Oljefondets etikkråd-leder truer med å trekke seg

Oljefondets etikkråd-leder Svein Richard Brandtzæg has threatened to resign following a report from the Gjedrem committee, which reviewed the foundation's ethical guidelines. In an E24 column, Brandtzæg stated he would step down if the committee's changes are approved. He wrote that he would remain in his role until a conclusion is reached, but that the outcome would be decisive for him.

The report sparked strong reactions, with terms such as "ethical collapse" and "fading" used. Brandtzæg was firm in his stance, writing that he could not sit idly by while the foundation's ethical policies were compromised. The chairman of the Gjedrem committee proposed removing the role of the Etikkråd to recommend companies to be excluded from the fund, suggesting the Norges Bank should take this responsibility.

Brandtzæg believes this will lead to the Etikkråd "fading permanently," as decisions about ethical matters would be made by those responsible for maximizing returns. The Gjedrem report is now open for public hearings. Brandtzæg remained in his position until 2029, after being reappointed on March 2025. In August 2025, it was revealed that Oljefondet had invested in Bet Shemesh Engines Holdings, a company under the Israeli defense ministry's scrutiny.

The Bank of Norway and the Etikkråd were instructed to reassess the Israeli investment. Shortly after, Norges Bank excluded Caterpillar and five Israeli banks and financial firms, claiming Caterpillar bulldozers were used for widespread illegal damage to Palestinian property. This led to strong reactions in the US. In November 2025, the Storting decided to suspend the Etikkråd's recommendations on exclusion and observation while the entire regulation is reviewed.

This decision was criticized by Folkerett-expert Cecilie Hellestveit, who called it a "coercive departure" from the foundation's previous model. Earlier Etikkråd-leader Johan H. Andresen resigned in protest of the move. In October 2026, the Gjedrem committee recommended retaining a scientifically independent Etikkråd, with the council only assessing the risk of severe rule violations, not recommending exclusion, observation or influence through dialogue.

The Bank of Norway would then choose the method and assume full responsibility. E24 asked Finance Department spokesperson Ellen Reitan about Brandtzæg's reaction. Reitan stated that "it is natural for the investigation by the committee that examined the ethical framework of the pension funds to generate engagement and debate." She emphasized that all those concerned with securing the Norwegian welfare society should also be concerned about the future of the pension funds and that the government will issue a conclusion after considering the committee's report.

Reitan stressed that the government will come to a conclusion after the report has been heard, underlining the importance of thorough professional evaluations and broad political consensus in managing the fund. Finance Minister Jens Stoltenberg stated that Oljefondet, which finances almost a quarter of the state budget, needs to ensure the welfare state's stability.

He warned against taking an overly strict ethical stance, as it would risk losing the fund's reputation as a broad, global index fund. A UN report showed that several of the biggest tech giants provide services to the Israeli defense.