Norges Bank Investment Management manages the Norwegian Government Pension Fund Global, often referred to as the Oljefondet, NBIM or Statens Pensjonsfond Utland (SPU). The aim of the fund is to ensure responsible and long-term management of revenue from Norway’s oil and gas resources so that this wealth benefits both current and future generations of Norway.
Our objective as manager of the fund is to generate the highest possible return on the fund. We aim to achieve this in a safe, efficient, responsible and transparent manner, and within government guidelines.
We have offices in Oslo, London, New York and Singapore. Our global presence brings us closer to the markets we invest in and ensures stronger links with partners in different parts of the world.
Canada's pension funds have become a blueprint for institutional investing worldwide, and John Graham runs the largest of them. Nicolai Tangen sits down with the CEO of CPP Investments, manager of $800 billion on behalf of 22 million Canadians, for a conversation spanning strategy and leadership. They explore the celebrated "Canadian model" and what imitators get wrong, why Graham calls diversification "an act of humility," and how CPP weighs private markets, the US, and China. A scientist before he was an investor, Graham reflects on leading through COVID, AI's uncertain role in investment decisions, and his belief that investing is "quantitative art" rather than science.
In Good Company is hosted by Nicolai Tangen, CEO of Norges Bank Investment Management. New episode out every Wednesday.
The podcast In Good Company is part of Norges Bank Investment Management, a podcast about our investments. We are transparent about how the fund is invested. In this podcast, you get a deeper insight into the companies the fund is invested in.
Our CEO, Nicolai Tangen, has in-depth interviews with the leaders of some of the largest companies in the world. You will get insight into their leadership principles, the company’s strategy and how they are dealing with a large investor like us. You will also learn more about our role as an owner of the companies.
You can read more about the podcast on https://www.nbim.no/en/publications/podcast/
44:03
Canada's pension funds have become a blueprint for institutional investing worldwide, and John Graham runs the largest of them. Nicolai Tangen sits down with the CEO of CPP Investments, manager of $800 billion on behalf of 22 million Canadians, for a conversation spanning strategy and leadership. They explore the celebrated "Canadian model" and what imitators get wrong, why Graham calls diversification "an act of humility," and how CPP weighs private markets, the US, and China. A scientist before he was an investor, Graham reflects on leading through COVID, AI's uncertain role in investment decisions, and his belief that investing is "quantitative art" rather than science.
In Good Company is hosted by Nicolai Tangen, CEO of Norges Bank Investment Management. New episode out every Wednesday.
The podcast In Good Company is part of Norges Bank Investment Management, a podcast about our investments. We are transparent about how the fund is invested. In this podcast, you get a deeper insight into the companies the fund is invested in.
Our CEO, Nicolai Tangen, has in-depth interviews with the leaders of some of the largest companies in the world. You will get insight into their leadership principles, the company’s strategy and how they are dealing with a large investor like us. You will also learn more about our role as an owner of the companies.
You can read more about the podcast on https://www.nbim.no/en/publications/podcast/
Nicolai Tangen sits down with Andrew Forrest, Chairman and CEO of Fortescue, to explore one of the most remarkable stories in modern business. From building a mining giant from scratch against a 60-year duopoly, to pledging to run the entire company on zero fossil fuels by 2030 with no offsets, Forrest has never been afraid to think big. They discuss his "crazy brave Plan A" philosophy, the role of AI in running smart energy grids, and his disagreements with some of the world's most powerful people over climate policy. Andrew also opens up about the accident that reshaped his priorities, his philanthropic mission tackling modern slavery and ocean conservation, and the simple advice that guides his life: be useful, and enjoy it.
In Good Company is hosted by Nicolai Tangen, CEO of Norges Bank Investment Management. New episode out every Wednesday.
The podcast In Good Company is part of Norges Bank Investment Management, a podcast about our investments. We are transparent about how the fund is invested. In this podcast, you get a deeper insight into the companies the fund is invested in.
Our CEO, Nicolai Tangen, has in-depth interviews with the leaders of some of the largest companies in the world. You will get insight into their leadership principles, the company’s strategy and how they are dealing with a large investor like us. You will also learn more about our role as an owner of the companies.
You can read more about the podcast on https://www.nbim.no/en/publications/podcast/
43:14
Nicolai Tangen sits down with Andrew Forrest, Chairman and CEO of Fortescue, to explore one of the most remarkable stories in modern business. From building a mining giant from scratch against a 60-year duopoly, to pledging to run the entire company on zero fossil fuels by 2030 with no offsets, Forrest has never been afraid to think big. They discuss his "crazy brave Plan A" philosophy, the role of AI in running smart energy grids, and his disagreements with some of the world's most powerful people over climate policy. Andrew also opens up about the accident that reshaped his priorities, his philanthropic mission tackling modern slavery and ocean conservation, and the simple advice that guides his life: be useful, and enjoy it.
In Good Company is hosted by Nicolai Tangen, CEO of Norges Bank Investment Management. New episode out every Wednesday.
The podcast In Good Company is part of Norges Bank Investment Management, a podcast about our investments. We are transparent about how the fund is invested. In this podcast, you get a deeper insight into the companies the fund is invested in.
Our CEO, Nicolai Tangen, has in-depth interviews with the leaders of some of the largest companies in the world. You will get insight into their leadership principles, the company’s strategy and how they are dealing with a large investor like us. You will also learn more about our role as an owner of the companies.
You can read more about the podcast on https://www.nbim.no/en/publications/podcast/
What would happen to the fund if extreme weather triggered a global food shock?
In our latest stress test, we estimate it could wipe around 20% off the fund's value — roughly USD 420 billion.
Here's how the scenario unfolds. Extreme weather hits two major food-producing regions at the same time, causing crop failures. Global food prices spike, and supply-chain disruptions slow growth while pushing inflation higher. Higher inflation feeds through to higher yields, which weigh on bonds — an estimated 10% fall in the fixed-income portfolio. Slower growth and higher yields then hit shares and dividends, an estimated 24% fall in the equity portfolio. Combined at the fund level, that adds up to a loss of around 20%, or about USD 420 billion (around NOK 4,250 billion).
To build a scenario like this, we look first at past events with similar characteristics, then anchor on studies that model how such shocks move the key economic variables. We apply those shocks to the fund as it is invested today.
These scenarios are entirely hypothetical — and far simpler than the real world, where shocks rarely happen in isolation. The point isn't to predict the future. It's to understand how different risks are connected, and to be prepared if severe but plausible events were to happen.
This is one of four scenarios in our 2025 stress testing, alongside an AI correction, a fragmented world and a regional debt crisis. We publish these analyses every year.
We manage the fund to safeguard and build financial wealth for current and future generations in Norway — and that means planning for the difficult years, not only the good ones.
📄 Read the full stress testing report: https://www.nbim.no/contentassets/c7d3b015300d48a1ac0136f069b9bed7/gpfg_stresstesting-2025.pdf
🌍 More about the fund: https://www.nbim.no
—
Norges Bank Investment Management manages the Government Pension Fund Global on behalf of the people of Norway. Follow us on LinkedIn, Instagram and YouTube.
#oljefondet #NBIM #stresstest
1:55
What would happen to the fund if extreme weather triggered a global food shock?
In our latest stress test, we estimate it could wipe around 20% off the fund's value — roughly USD 420 billion.
Here's how the scenario unfolds. Extreme weather hits two major food-producing regions at the same time, causing crop failures. Global food prices spike, and supply-chain disruptions slow growth while pushing inflation higher. Higher inflation feeds through to higher yields, which weigh on bonds — an estimated 10% fall in the fixed-income portfolio. Slower growth and higher yields then hit shares and dividends, an estimated 24% fall in the equity portfolio. Combined at the fund level, that adds up to a loss of around 20%, or about USD 420 billion (around NOK 4,250 billion).
To build a scenario like this, we look first at past events with similar characteristics, then anchor on studies that model how such shocks move the key economic variables. We apply those shocks to the fund as it is invested today.
These scenarios are entirely hypothetical — and far simpler than the real world, where shocks rarely happen in isolation. The point isn't to predict the future. It's to understand how different risks are connected, and to be prepared if severe but plausible events were to happen.
This is one of four scenarios in our 2025 stress testing, alongside an AI correction, a fragmented world and a regional debt crisis. We publish these analyses every year.
We manage the fund to safeguard and build financial wealth for current and future generations in Norway — and that means planning for the difficult years, not only the good ones.
📄 Read the full stress testing report: https://www.nbim.no/contentassets/c7d3b015300d48a1ac0136f069b9bed7/gpfg_stresstesting-2025.pdf
🌍 More about the fund: https://www.nbim.no
—
Norges Bank Investment Management manages the Government Pension Fund Global on behalf of the people of Norway. Follow us on LinkedIn, Instagram and YouTube.
#oljefondet #NBIM #stresstest
Where would the modern world be without cement? Nicolai Tangen sits down with Miljan Gutovic, CEO of Holcim, to explore the transformation underway in the global building materials industry. They discuss Europe's shortage of nearly 10 million homes and what it means for construction, how Holcim is turning sustainability into a competitive advantage, the logic behind spinning off its North American business, and the booming opportunity in Latin America. Gutovic also shares his three leadership rules: control the controllables, fight complacency, and benchmark relentlessly. Tune in for an insightful conversation!
In Good Company is hosted by Nicolai Tangen, CEO of Norges Bank Investment Management. New episode out every Wednesday.
