou, 2021. "Does an Asset Owner’s Institutional Setting Influence Its Decision to Sign the Principles for Responsible Investment?," Journal of Business Ethics, Springer, vol. 168(2), pages 389-414, January.
    2. Reyes Calderón & José Álvarez-Arce & Silvia Mayoral, 2009. "Corporation as a Crucial Ally Against Corruption," Journal of Business Ethics, Springer, vol. 87(1), pages 319-332, April.
    3. Michael E. Drew, 2009. "The Puzzle of Financial Reporting and Corporate Short-Termism: A Universal Ownership Perspective," Australian Accounting Review, CPA Australia, vol. 19(4), pages 295-302, December.
    4. Kristian Alm & Mark Brown, 2021. "John Rawls’ Concept of the Reasonable: A Study of Stakeholder Action and Reaction Between British Petroleum and the Victims of the Oil Spill in the Gulf of Mexico," Journal of Business Ethics, Springer, vol. 172(4), pages 621-637, September.
    5. Han, Zhanbing & Zakari, Abdulrasheed & Youn, Ik Joong & Tawiah, Vincent, 2023. "The impact of natural resources on renewable energy consumption," Resources Policy, Elsevier, vol. 83(C).
    6. Gordon L Clark & Ashby H B Monk, 2010. "The Legitimacy and Governance of Norway's Sovereign Wealth Fund: The Ethics of Global Investment," Environment and Planning A, , vol. 42(7), pages 1723-1738, July.
    7. Andreas Hoepner & Arleta Majoch, 2016. "Pension Funds and the Principles for Responsible Investment: Multiplying Stakeholder Salience?," ICMA Centre Discussion Papers in Finance icma-dp2016-07, Henley Business School, University of Reading.
    8. Camila Yamahaki & Catherine Marchewitz, 2023. "Collaborative Investor Engagement with Policymakers: Changing the Rules of the Game?," Discussion Papers of DIW Berlin 2051, DIW Berlin, German Institute for Economic Research.

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