If there was a karakterdrap by governor Øystein Olsen, it was in any case a close totalslakt of the process around the hiring of new oljefondssjef. The leader of Norges Bank's supervisory board, Julie Brodtkorb presented today in finanskomiteens hearing in the Parliament in detail about how the work of hiring a new chief of the world's largest sovereign wealth fund has gone over the wood and stone.
Though, it is not an expression Brodtkorb themselves would have used. The leader of Norges Bank's supervisory board - The supervisory body facing the central bank - have acted embarrassing understand through this whole case started. It has been a great despair from the media who would like to have clear answers and clear opinions about the fate of the new oljefondssjefen, Nicolai Tangen. It is similarly useful now.
For precisely the reason weighs her words now so heavy. Where the central bank, and especially governor Øystein Olsen, has been fomlete and elusive, the supervisory board has been clear and consistent.
today was the conclusion crystal clear and needed no interpretation: the Norges Bank has violated both the laws, rules, and guidelines in connection with the hiring of Nicolai Tangen, believes the board of representatives. At five different points could Julie Brodtkorb shed light on serious shortcomings and errors of his employment. The reluctant Brodtkorb felt that this provides "a basis for concern for the trust" to Norges Bank. Much longer can she not stretch. Translated to today's smitteverns terminology: Brodtkorb waved with five red flags.
Equally astonishing is it that the Norges Bank cash tilbakeviste the thorough and well documented charges from the supervisory board.
Impression are left with, is this: the Supervisory board has ettergått ansettelsesprosessen to see if it has been in accordance with the laws and regulations that Parliament and the government have set. Norges Bank has been keen to find out how the same rules can be bent and tøyes to get the employee their drømmekandidat.
"There have been some læringspunkter", admitted Øystein Olsen - as usual, without spelling out too much.
It is easy to help with it. It was for example not so good idea to let Nikolai Tangen declare by his employment that he should break all ties with hedgefondet he owned and led, Ako Capital, when he in fact should not do it. He insisted in fact on the contrary, should it later prove. It was a condition that he took the job as oljefondssjef.
This serious feiltrinnet is the very basis for the case. Øystein Olsen may have violated the act by allowing be to inform the ministry about that, and the Environment would continue to have a significant ownership interest in the Ako Capital - albeit passively - that the new head of its oil wealth. In a conversation with finance minister Jan Tore Sanner before the hiring was announced, the relationship is not illuminated despite the fact that Sanner both in the introduction and the conclusion of the call should have given the "expression of concerns" about the selection of new oljefondssjef.
We may imagine that the concern would be strengthened if he knew what was the prerequisite for his employment.
A remarkable scene appeared during the hearing today. Øystein Olsen and Ap's Hadia May ended up in a short munnhoggeri. The question was about the lack of this central piece of information towards the ministry of the Environment should continue as the owner - was a violation of the act.
"After the new act is voluntary, and must only be reported in retrospect", said Øystein Olsen.
May kvitterte lightning fast: "In the act's preparatory works states that the general rule should be that information of a material nature must be submitted in advance, but there is no obligation".
the central Bank pushes and bends.Totalslakt of Norges bank
the Core in the central bank's smidighetsøvelser is the term "for all practical purposes". The bank believes that the risk of conflicts of interest between the Tangency ownership and role in the Ako system and the job that oljefondssjef, is eliminated "for all intents and purposes".
Here banging the bank in earnest in the interpretation to Julie Brodtkorb and the supervisory board. Brodtkorb pointed out several conflicts of interest that could arise, and that were not eliminated. The central bank on its part believes that more of the same the conflict of interest is not problematic for example, There is no problem for the bank that its oil wealth using external managers that are direct competitors of Ako Capital. It is not a problem that its oil wealth brings into academic studies from research institutions that have received significant support from the Tangent charitable company, the Ako Foundation. Both grabs clearly into the Tangency private eierunivers. The examples are several.
you Now need the finance committee to decide where tøyelige they think the rules should be, to give way to Nikolai, and the Environment. If they land on the criticism, it is up to the minister of finance to have an opinion on the matter. The question should be what is most important: To get into a good candidate must lirkes past laws and regulations, or to maintain it to the now-spotless reputation of its oil wealth and the central Bank.the Meltdown in the central Bank Comment You can submit your article and opinion piece in Dagbladet here
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