The podcast In Good Company is part of Norges Bank Investment Management, a podcast about our investments. We are transparent about how the fund is invested. In this podcast, you get a deeper insight into the companies the fund is invested in.
Our CEO, Nicolai Tangen, has in-depth interviews with the leaders of some of the largest companies in the world. You will get insight into their leadership principles, the company’s strategy and how they are dealing with a large investor like us. You will also learn more about our role as an owner of the companies.
You can read more about the podcast on https://www.nbim.no/en/publications/podcast/
33:59
Where would the modern world be without cement? Nicolai Tangen sits down with Miljan Gutovic, CEO of Holcim, to explore the transformation underway in the global building materials industry. They discuss Europe's shortage of nearly 10 million homes and what it means for construction, how Holcim is turning sustainability into a competitive advantage, the logic behind spinning off its North American business, and the booming opportunity in Latin America. Gutovic also shares his three leadership rules: control the controllables, fight complacency, and benchmark relentlessly. Tune in for an insightful conversation!
In Good Company is hosted by Nicolai Tangen, CEO of Norges Bank Investment Management. New episode out every Wednesday.
The podcast In Good Company is part of Norges Bank Investment Management, a podcast about our investments. We are transparent about how the fund is invested. In this podcast, you get a deeper insight into the companies the fund is invested in.
Our CEO, Nicolai Tangen, has in-depth interviews with the leaders of some of the largest companies in the world. You will get insight into their leadership principles, the company’s strategy and how they are dealing with a large investor like us. You will also learn more about our role as an owner of the companies.
You can read more about the podcast on https://www.nbim.no/en/publications/podcast/
निकोलाई टैंगन बात करते हैं Snowflake के CEO श्रीधर रामास्वामी से। Snowflake एक डेटा प्लेटफ़ॉर्म है जो दुनिया की आधी सबसे बड़ी कंपनियों को चलाता है। इस बातचीत में वे समझते हैं कि डेटा और AI की दुनिया में असल में क्या हो रहा है।
दोनों इन बातों पर गहराई से चर्चा करते हैं: Snowflake सिर्फ़ इस्तेमाल के हिसाब से पैसे लेता है (कंजम्पशन-बेस्ड प्राइसिंग), और यही बात इसे आम सॉफ़्टवेयर कंपनियों से अलग बनाती है। श्रीधर अब मानते हैं कि AI मॉडल बनाने वाली कंपनियाँ टेक इंडस्ट्री में सबसे बड़ा ख़तरा हैं—बाक़ी किसी से भी ज़्यादा। और AI एजेंट अब हर चीज़ बदल रहे हैं—डेटा पाइपलाइन से लेकर सॉफ़्टवेयर इंजीनियरिंग तक।
श्रीधर अपनी कंपनी Neva के बारे में भी बात करते हैं—उसे शुरू करना और फिर उसका नाकाम होना, और इससे उन्होंने क्या सीखा। साथ ही वे उन मूल्यों के बारे में बताते हैं जिन्होंने उन्हें तमिलनाडु से टेक इंडस्ट्री के शिखर तक पहुँचाया: मेहनत, हर हाल में ढल जाना, और हार न मानना।
यह दिलचस्प बातचीत ज़रूर सुनें!
——
Snowflake CEO: How AI Agents Will Transform the Workplace
Nicolai Tangen sits down with Sridhar Ramaswamy, CEO of Snowflake, the data platform powering half the world's largest companies, to explore what's really happening at the frontier of data and AI. They dig into how Snowflake's consumption-based pricing sets it apart from traditional software models, why Sridhar now considers AI model companies a bigger competitive threat than anyone else in tech, and how AI agents are transforming everything from data pipelines to software engineering itself. Sridhar also reflects on the lessons learned from founding and failing with Neva, and shares the values of hard work, adaptability, and resilience that have shaped him from Tamil Nadu to the top of the tech industry. Tune in for an insightful conversation!
29:17
निकोलाई टैंगन बात करते हैं Snowflake के CEO श्रीधर रामास्वामी से। Snowflake एक डेटा प्लेटफ़ॉर्म है जो दुनिया की आधी सबसे बड़ी कंपनियों को चलाता है। इस बातचीत में वे समझते हैं कि डेटा और AI की दुनिया में असल में क्या हो रहा है।
दोनों इन बातों पर गहराई से चर्चा करते हैं: Snowflake सिर्फ़ इस्तेमाल के हिसाब से पैसे लेता है (कंजम्पशन-बेस्ड प्राइसिंग), और यही बात इसे आम सॉफ़्टवेयर कंपनियों से अलग बनाती है। श्रीधर अब मानते हैं कि AI मॉडल बनाने वाली कंपनियाँ टेक इंडस्ट्री में सबसे बड़ा ख़तरा हैं—बाक़ी किसी से भी ज़्यादा। और AI एजेंट अब हर चीज़ बदल रहे हैं—डेटा पाइपलाइन से लेकर सॉफ़्टवेयर इंजीनियरिंग तक।
श्रीधर अपनी कंपनी Neva के बारे में भी बात करते हैं—उसे शुरू करना और फिर उसका नाकाम होना, और इससे उन्होंने क्या सीखा। साथ ही वे उन मूल्यों के बारे में बताते हैं जिन्होंने उन्हें तमिलनाडु से टेक इंडस्ट्री के शिखर तक पहुँचाया: मेहनत, हर हाल में ढल जाना, और हार न मानना।
यह दिलचस्प बातचीत ज़रूर सुनें!
——
Snowflake CEO: How AI Agents Will Transform the Workplace
Nicolai Tangen sits down with Sridhar Ramaswamy, CEO of Snowflake, the data platform powering half the world's largest companies, to explore what's really happening at the frontier of data and AI. They dig into how Snowflake's consumption-based pricing sets it apart from traditional software models, why Sridhar now considers AI model companies a bigger competitive threat than anyone else in tech, and how AI agents are transforming everything from data pipelines to software engineering itself. Sridhar also reflects on the lessons learned from founding and failing with Neva, and shares the values of hard work, adaptability, and resilience that have shaped him from Tamil Nadu to the top of the tech industry. Tune in for an insightful conversation!
The first money was deposited on 30 May 1996, and since then the fund has grown from 2 billion kroner to a full 21,000 billion. The fund is Norway’s collective savings and is meant to benefit both current and future generations. Each year, a quarter of the national budget is covered by money from the fund.
At the same time, analyses show that the years ahead will be tougher for the Norwegian economy. Spending on areas such as health, care, pensions and defence will grow faster than revenues as early as 2029.
In this video, you’ll meet Minister of Finance Jens Stoltenberg, fund CEO Nicolai Tangen and Erlend Mørch from NRK in a debate about the fund and what kind of economy young Norwegians will inherit. Norges Bank Investment Management and the Ministry of Finance brought together students and teachers at Oslo Event Hub to learn more about the fund and discuss what the Norwegian economy will look like when today’s 17- and 18-year-olds enter adult life.
——————————————————————————————————
Oljefondet fyller 30 år. 30. mai 1996 ble de første pengene satt inni fondet. Siden har fondet vokst fra 2 milliarder kroner til hele 21 000 milliarder. Fondet er hele Norges sparegris og skal komme både nåværende og kommende generasjoner til gode. Hvert år dekkes en firedel av statsbudsjettet med penger fra fondet.
Samtidig viser analyser at det blir tøffere tak i norsk økonomi i årene som kommer. Utgifter til blant annet helse, omsorg, pensjon og forsvar vil vokse raskere enn inntektene allerede fra 2029.
I denne videoen møter du finansminister Jens Stoltenberg, oljefondsjef Nicolai Tangen og Erlend Mørch fra NRK til debatt om Oljefondet og hva slags økonomi norske ungdommer vil arve i fremtiden. Norges Bank Investment Management og Finansdepartementet samlet elever og lærere på Oslo Event Hub for å lære mer om fondet og diskutere hvordan norsk økonomi ser ut når dagens 17- og 18-åringer trer inn i voksenlivet.
1:27:59
The first money was deposited on 30 May 1996, and since then the fund has grown from 2 billion kroner to a full 21,000 billion. The fund is Norway’s collective savings and is meant to benefit both current and future generations. Each year, a quarter of the national budget is covered by money from the fund.
At the same time, analyses show that the years ahead will be tougher for the Norwegian economy. Spending on areas such as health, care, pensions and defence will grow faster than revenues as early as 2029.
In this video, you’ll meet Minister of Finance Jens Stoltenberg, fund CEO Nicolai Tangen and Erlend Mørch from NRK in a debate about the fund and what kind of economy young Norwegians will inherit. Norges Bank Investment Management and the Ministry of Finance brought together students and teachers at Oslo Event Hub to learn more about the fund and discuss what the Norwegian economy will look like when today’s 17- and 18-year-olds enter adult life.
——————————————————————————————————
Oljefondet fyller 30 år. 30. mai 1996 ble de første pengene satt inni fondet. Siden har fondet vokst fra 2 milliarder kroner til hele 21 000 milliarder. Fondet er hele Norges sparegris og skal komme både nåværende og kommende generasjoner til gode. Hvert år dekkes en firedel av statsbudsjettet med penger fra fondet.
Samtidig viser analyser at det blir tøffere tak i norsk økonomi i årene som kommer. Utgifter til blant annet helse, omsorg, pensjon og forsvar vil vokse raskere enn inntektene allerede fra 2029.
I denne videoen møter du finansminister Jens Stoltenberg, oljefondsjef Nicolai Tangen og Erlend Mørch fra NRK til debatt om Oljefondet og hva slags økonomi norske ungdommer vil arve i fremtiden. Norges Bank Investment Management og Finansdepartementet samlet elever og lærere på Oslo Event Hub for å lære mer om fondet og diskutere hvordan norsk økonomi ser ut når dagens 17- og 18-åringer trer inn i voksenlivet.
Nicolai Tangen sits down with Sridhar Ramaswamy, CEO of Snowflake, the data platform powering half the world's largest companies, to explore what's really happening at the frontier of data and AI. They dig into how Snowflake's consumption-based pricing sets it apart from traditional software models, why Sridhar now considers AI model companies a bigger competitive threat than anyone else in tech, and how AI agents are transforming everything from data pipelines to software engineering itself. Sridhar also reflects on the lessons learned from founding and failing with Neva, and shares the values of hard work, adaptability, and resilience that have shaped him from Tamil Nadu to the top of the tech industry. Tune in for an insightful conversation!
In Good Company is hosted by Nicolai Tangen, CEO of Norges Bank Investment Management. New episode out every Wednesday.
The podcast In Good Company is part of Norges Bank Investment Management, a podcast about our investments. We are transparent about how the fund is invested. In this podcast, you get a deeper insight into the companies the fund is invested in.
Our CEO, Nicolai Tangen, has in-depth interviews with the leaders of some of the largest companies in the world. You will get insight into their leadership principles, the company’s strategy and how they are dealing with a large investor like us. You will also learn more about our role as an owner of the companies.
You can read more about the podcast on https://www.nbim.no/en/publications/podcast/
29:17
Nicolai Tangen sits down with Sridhar Ramaswamy, CEO of Snowflake, the data platform powering half the world's largest companies, to explore what's really happening at the frontier of data and AI. They dig into how Snowflake's consumption-based pricing sets it apart from traditional software models, why Sridhar now considers AI model companies a bigger competitive threat than anyone else in tech, and how AI agents are transforming everything from data pipelines to software engineering itself. Sridhar also reflects on the lessons learned from founding and failing with Neva, and shares the values of hard work, adaptability, and resilience that have shaped him from Tamil Nadu to the top of the tech industry. Tune in for an insightful conversation!
In Good Company is hosted by Nicolai Tangen, CEO of Norges Bank Investment Management. New episode out every Wednesday.
The podcast In Good Company is part of Norges Bank Investment Management, a podcast about our investments. We are transparent about how the fund is invested. In this podcast, you get a deeper insight into the companies the fund is invested in.
Our CEO, Nicolai Tangen, has in-depth interviews with the leaders of some of the largest companies in the world. You will get insight into their leadership principles, the company’s strategy and how they are dealing with a large investor like us. You will also learn more about our role as an owner of the companies.
You can read more about the podcast on https://www.nbim.no/en/publications/podcast/
If anyone can tell the story of how Norway built the world's largest sovereign wealth fund, it's Jens Stoltenberg. As the fund marks its 30th anniversary, Nicolai Tangen sits down with Norway's Finance Minister and former NATO Secretary General to trace the decisions that turned oil revenues into $2 trillion in national savings. They discuss why Britain and Norway diverged so dramatically despite producing similar volumes of oil, the thinking behind the spending rule, and the risk of complacency when wealth feels guaranteed. Stoltenberg also explains his reasoning behind suspending the ethics council, the paradox of excluding defence companies Norway itself purchases from, and what he believes will matter most for the fund in the next 30 years. Tune in!
In Good Company is hosted by Nicolai Tangen, CEO of Norges Bank Investment Management. New episode out every Wednesday.
The podcast In Good Company is part of Norges Bank Investment Management, a podcast about our investments. We are transparent about how the fund is invested. In this podcast, you get a deeper insight into the companies the fund is invested in.
Our CEO, Nicolai Tangen, has in-depth interviews with the leaders of some of the largest companies in the world. You will get insight into their leadership principles, the company’s strategy and how they are dealing with a large investor like us. You will also learn more about our role as an owner of the companies.
You can read more about the podcast on https://www.nbim.no/en/publications/podcast/
0:00 Intro – Nicolai meets Jens Stoltenberg, Finance Minister of Norway
0:50 How Norway and Britain managed their oil revenues differently
6:10 The Norwegian disease: too dependent on oil?
10:42 Reviewing the fund's ethical guidelines
11:46 Investing in defence companies
16:20 Tech giants make up 25% of the fund — is that a risk?
20:33 Geopolitics, trade barriers, and what it means for the fund
23:40 Is Norway using AI enough?
26:40 The most important lessons for the next 30 years
27:14 Advice to the people running the fund
27:52
If anyone can tell the story of how Norway built the world's largest sovereign wealth fund, it's Jens Stoltenberg. As the fund marks its 30th anniversary, Nicolai Tangen sits down with Norway's Finance Minister and former NATO Secretary General to trace the decisions that turned oil revenues into $2 trillion in national savings. They discuss why Britain and Norway diverged so dramatically despite producing similar volumes of oil, the thinking behind the spending rule, and the risk of complacency when wealth feels guaranteed. Stoltenberg also explains his reasoning behind suspending the ethics council, the paradox of excluding defence companies Norway itself purchases from, and what he believes will matter most for the fund in the next 30 years. Tune in!
In Good Company is hosted by Nicolai Tangen, CEO of Norges Bank Investment Management. New episode out every Wednesday.
The podcast In Good Company is part of Norges Bank Investment Management, a podcast about our investments. We are transparent about how the fund is invested. In this podcast, you get a deeper insight into the companies the fund is invested in.
Our CEO, Nicolai Tangen, has in-depth interviews with the leaders of some of the largest companies in the world. You will get insight into their leadership principles, the company’s strategy and how they are dealing with a large investor like us. You will also learn more about our role as an owner of the companies.
You can read more about the podcast on https://www.nbim.no/en/publications/podcast/
0:00 Intro – Nicolai meets Jens Stoltenberg, Finance Minister of Norway
0:50 How Norway and Britain managed their oil revenues differently
6:10 The Norwegian disease: too dependent on oil?
10:42 Reviewing the fund's ethical guidelines
11:46 Investing in defence companies
16:20 Tech giants make up 25% of the fund — is that a risk?
20:33 Geopolitics, trade barriers, and what it means for the fund
23:40 Is Norway using AI enough?
26:40 The most important lessons for the next 30 years
27:14 Advice to the people running the fund
What might happen to the fund's value in a regional debt crisis?
Our 2025 stress test finds the fund could drop 32% in value — that's
around 700 billion dollars.
In this video, you learn more from Strategy Researchers Owen Yang and Andrea Nocera, based in our London office.
A regional loss of confidence in government bonds drives up political
uncertainty and long-term yields, with the shock rippling through global
markets.
We manage the fund with the aim of the highest possible return at moderate
risk. To achieve this, we need to identify, measure and manage the risks
the fund faces. We use multiple approaches:
📊 Risk metrics (tracking error and expected shortfall)
📊 Stress testing
📊 Concentration analysis
📊 Factor exposure
The stress test is a collaborative effort from our Strategy Research team
and our risk department, with input from our internal investment
professionals.
The full report is available here: https://www.nbim.no/contentassets/c7d3b015300d48a1ac0136f069b9bed7/gpfg_stresstesting-2025.pdf
#oljefondet
2:00
What might happen to the fund's value in a regional debt crisis?
Our 2025 stress test finds the fund could drop 32% in value — that's
around 700 billion dollars.
In this video, you learn more from Strategy Researchers Owen Yang and Andrea Nocera, based in our London office.
A regional loss of confidence in government bonds drives up political
uncertainty and long-term yields, with the shock rippling through global
markets.
We manage the fund with the aim of the highest possible return at moderate
risk. To achieve this, we need to identify, measure and manage the risks
the fund faces. We use multiple approaches:
📊 Risk metrics (tracking error and expected shortfall)
📊 Stress testing
📊 Concentration analysis
📊 Factor exposure
The stress test is a collaborative effort from our Strategy Research team
and our risk department, with input from our internal investment
professionals.
The full report is available here: https://www.nbim.no/contentassets/c7d3b015300d48a1ac0136f069b9bed7/gpfg_stresstesting-2025.pdf
#oljefondet
In this episode, Nicolai Tangen speaks with Evan Spiegel, co-founder and CEO of Snap, the company behind Snapchat. Evan reflects on building Snapchat from a Stanford dorm room idea into a platform used by nearly a billion people worldwide. They discuss why Evan turned down a $3 billion offer from Mark Zuckerberg, Snap's bold bet on augmented reality glasses, and how AI is transforming software development from the inside out. Evan also shares his leadership philosophy, built around kindness, creativity, and long-term thinking. Don't miss this conversation with one of Silicon Valley's most unconventional builders.
In Good Company is hosted by Nicolai Tangen, CEO of Norges Bank Investment Management. New episode out every Wednesday.
The podcast In Good Company is part of Norges Bank Investment Management, a podcast about our investments. We are transparent about how the fund is invested. In this podcast, you get a deeper insight into the companies the fund is invested in.
Our CEO, Nicolai Tangen, has in-depth interviews with the leaders of some of the largest companies in the world. You will get insight into their leadership principles, the company’s strategy and how they are dealing with a large investor like us. You will also learn more about our role as an owner of the companies.
You can read more about the podcast on https://www.nbim.no/en/publications/podcast/
0:00 Intro – Nicolai meets Evan Spiegel, co-founder and CEO of Snap
1:34 Building Snap from scratch
2:48 Why disappearing messages — and turning down Zuckerberg's offer
4:33 Building a culture of creativity and innovation
8:57 The biggest bet: augmented reality glasses
9:59 Why Snap will succeed where others have struggled with AR
13:13 Hardware, software, and what's slowing AR down
14:12 Non-negotiable culture values
17:30 The 2022 restructuring and what it did to the culture
22:07 How Evan has changed as a leader — and how AI is transforming Snap
27:28
In this episode, Nicolai Tangen speaks with Evan Spiegel, co-founder and CEO of Snap, the company behind Snapchat. Evan reflects on building Snapchat from a Stanford dorm room idea into a platform used by nearly a billion people worldwide. They discuss why Evan turned down a $3 billion offer from Mark Zuckerberg, Snap's bold bet on augmented reality glasses, and how AI is transforming software development from the inside out. Evan also shares his leadership philosophy, built around kindness, creativity, and long-term thinking. Don't miss this conversation with one of Silicon Valley's most unconventional builders.
In Good Company is hosted by Nicolai Tangen, CEO of Norges Bank Investment Management. New episode out every Wednesday.
The podcast In Good Company is part of Norges Bank Investment Management, a podcast about our investments. We are transparent about how the fund is invested. In this podcast, you get a deeper insight into the companies the fund is invested in.
Our CEO, Nicolai Tangen, has in-depth interviews with the leaders of some of the largest companies in the world. You will get insight into their leadership principles, the company’s strategy and how they are dealing with a large investor like us. You will also learn more about our role as an owner of the companies.
You can read more about the podcast on https://www.nbim.no/en/publications/podcast/
0:00 Intro – Nicolai meets Evan Spiegel, co-founder and CEO of Snap
1:34 Building Snap from scratch
2:48 Why disappearing messages — and turning down Zuckerberg's offer
4:33 Building a culture of creativity and innovation
8:57 The biggest bet: augmented reality glasses
9:59 Why Snap will succeed where others have struggled with AR
13:13 Hardware, software, and what's slowing AR down
14:12 Non-negotiable culture values
17:30 The 2022 restructuring and what it did to the culture
22:07 How Evan has changed as a leader — and how AI is transforming Snap
Today, May 30th 2026, marks 30 years since the first inflow to the Norwegian Sovereign Wealth Fund (NBIM). Erik Hilde was one of the portfolio managers handling the first ever transaction, and he still works here to this day.
On a bill dated May 30 1996, it states the transfer of enmilliardnihundreogåttienmillioneretthundreogtjueåttetusenfemhundreogto. In English, that’s about 2 billion Norwegian kroner.
30 years later, the fund manages 2 trillion dollars on behalf of the people of Norway.
1:55
Today, May 30th 2026, marks 30 years since the first inflow to the Norwegian Sovereign Wealth Fund (NBIM). Erik Hilde was one of the portfolio managers handling the first ever transaction, and he still works here to this day.
On a bill dated May 30 1996, it states the transfer of enmilliardnihundreogåttienmillioneretthundreogtjueåttetusenfemhundreogto. In English, that’s about 2 billion Norwegian kroner.
30 years later, the fund manages 2 trillion dollars on behalf of the people of Norway.
Nicolai Tangen sits down with Fabricio Bloisi, CEO of Prosus, to trace an extraordinary journey from humble beginnings to running one of the world's most ambitious tech ecosystems. Prosus is the company behind well-known consumer brands like iFood in Brazil, Swiggy in India, Just Eat across Europe, and PayU powering payments in emerging markets. They discuss Fabricio's "jet ski" model for fast-paced innovation, the bold transformation of Just Eat into an AI-first company, and why he believes AI is still under-hyped. Fabricio also shares his deeply entrepreneurial leadership philosophy: hire people better than yourself, empower them radically, and never stop questioning the status quo. With over 40,000 employees and businesses spanning food delivery, fintech, and lifestyle services across Latin America, India, and Europe, Prosus is dreaming at a scale few companies dare to imagine.
In Good Company is hosted by Nicolai Tangen, CEO of Norges Bank Investment Management. New episode out every Wednesday.
The podcast In Good Company is part of Norges Bank Investment Management, a podcast about our investments. We are transparent about how the fund is invested. In this podcast, you get a deeper insight into the companies the fund is invested in.
Our CEO, Nicolai Tangen, has in-depth interviews with the leaders of some of the largest companies in the world. You will get insight into their leadership principles, the company’s strategy and how they are dealing with a large investor like us. You will also learn more about our role as an owner of the companies.
You can read more about the podcast on https://www.nbim.no/en/publications/podcast/
0:00 Intro – Nicolai meets Fabricio Bloisi, CEO of Prosus
1:17 What is Prosus? Building an ecosystem across three continents
3:44 The founding story
6:00 How he built iFood from 20,000 to 200 million orders a month
11:16 The jet ski model: running startups inside a big company
13:20 Expanding into India and Europe – and the Just Eat acquisition
16:26 Fighting European regulators while trying to build big tech in Europe
18:12 Why AI is underhyped – and how Prosus is rebuilding around it
22:48 Agents, payments, and the future of agentic commerce
23:58 Corporate culture, the road to $500 billion, and advice for young people
33:43
Nicolai Tangen sits down with Fabricio Bloisi, CEO of Prosus, to trace an extraordinary journey from humble beginnings to running one of the world's most ambitious tech ecosystems. Prosus is the company behind well-known consumer brands like iFood in Brazil, Swiggy in India, Just Eat across Europe, and PayU powering payments in emerging markets. They discuss Fabricio's "jet ski" model for fast-paced innovation, the bold transformation of Just Eat into an AI-first company, and why he believes AI is still under-hyped. Fabricio also shares his deeply entrepreneurial leadership philosophy: hire people better than yourself, empower them radically, and never stop questioning the status quo. With over 40,000 employees and businesses spanning food delivery, fintech, and lifestyle services across Latin America, India, and Europe, Prosus is dreaming at a scale few companies dare to imagine.
In Good Company is hosted by Nicolai Tangen, CEO of Norges Bank Investment Management. New episode out every Wednesday.
The podcast In Good Company is part of Norges Bank Investment Management, a podcast about our investments. We are transparent about how the fund is invested. In this podcast, you get a deeper insight into the companies the fund is invested in.
Our CEO, Nicolai Tangen, has in-depth interviews with the leaders of some of the largest companies in the world. You will get insight into their leadership principles, the company’s strategy and how they are dealing with a large investor like us. You will also learn more about our role as an owner of the companies.
You can read more about the podcast on https://www.nbim.no/en/publications/podcast/
0:00 Intro – Nicolai meets Fabricio Bloisi, CEO of Prosus
1:17 What is Prosus? Building an ecosystem across three continents
3:44 The founding story
6:00 How he built iFood from 20,000 to 200 million orders a month
11:16 The jet ski model: running startups inside a big company
13:20 Expanding into India and Europe – and the Just Eat acquisition
16:26 Fighting European regulators while trying to build big tech in Europe
18:12 Why AI is underhyped – and how Prosus is rebuilding around it
22:48 Agents, payments, and the future of agentic commerce
23:58 Corporate culture, the road to $500 billion, and advice for young people
Jesper Brodin served as Chief Executive Officer of Ingka Group, the largest IKEA retailer, from 2017 until November 2025, following a career with IKEA spanning more than 30 years. Before becoming CEO, Jesper was Managing Director at IKEA of Sweden, responsible for the development of the product range and supply chain of the IKEA brand.
Jesper began his IKEA career in Pakistan in 1995 as a purchase manager, later becoming Regional Purchase Manager for Southeast Asia. In 1999, he served as assistant to both IKEA founder Ingvar Kamprad and then-CEO Anders Dahlvig.
Jesper serves as Chair of The B Team and Co-Chair of the UN Global Compact, advocating for a future where purpose and profit go hand in hand. In 2024, he was named one of TIME's 100 most influential people.
Jesper holds a Master's degree in Industrial Engineering from Chalmers University of Technology, Sweden.
13:15
Jesper Brodin served as Chief Executive Officer of Ingka Group, the largest IKEA retailer, from 2017 until November 2025, following a career with IKEA spanning more than 30 years. Before becoming CEO, Jesper was Managing Director at IKEA of Sweden, responsible for the development of the product range and supply chain of the IKEA brand.
Jesper began his IKEA career in Pakistan in 1995 as a purchase manager, later becoming Regional Purchase Manager for Southeast Asia. In 1999, he served as assistant to both IKEA founder Ingvar Kamprad and then-CEO Anders Dahlvig.
Jesper serves as Chair of The B Team and Co-Chair of the UN Global Compact, advocating for a future where purpose and profit go hand in hand. In 2024, he was named one of TIME's 100 most influential people.
Jesper holds a Master's degree in Industrial Engineering from Chalmers University of Technology, Sweden.
Mr. Rubenstein is Co-Founder and Co-Chairman of the Board of Carlyle, one of the world’s largest and most diversified global investment firms. Previously, Mr. Rubenstein served as Co-Chief Executive Officer of Carlyle.
Among other philanthropic endeavors, Mr. Rubenstein is Chairman of the Boards of the Council on Foreign Relations, the National Gallery of Art, the Economic Club of Washington, and the University of Chicago; a Trustee of Memorial Sloan-Kettering Cancer Center, the Institute for Advanced Study, the Brookings Institution, and the World Economic Forum; an Emeritus Trustee of Johns Hopkins Medicine; and a Director of Moderna, Inc. and the American Academy of Arts and Sciences.
Mr. Rubenstein is a magna cum laude graduate of Duke University, where he was elected Phi Beta Kappa. Following Duke, Mr. Rubenstein graduated from the University of Chicago Law School, where he was an editor of the Law Review.
8:07
Mr. Rubenstein is Co-Founder and Co-Chairman of the Board of Carlyle, one of the world’s largest and most diversified global investment firms. Previously, Mr. Rubenstein served as Co-Chief Executive Officer of Carlyle.
Among other philanthropic endeavors, Mr. Rubenstein is Chairman of the Boards of the Council on Foreign Relations, the National Gallery of Art, the Economic Club of Washington, and the University of Chicago; a Trustee of Memorial Sloan-Kettering Cancer Center, the Institute for Advanced Study, the Brookings Institution, and the World Economic Forum; an Emeritus Trustee of Johns Hopkins Medicine; and a Director of Moderna, Inc. and the American Academy of Arts and Sciences.
Mr. Rubenstein is a magna cum laude graduate of Duke University, where he was elected Phi Beta Kappa. Following Duke, Mr. Rubenstein graduated from the University of Chicago Law School, where he was an editor of the Law Review.
What does it take to build a culture that performs, not just once, but consistently over time? 🏆
At this year’s Annual Investment Conference, we explored what a winning culture really means across leadership and investing.
Sustained performance is rarely about talent alone. It depends on trust, ownership and the ability to keep improving, even when results are strong.
For the fund, long term thinking shapes how we invest, how we work together and how we continue to build a culture that can evolve over time 🌐
Watch the video with Anders Meland, reflecting on the habits, behaviours and leadership principles that help shape high-performing cultures over time 🎥
hashtag#Oljefondet
0:44
What does it take to build a culture that performs, not just once, but consistently over time? 🏆
At this year’s Annual Investment Conference, we explored what a winning culture really means across leadership and investing.
Sustained performance is rarely about talent alone. It depends on trust, ownership and the ability to keep improving, even when results are strong.
For the fund, long term thinking shapes how we invest, how we work together and how we continue to build a culture that can evolve over time 🌐
Watch the video with Anders Meland, reflecting on the habits, behaviours and leadership principles that help shape high-performing cultures over time 🎥
hashtag#Oljefondet
Nicolai Tangen meets Pfizer CEO Albert Bourla for a wide-ranging conversation on leadership, science, and the future of global healthcare. Bourla reflects on leading Pfizer through the COVID-19 vaccine breakthrough and how it transformed the company. The discussion also dives into Pfizer’s strategic shift toward innovative medicine, including major investments in oncology and obesity, and the high-stakes decisions behind multibillion-dollar acquisitions.
Looking ahead, the conversation explores how artificial intelligence is set to transform drug discovery, clinical trials, and the broader healthcare system. Bourla offers a candid view on global competition, particularly the rapid rise of China in biotech, and what it will take for companies like Pfizer to stay ahead. Beyond business, Bourla opens up about leadership, how to build resilience, foster organizational confidence, and continuously evolve as a CEO. He also shares a deeply personal story about his mother, a Holocaust survivor, and how her perspective shaped his optimism and drive.
In Good Company is hosted by Nicolai Tangen, CEO of Norges Bank Investment Management. New episode out every Wednesday.
The podcast In Good Company is part of Norges Bank Investment Management, a podcast about our investments. We are transparent about how the fund is invested. In this podcast, you get a deeper insight into the companies the fund is invested in.
Our CEO, Nicolai Tangen, has in-depth interviews with the leaders of some of the largest companies in the world. You will get insight into their leadership principles, the company’s strategy and how they are dealing with a large investor like us. You will also learn more about our role as an owner of the companies.
You can read more about the podcast on https://www.nbim.no/en/publications/podcast/
0:00 Intro – Nicolai meets Albert Bourla, Chairman and CEO of Pfizer
1:47 The COVID vaccine: developing it in 8 months
5:36 Rebuilding culture after the post-COVID hangover
8:30 ADC technology and the fight against cancer
11:10 The obesity revolution and GLP-1 drugs
18:38 How AI is transforming drug discovery
25:15 China, geopolitics, and pharma dominance
33:57 Leadership style and what makes a great leader
37:55 How Albert's leadership has evolved over the years
42:00 Personal drive, his mother's story, and advice for young people
47:20
Nicolai Tangen meets Pfizer CEO Albert Bourla for a wide-ranging conversation on leadership, science, and the future of global healthcare. Bourla reflects on leading Pfizer through the COVID-19 vaccine breakthrough and how it transformed the company. The discussion also dives into Pfizer’s strategic shift toward innovative medicine, including major investments in oncology and obesity, and the high-stakes decisions behind multibillion-dollar acquisitions.
Looking ahead, the conversation explores how artificial intelligence is set to transform drug discovery, clinical trials, and the broader healthcare system. Bourla offers a candid view on global competition, particularly the rapid rise of China in biotech, and what it will take for companies like Pfizer to stay ahead. Beyond business, Bourla opens up about leadership, how to build resilience, foster organizational confidence, and continuously evolve as a CEO. He also shares a deeply personal story about his mother, a Holocaust survivor, and how her perspective shaped his optimism and drive.
In Good Company is hosted by Nicolai Tangen, CEO of Norges Bank Investment Management. New episode out every Wednesday.
The podcast In Good Company is part of Norges Bank Investment Management, a podcast about our investments. We are transparent about how the fund is invested. In this podcast, you get a deeper insight into the companies the fund is invested in.
Our CEO, Nicolai Tangen, has in-depth interviews with the leaders of some of the largest companies in the world. You will get insight into their leadership principles, the company’s strategy and how they are dealing with a large investor like us. You will also learn more about our role as an owner of the companies.
You can read more about the podcast on https://www.nbim.no/en/publications/podcast/
0:00 Intro – Nicolai meets Albert Bourla, Chairman and CEO of Pfizer
1:47 The COVID vaccine: developing it in 8 months
5:36 Rebuilding culture after the post-COVID hangover
8:30 ADC technology and the fight against cancer
11:10 The obesity revolution and GLP-1 drugs
18:38 How AI is transforming drug discovery
25:15 China, geopolitics, and pharma dominance
33:57 Leadership style and what makes a great leader
37:55 How Albert's leadership has evolved over the years
42:00 Personal drive, his mother's story, and advice for young people
Christel Heydemann was appointed Chief Executive Officer of the Orange group on April 4, 2022.
She began her career in 1999 at Alcatel, where she held various management positions. In 2011, she was promoted to Director of Human Resources and Transformation and member of the Executive Committee.
Christel Heydemann joined Schneider Electric in 2014. In 2017, she became Executive Director France Operations of Schneider Electric and member of Schneider Electric’s Executive Committee. In 2021, she was named Director Europe Operations, a position she held until the beginning of 2022 when she became Chief Executive Officer of the Orange group, having served as a member of its Board of Directors since 2017.
She is a graduate of École Polytechnique and École Nationale des Ponts et Chaussées. Christel Heydemann is an Officer of the French Order of Merit and a Knight of the French Legion of Honor.
17:05
Christel Heydemann was appointed Chief Executive Officer of the Orange group on April 4, 2022.
She began her career in 1999 at Alcatel, where she held various management positions. In 2011, she was promoted to Director of Human Resources and Transformation and member of the Executive Committee.
Christel Heydemann joined Schneider Electric in 2014. In 2017, she became Executive Director France Operations of Schneider Electric and member of Schneider Electric’s Executive Committee. In 2021, she was named Director Europe Operations, a position she held until the beginning of 2022 when she became Chief Executive Officer of the Orange group, having served as a member of its Board of Directors since 2017.
She is a graduate of École Polytechnique and École Nationale des Ponts et Chaussées. Christel Heydemann is an Officer of the French Order of Merit and a Knight of the French Legion of Honor.
Karin Rådström has been Chief Executive Officer of Daimler Truck since October 2024. She previously served as a Member of the Board of Management responsible for Mercedes-Benz Trucks from February 2021 until her appointment as CEO. She brings extensive international experience in the commercial vehicles industry and a strong track record in building customer-focused sales organisations.
Prior to joining Daimler Truck, Karin spent 16 years at Scania, where she was most recently a member of the Executive Board responsible for sales and marketing. She held various managerial positions within Scania's sales and service organisation, including Head of the bus and coach business and leading the launch of the connected vehicle business.
Karin serves as a Board Member of Atlas Copco since April 2024. She holds a Master of Engineering in Industrial Management from the Royal Institute of Technology in Stockholm.
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Jesper Brodin – Former Chief Executive Officer of Ingka Group
Jesper Brodin served as Chief Executive Officer of Ingka Group, the largest IKEA retailer, from 2017 until November 2025, following a career with IKEA spanning more than 30 years. Before becoming CEO, Jesper was Managing Director at IKEA of Sweden, responsible for the development of the product range and supply chain of the IKEA brand.
Jesper began his IKEA career in Pakistan in 1995 as a purchase manager, later becoming Regional Purchase Manager for Southeast Asia. In 1999, he served as assistant to both IKEA founder Ingvar Kamprad and then-CEO Anders Dahlvig.
Jesper serves as Chair of The B Team and Co-Chair of the UN Global Compact, advocating for a future where purpose and profit go hand in hand. In 2024, he was named one of TIME's 100 most influential people.
Jesper holds a Master's degree in Industrial Engineering from Chalmers University of Technology, Sweden.
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Ajay Banga has been President of the World Bank Group since June 2023, leading the institution's transformation with a new vision to create a world free of poverty on a liveable planet.
Prior to joining the World Bank, Ajay was Vice Chairman at General Atlantic and, before that, President and CEO of Mastercard for 12 years, where he led a global workforce of nearly 24,000 and made financial inclusion a core part of the company's strategy. He founded the Mastercard Center for Inclusive Growth to advance equitable and sustainable economic opportunity. Earlier in his career, Ajay spent 13 years at Nestlé India and held senior leadership positions at Citigroup, including CEO of the Asia-Pacific region.
Ajay served as Chairman of the International Chamber of Commerce from 2020 to 2022 and is a co-founder of the Cyber Readiness Institute. He was awarded the Padma Shri by the President of India in 2016.
Ajay holds a Bachelor's degree in Economics from St. Stephen's College, University of Delhi, and an MBA from the Indian Institute of Management Ahmedabad.
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Roula Khalaf – Editor of the Financial Times
Roula Khalaf has been Editor of the Financial Times since 2020. She previously served as Deputy Editor, overseeing a range of newsroom initiatives and award-winning editorial projects while leading a global network of over 100 foreign correspondents.
Before becoming Deputy Editor, Roula was the FT's Foreign Editor, overseeing operations in Europe, Africa and the Middle East. As Middle East Editor, she launched a Middle East edition and led coverage of the Arab Spring. She joined the FT in 1995 as North Africa correspondent, having previously been a staff writer for Forbes magazine in New York.
Roula is a Board Member of the Committee to Protect Journalists. She was named Foreign Commentator of the Year at the Editorial Intelligence Comment Awards in 2016.
25:00
Karin Rådström has been Chief Executive Officer of Daimler Truck since October 2024. She previously served as a Member of the Board of Management responsible for Mercedes-Benz Trucks from February 2021 until her appointment as CEO. She brings extensive international experience in the commercial vehicles industry and a strong track record in building customer-focused sales organisations.
Prior to joining Daimler Truck, Karin spent 16 years at Scania, where she was most recently a member of the Executive Board responsible for sales and marketing. She held various managerial positions within Scania's sales and service organisation, including Head of the bus and coach business and leading the launch of the connected vehicle business.
Karin serves as a Board Member of Atlas Copco since April 2024. She holds a Master of Engineering in Industrial Management from the Royal Institute of Technology in Stockholm.
--
Jesper Brodin – Former Chief Executive Officer of Ingka Group
Jesper Brodin served as Chief Executive Officer of Ingka Group, the largest IKEA retailer, from 2017 until November 2025, following a career with IKEA spanning more than 30 years. Before becoming CEO, Jesper was Managing Director at IKEA of Sweden, responsible for the development of the product range and supply chain of the IKEA brand.
Jesper began his IKEA career in Pakistan in 1995 as a purchase manager, later becoming Regional Purchase Manager for Southeast Asia. In 1999, he served as assistant to both IKEA founder Ingvar Kamprad and then-CEO Anders Dahlvig.
Jesper serves as Chair of The B Team and Co-Chair of the UN Global Compact, advocating for a future where purpose and profit go hand in hand. In 2024, he was named one of TIME's 100 most influential people.
Jesper holds a Master's degree in Industrial Engineering from Chalmers University of Technology, Sweden.
--
Ajay Banga has been President of the World Bank Group since June 2023, leading the institution's transformation with a new vision to create a world free of poverty on a liveable planet.
Prior to joining the World Bank, Ajay was Vice Chairman at General Atlantic and, before that, President and CEO of Mastercard for 12 years, where he led a global workforce of nearly 24,000 and made financial inclusion a core part of the company's strategy. He founded the Mastercard Center for Inclusive Growth to advance equitable and sustainable economic opportunity. Earlier in his career, Ajay spent 13 years at Nestlé India and held senior leadership positions at Citigroup, including CEO of the Asia-Pacific region.
Ajay served as Chairman of the International Chamber of Commerce from 2020 to 2022 and is a co-founder of the Cyber Readiness Institute. He was awarded the Padma Shri by the President of India in 2016.
Ajay holds a Bachelor's degree in Economics from St. Stephen's College, University of Delhi, and an MBA from the Indian Institute of Management Ahmedabad.
--
Roula Khalaf – Editor of the Financial Times
Roula Khalaf has been Editor of the Financial Times since 2020. She previously served as Deputy Editor, overseeing a range of newsroom initiatives and award-winning editorial projects while leading a global network of over 100 foreign correspondents.
Before becoming Deputy Editor, Roula was the FT's Foreign Editor, overseeing operations in Europe, Africa and the Middle East. As Middle East Editor, she launched a Middle East edition and led coverage of the Arab Spring. She joined the FT in 1995 as North Africa correspondent, having previously been a staff writer for Forbes magazine in New York.
Roula is a Board Member of the Committee to Protect Journalists. She was named Foreign Commentator of the Year at the Editorial Intelligence Comment Awards in 2016.
Kenneth Griffin is the Founder and Chief Executive Officer of Citadel, one of the world's leading alternative investment firms managing over $60 billion in capital. He is also the Founder and Non-Executive Chairman of Citadel Securities, one of the world's largest market makers serving more than 1,600 institutional clients globally.
Ken founded Citadel in 1990, a year after graduating from Harvard, where he had begun investing from his dorm room in 1986. He built the firm on the belief that exceptional talent, advanced quantitative analytics, and powerful technology could unlock opportunities in global capital markets.
Through Griffin Catalyst, Ken has made transformative philanthropic contributions to education, health sciences, and cultural institutions.
Ken holds an A.B. with Honors in Economics from Harvard College.
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David Rubenstein is Co-Founder and Co-Chairman of the Board of Carlyle, one of the world’s largest and most diversified global investment firms. Previously, Mr. Rubenstein served as Co-Chief Executive Officer of Carlyle.
Among other philanthropic endeavors, Mr. Rubenstein is Chairman of the Boards of the Council on Foreign Relations, the National Gallery of Art, the Economic Club of Washington, and the University of Chicago; a Trustee of Memorial Sloan-Kettering Cancer Center, the Institute for Advanced Study, the Brookings Institution, and the World Economic Forum; an Emeritus Trustee of Johns Hopkins Medicine; and a Director of Moderna, Inc. and the American Academy of Arts and Sciences.
Mr. Rubenstein is a magna cum laude graduate of Duke University, where he was elected Phi Beta Kappa. Following Duke, Mr. Rubenstein graduated from the University of Chicago Law School, where he was an editor of the Law Review.
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Robyn Grew – Chief Executive Officer at Man Group
Robyn Grew is the Chief Executive Officer of Man Group, a global alternative investment management firm with more than USD 200 billion assets under management that is listed on the London Stock Exchange. As CEO, she leads the firm’s Executive Committee and is an executive director on the Man Group Board.
Since joining Man Group in 2010 through its acquisition of GLG, Robyn has served as Group COO, Head of ESG, General Counsel, and most recently, President. Robyn led Man Group’s corporate reorganisation in 2019 and has also spearheaded the firm’s diversity programme.
Robyn has worked in the investment industry since 1994. Previously, she held senior global positions at investment banks in London, New York and Tokyo, including Barclays Capital and Lehman Brothers, as well as what is now the ICE Futures Europe exchange. She is a qualified barrister and member of the Standards Board for Alternative Investment (SBAI) Board of Trustees.
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Michael O’Leary has served as a Director of Ryanair DAC since 1988 and a Director of Ryanair Holdings since 1996. Michael was appointed CEO of Ryanair in 1994 and Group CEO in April 2019, having previously served as CFO since 1988.
Under his leadership, Ryanair has grown to become Europe's largest airline group, pioneering the low-cost model that has transformed air travel across the continent. Michael holds a degree in Business and Economics from Trinity College Dublin.
26:49
Kenneth Griffin is the Founder and Chief Executive Officer of Citadel, one of the world's leading alternative investment firms managing over $60 billion in capital. He is also the Founder and Non-Executive Chairman of Citadel Securities, one of the world's largest market makers serving more than 1,600 institutional clients globally.
Ken founded Citadel in 1990, a year after graduating from Harvard, where he had begun investing from his dorm room in 1986. He built the firm on the belief that exceptional talent, advanced quantitative analytics, and powerful technology could unlock opportunities in global capital markets.
Through Griffin Catalyst, Ken has made transformative philanthropic contributions to education, health sciences, and cultural institutions.
Ken holds an A.B. with Honors in Economics from Harvard College.
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David Rubenstein is Co-Founder and Co-Chairman of the Board of Carlyle, one of the world’s largest and most diversified global investment firms. Previously, Mr. Rubenstein served as Co-Chief Executive Officer of Carlyle.
Among other philanthropic endeavors, Mr. Rubenstein is Chairman of the Boards of the Council on Foreign Relations, the National Gallery of Art, the Economic Club of Washington, and the University of Chicago; a Trustee of Memorial Sloan-Kettering Cancer Center, the Institute for Advanced Study, the Brookings Institution, and the World Economic Forum; an Emeritus Trustee of Johns Hopkins Medicine; and a Director of Moderna, Inc. and the American Academy of Arts and Sciences.
Mr. Rubenstein is a magna cum laude graduate of Duke University, where he was elected Phi Beta Kappa. Following Duke, Mr. Rubenstein graduated from the University of Chicago Law School, where he was an editor of the Law Review.
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Robyn Grew – Chief Executive Officer at Man Group
Robyn Grew is the Chief Executive Officer of Man Group, a global alternative investment management firm with more than USD 200 billion assets under management that is listed on the London Stock Exchange. As CEO, she leads the firm’s Executive Committee and is an executive director on the Man Group Board.
Since joining Man Group in 2010 through its acquisition of GLG, Robyn has served as Group COO, Head of ESG, General Counsel, and most recently, President. Robyn led Man Group’s corporate reorganisation in 2019 and has also spearheaded the firm’s diversity programme.
Robyn has worked in the investment industry since 1994. Previously, she held senior global positions at investment banks in London, New York and Tokyo, including Barclays Capital and Lehman Brothers, as well as what is now the ICE Futures Europe exchange. She is a qualified barrister and member of the Standards Board for Alternative Investment (SBAI) Board of Trustees.
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Michael O’Leary has served as a Director of Ryanair DAC since 1988 and a Director of Ryanair Holdings since 1996. Michael was appointed CEO of Ryanair in 1994 and Group CEO in April 2019, having previously served as CFO since 1988.
Under his leadership, Ryanair has grown to become Europe's largest airline group, pioneering the low-cost model that has transformed air travel across the continent. Michael holds a degree in Business and Economics from Trinity College Dublin.
Nandan Nilekani is the Co-Founder and Chairman of Infosys Technologies Limited. He was the Founding Chairman of the Unique Identification Authority of India (UIDAI) in the rank of a Cabinet Minister from 2009-2014. Nandan has co-founded and is the Chairman of EkStep Foundation, a not-for-profit effort to create a learner centric, technology-based platform to improve basic literacy and numeracy for millions of children. In January 2023, he was appointed as the co-chair of the “G20 Task Force on Digital Public Infrastructure for Economic Transformation, Financial Inclusion, and Development.”
Born in Bengaluru, Nilekani received his Bachelor’s degree from Indian Institute of Technology (IIT), Bombay. Among many awards and accolades, he was inducted as International Honorary Member of the American Academy of Arts and Sciences in 2019 and TIME Magazine has featured him among 100 Most Influential People in AI in 2024.
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Nandan Nilekani is the Co-Founder and Chairman of Infosys Technologies Limited. He was the Founding Chairman of the Unique Identification Authority of India (UIDAI) in the rank of a Cabinet Minister from 2009-2014. Nandan has co-founded and is the Chairman of EkStep Foundation, a not-for-profit effort to create a learner centric, technology-based platform to improve basic literacy and numeracy for millions of children. In January 2023, he was appointed as the co-chair of the “G20 Task Force on Digital Public Infrastructure for Economic Transformation, Financial Inclusion, and Development.”
Born in Bengaluru, Nilekani received his Bachelor’s degree from Indian Institute of Technology (IIT), Bombay. Among many awards and accolades, he was inducted as International Honorary Member of the American Academy of Arts and Sciences in 2019 and TIME Magazine has featured him among 100 Most Influential People in AI in 2024.
Nicolai Tangen sits down with Aliko Dangote, Founder and CEO of the Dangote Group, Africa's largest industrial conglomerate, to explore his journey from a small Lagos trading firm to a sprawling empire spanning cement, fertiliser, petrochemicals, and the world's largest single-train oil refinery. They discuss overcoming fierce opposition, Africa's infrastructure challenges, and why its booming youth population signals enormous opportunity. Dangote's mission? Pioneering the industrialisation of an entire continent. Tune in for an insightful conversation!
In Good Company is hosted by Nicolai Tangen, CEO of Norges Bank Investment Management. New episode out every Wednesday.
The podcast In Good Company is part of Norges Bank Investment Management, a podcast about our investments. We are transparent about how the fund is invested. In this podcast, you get a deeper insight into the companies the fund is invested in.
Our CEO, Nicolai Tangen, has in-depth interviews with the leaders of some of the largest companies in the world. You will get insight into their leadership principles, the company’s strategy and how they are dealing with a large investor like us. You will also learn more about our role as an owner of the companies.
You can read more about the podcast on https://www.nbim.no/en/publications/podcast/
0:00 Intro – Nicolai meets Aliko Dangote, Africa's wealthiest entrepreneur
0:28 The founding story: from cement trading to a continent-wide empire
6:10 Choosing which businesses to build — and which to exit
8:29 The three decisions that made Dangote a success
13:43 The refinery's impact and the Middle East crisis
21:53 The biggest risks of running 18 businesses in 17 countries
23:37 Being Nigeria's biggest employer and taxpayer
25:29 What foreign investors get wrong about Africa
31:32 China's dominance in Africa — and the absence of the West
42:37 Legacy, philanthropy, Arsenal, and advice for young Africans
49:25
Nicolai Tangen sits down with Aliko Dangote, Founder and CEO of the Dangote Group, Africa's largest industrial conglomerate, to explore his journey from a small Lagos trading firm to a sprawling empire spanning cement, fertiliser, petrochemicals, and the world's largest single-train oil refinery. They discuss overcoming fierce opposition, Africa's infrastructure challenges, and why its booming youth population signals enormous opportunity. Dangote's mission? Pioneering the industrialisation of an entire continent. Tune in for an insightful conversation!
In Good Company is hosted by Nicolai Tangen, CEO of Norges Bank Investment Management. New episode out every Wednesday.
The podcast In Good Company is part of Norges Bank Investment Management, a podcast about our investments. We are transparent about how the fund is invested. In this podcast, you get a deeper insight into the companies the fund is invested in.
Our CEO, Nicolai Tangen, has in-depth interviews with the leaders of some of the largest companies in the world. You will get insight into their leadership principles, the company’s strategy and how they are dealing with a large investor like us. You will also learn more about our role as an owner of the companies.
You can read more about the podcast on https://www.nbim.no/en/publications/podcast/
0:00 Intro – Nicolai meets Aliko Dangote, Africa's wealthiest entrepreneur
0:28 The founding story: from cement trading to a continent-wide empire
6:10 Choosing which businesses to build — and which to exit
8:29 The three decisions that made Dangote a success
13:43 The refinery's impact and the Middle East crisis
21:53 The biggest risks of running 18 businesses in 17 countries
23:37 Being Nigeria's biggest employer and taxpayer
25:29 What foreign investors get wrong about Africa
31:32 China's dominance in Africa — and the absence of the West
42:37 Legacy, philanthropy, Arsenal, and advice for young Africans
Ajay Banga has been President of the World Bank Group since June 2023, leading the institution's transformation with a new vision to create a world free of poverty on a liveable planet.
Prior to joining the World Bank, Ajay was Vice Chairman at General Atlantic and, before that, President and CEO of Mastercard for 12 years, where he led a global workforce of nearly 24,000 and made financial inclusion a core part of the company's strategy. He founded the Mastercard Center for Inclusive Growth to advance equitable and sustainable economic opportunity. Earlier in his career, Ajay spent 13 years at Nestlé India and held senior leadership positions at Citigroup, including CEO of the Asia-Pacific region.
Ajay served as Chairman of the International Chamber of Commerce from 2020 to 2022 and is a co-founder of the Cyber Readiness Institute. He was awarded the Padma Shri by the President of India in 2016.
Ajay holds a Bachelor's degree in Economics from St. Stephen's College, University of Delhi, and an MBA from the Indian Institute of Management Ahmedabad.
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Ajay Banga has been President of the World Bank Group since June 2023, leading the institution's transformation with a new vision to create a world free of poverty on a liveable planet.
Prior to joining the World Bank, Ajay was Vice Chairman at General Atlantic and, before that, President and CEO of Mastercard for 12 years, where he led a global workforce of nearly 24,000 and made financial inclusion a core part of the company's strategy. He founded the Mastercard Center for Inclusive Growth to advance equitable and sustainable economic opportunity. Earlier in his career, Ajay spent 13 years at Nestlé India and held senior leadership positions at Citigroup, including CEO of the Asia-Pacific region.
Ajay served as Chairman of the International Chamber of Commerce from 2020 to 2022 and is a co-founder of the Cyber Readiness Institute. He was awarded the Padma Shri by the President of India in 2016.
Ajay holds a Bachelor's degree in Economics from St. Stephen's College, University of Delhi, and an MBA from the Indian Institute of Management Ahmedabad.
James P. Gorman is Chairman of The Walt Disney Co. and Senior Advisor of General Atlantic. He is also Chairman Emeritus of Morgan Stanley.
Prior to becoming Chairman Emeritus in January 2025, Mr. Gorman served as Executive Chairman from January to December 2024, CEO from January 2010 until December 2023 and Chairman from January 2012 until December 2023. He joined the Firm in February 2006 and was named Co-President in December 2007.
Before he joined Morgan Stanley, Mr. Gorman held a succession of executive positions at Merrill Lynch, and prior to this was a senior partner of McKinsey & Co. He began his career as an attorney in Melbourne, Australia.
Separately, Mr. Gorman serves as a Director of the Council on Foreign Relations, Co-Chair of the Board of Overseers of the Columbia Business School and Trustee of Columbia University.
He formerly served as a Director of the Federal Reserve Bank of New York, President of the Federal Advisory Council to the U.S. Federal Reserve Board, Co-Chairman of the Partnership for New York City, Chairman of the Board of the Securities Industry and Financial Markets Association (SIFMA), and Co-Chairman of the Business Committee of the Metropolitan Museum of Art.
Born in Australia, Mr. Gorman received BA and law degrees from the University of Melbourne and an MBA degree from Columbia University.
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James P. Gorman is Chairman of The Walt Disney Co. and Senior Advisor of General Atlantic. He is also Chairman Emeritus of Morgan Stanley.
Prior to becoming Chairman Emeritus in January 2025, Mr. Gorman served as Executive Chairman from January to December 2024, CEO from January 2010 until December 2023 and Chairman from January 2012 until December 2023. He joined the Firm in February 2006 and was named Co-President in December 2007.
Before he joined Morgan Stanley, Mr. Gorman held a succession of executive positions at Merrill Lynch, and prior to this was a senior partner of McKinsey & Co. He began his career as an attorney in Melbourne, Australia.
Separately, Mr. Gorman serves as a Director of the Council on Foreign Relations, Co-Chair of the Board of Overseers of the Columbia Business School and Trustee of Columbia University.
He formerly served as a Director of the Federal Reserve Bank of New York, President of the Federal Advisory Council to the U.S. Federal Reserve Board, Co-Chairman of the Partnership for New York City, Chairman of the Board of the Securities Industry and Financial Markets Association (SIFMA), and Co-Chairman of the Business Committee of the Metropolitan Museum of Art.
Born in Australia, Mr. Gorman received BA and law degrees from the University of Melbourne and an MBA degree from Columbia University.
Karin Rådström has been Chief Executive Officer of Daimler Truck since October 2024. She previously served as a Member of the Board of Management responsible for Mercedes-Benz Trucks from February 2021 until her appointment as CEO. She brings extensive international experience in the commercial vehicles industry and a strong track record in building customer-focused sales organisations.
Prior to joining Daimler Truck, Karin spent 16 years at Scania, where she was most recently a member of the Executive Board responsible for sales and marketing. She held various managerial positions within Scania's sales and service organisation, including Head of the bus and coach business and leading the launch of the connected vehicle business.
Karin serves as a Board Member of Atlas Copco since April 2024. She holds a Master of Engineering in Industrial Management from the Royal Institute of Technology in Stockholm.
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Karin Rådström has been Chief Executive Officer of Daimler Truck since October 2024. She previously served as a Member of the Board of Management responsible for Mercedes-Benz Trucks from February 2021 until her appointment as CEO. She brings extensive international experience in the commercial vehicles industry and a strong track record in building customer-focused sales organisations.
Prior to joining Daimler Truck, Karin spent 16 years at Scania, where she was most recently a member of the Executive Board responsible for sales and marketing. She held various managerial positions within Scania's sales and service organisation, including Head of the bus and coach business and leading the launch of the connected vehicle business.
Karin serves as a Board Member of Atlas Copco since April 2024. She holds a Master of Engineering in Industrial Management from the Royal Institute of Technology in Stockholm.
NBIM CEO Nicolai Tangen hosts a wide-ranging conversation with former NATO Secretary General Jens Stoltenberg and Goldman Sachs CEO David Solomon, covering geopolitics, global markets, and long-term investing.
Together they discuss the financial and security fallout from the Middle East conflict, why Europe is falling behind the US in economic growth, how AI is reshaping major institutions, the competitive rise of China, and why both leaders remain long-term optimists about the world.
27:49
NBIM CEO Nicolai Tangen hosts a wide-ranging conversation with former NATO Secretary General Jens Stoltenberg and Goldman Sachs CEO David Solomon, covering geopolitics, global markets, and long-term investing.
Together they discuss the financial and security fallout from the Middle East conflict, why Europe is falling behind the US in economic growth, how AI is reshaping major institutions, the competitive rise of China, and why both leaders remain long-term optimists about the world.
Michael O’Leary has served as a Director of Ryanair DAC since 1988 and a Director of Ryanair Holdings since 1996. Michael was appointed CEO of Ryanair in 1994 and Group CEO in April 2019, having previously served as CFO since 1988.
Under his leadership, Ryanair has grown to become Europe's largest airline group, pioneering the low-cost model that has transformed air travel across the continent. Michael holds a degree in Business and Economics from Trinity College Dublin.
15:07
Michael O’Leary has served as a Director of Ryanair DAC since 1988 and a Director of Ryanair Holdings since 1996. Michael was appointed CEO of Ryanair in 1994 and Group CEO in April 2019, having previously served as CFO since 1988.
Under his leadership, Ryanair has grown to become Europe's largest airline group, pioneering the low-cost model that has transformed air travel across the continent. Michael holds a degree in Business and Economics from Trinity College Dublin.
Nicolai Tangen sits down with Arvind Krishna, Chairman and CEO of IBM, for a wide-ranging conversation on technology, leadership, and reinvention. Arvind shares how he has reshaped one of the world's most iconic companies into a growing force in hybrid cloud and AI, and why he placed an early, decisive bet on AI long before it entered the mainstream. They explore the opportunities and risks of the current AI boom, IBM's push into quantum computing, and what it takes to reignite a risk-averse culture. Arvind also reflects on leading a global organization operating in more than 170 countries, and the lessons from his 35-year journey at IBM. Tune in for an insightful conversation!
In Good Company is hosted by Nicolai Tangen, CEO of Norges Bank Investment Management. New episode out every Wednesday.
The podcast In Good Company is part of Norges Bank Investment Management, a podcast about our investments. We are transparent about how the fund is invested. In this podcast, you get a deeper insight into the companies the fund is invested in.
Our CEO, Nicolai Tangen, has in-depth interviews with the leaders of some of the largest companies in the world. You will get insight into their leadership principles, the company’s strategy and how they are dealing with a large investor like us. You will also learn more about our role as an owner of the companies.
You can read more about the podcast on https://www.nbim.no/en/publications/podcast/
0:00 Intro – Nicolai meets Arvind Krishna, Chairman and CEO of IBM
1:17 IBM's transformation: diagnosis, strategy, and the Red Hat bet
6:37 How IBM integrates acquisitions and builds a risk-taking culture
12:46 Is AI a bubble? Winners, losers, and the infrastructure overbuild
19:24 Watson, why it failed, and what's different about AI this time
29:08 The mainframe comeback, the Z17, and quantum computing explained
42:16 Leadership: PhD, 15 patents, and running 250,000 people
48:08 Indian CEOs, corporate culture, and the "getting fired" mentality
53:10 Why Arvind has stayed at IBM for 35 years
56:36 Advice for young people
57:15
Nicolai Tangen sits down with Arvind Krishna, Chairman and CEO of IBM, for a wide-ranging conversation on technology, leadership, and reinvention. Arvind shares how he has reshaped one of the world's most iconic companies into a growing force in hybrid cloud and AI, and why he placed an early, decisive bet on AI long before it entered the mainstream. They explore the opportunities and risks of the current AI boom, IBM's push into quantum computing, and what it takes to reignite a risk-averse culture. Arvind also reflects on leading a global organization operating in more than 170 countries, and the lessons from his 35-year journey at IBM. Tune in for an insightful conversation!
In Good Company is hosted by Nicolai Tangen, CEO of Norges Bank Investment Management. New episode out every Wednesday.
The podcast In Good Company is part of Norges Bank Investment Management, a podcast about our investments. We are transparent about how the fund is invested. In this podcast, you get a deeper insight into the companies the fund is invested in.
Our CEO, Nicolai Tangen, has in-depth interviews with the leaders of some of the largest companies in the world. You will get insight into their leadership principles, the company’s strategy and how they are dealing with a large investor like us. You will also learn more about our role as an owner of the companies.
You can read more about the podcast on https://www.nbim.no/en/publications/podcast/
0:00 Intro – Nicolai meets Arvind Krishna, Chairman and CEO of IBM
1:17 IBM's transformation: diagnosis, strategy, and the Red Hat bet
6:37 How IBM integrates acquisitions and builds a risk-taking culture
12:46 Is AI a bubble? Winners, losers, and the infrastructure overbuild
19:24 Watson, why it failed, and what's different about AI this time
29:08 The mainframe comeback, the Z17, and quantum computing explained
42:16 Leadership: PhD, 15 patents, and running 250,000 people
48:08 Indian CEOs, corporate culture, and the "getting fired" mentality
53:10 Why Arvind has stayed at IBM for 35 years
56:36 Advice for young people
At our Investment Conference, Portfolio Manager Karina Byrkjeland Sutija asked a simple question; "What separates the companies that succeed from those that do not?" 📊
Her answer was clear, it is not technology alone.
“Great technology is just the starting point. Culture is the real competitive advantage”, she says. 🏛️
As AI reshapes industries, the ability to adapt and to change direction as markets shift overnight, matters more than any algorithm.
Corporate culture is the only competitive advantage you cannot copy, and one of the hardest to build. Watch the full conference on our YouTube channel.
0:50
At our Investment Conference, Portfolio Manager Karina Byrkjeland Sutija asked a simple question; "What separates the companies that succeed from those that do not?" 📊
Her answer was clear, it is not technology alone.
“Great technology is just the starting point. Culture is the real competitive advantage”, she says. 🏛️
As AI reshapes industries, the ability to adapt and to change direction as markets shift overnight, matters more than any algorithm.
Corporate culture is the only competitive advantage you cannot copy, and one of the hardest to build. Watch the full conference on our YouTube channel.
