The Executive Board
Executive and advisory authority is vested in the Executive Board, which manages the Bank's resources.
The conduct of monetary policy is one of the Executive Board's most important tasks. Decisions concerning interest rates and other important changes in the use of instruments will normally be taken at the Executive Board's monetary policy meeting held six times a year.
The Executive Board comprises eight members, all appointed by the King in Council. The Governor is Chair and the two Deputy Governors are First Deputy Chair and Second Deputy Chair of the Executive Board. The other five members are not on the staff of Norges Bank. Two alternates for the external members, who attend and have the right to speak at Executive Board meetings, are also appointed.
Two employee representatives attend Executive Board meetings when matters concerning the Bank's internal operations and conditions for the staff are discussed. The two external alternates also participate in such cases so that the Executive Board then has twelve members.
The Executive Board normally meets every third week.
Members of the Executive Board:
B.1952. Re-appointed Governor of Norges Bank and Chair of the Executive Board on 1 January 2017 for a second six-year term. Mr Olsen has held this post since 1 January 2011.
Work experience includes posts as Director General at the Ministry of Finance and Director General of Statistics Norway.
Mr Olsen holds a postgraduate degree in economics (Cand. oecon.) from the University of Oslo. Øystein Olsen's CV
B.1959. Appointed Deputy Governor and First Deputy Chair of the Executive Board on 1 April 2014 for a term of six years.
Nicolaisen monitors Central Banking Operations, with particular responsibility for the Bank's work in the area of financial stability.
Work experience includes posts as Head of Economic Policy Department of the Ministry of Finance, Head of Section in the OECD Secretariat and Executive Director of Norges Bank Monetary Policy.
Mr Nicolaisen holds a postgraduate degree in economics (Cand. oecon.) from the University of Oslo. Jon Nicolaisen's CV
B. 1968. Appointed Deputy Governor and Second Deputy Chair of the Executive Board on 18 January 2016 for a term of six years.
Matsen has a particular responsibility for following up matters before the Executive Board related to Norges Bank Investment Management (NBIM).
Chair of the Ownership Committee and the Risk and Investment Committee of the Executive Board.
Work experience includes posts as Professor and Head of the Department of Economics at NTNU. Former experience includes Fullbright Scholar at Harvard University and economist in Norges Bank Research. Main fields of research: Macroeconomics, finance and behavioural economics.
Professor Matsen holds a PhD in economics (Dr. oecon.) from the Norwegian School of Economics.
B. 1967. Appointed 1 January 2014–31 December 2021. Member of the Risk and Investment Committee of the Executive Board.
Professor at the Institute of Economics of the University of Oslo and guest professor at the University of Zürich. Previously affiliated with Stockholm University and the Federal Reserve Bank of Minneapolis. Chairman of the board of the Review of Economic Studies and Fellow of the Econometric Society. He was a member of the government-appointed Thøgersen Commission tasked with reviewing the fiscal rule for petroleum revenue spending. Main fields of research: Macroeconomics and financial economics with a focus on risk sharing and pricing in financial markets.
Professor Storesletten holds a degree in business economics from the Norwegian School of Economics and a PhD in economics from Carnegie Mellon University.
Karen Helene Ulltveit-Moe
B. 1967. Appointed 1 January 2014–31 December 2021. Chair of the Audit Committee and member of the Risk and Investment Committee of the Executive Board.
Professor at the Institute of Economics of the University of Oslo and Research Fellow at Centre for Economic Policy Research (CEPR) and CESifo. Former board experience from Kverneland Group, Renewable Energy Corporation (REC), Norwegian Property and Gassnov. Professor Ulltveit-Moe has chaired or been a member of several government-appointed expert commissions, including the Skauge Commission, Financial Crisis Commission and Labour Commission. Main fields of research: International economics, productivity analysis and tax and business policy.
Professor Ulltveit-Moe holds a degree in business economics from the University of Mannheim and a PhD in economics from the Norwegian School of Economics. Personal homepage (UiO)
Kathryn M. Baker
B. 1964. Appointed 1 January 2016 – 31 December 2019. Member of the Audit Committee and the Ownership Committee of the Executive Board.
Member of the board at Akastor, Cantena Holding, Bertel O. Steen Invest and American Chamber of Commerce in Norway. Former partner in the private equity company Reiten & Co and consultant at McKinsey & Company. Chair of the board at Norsk Venturekapitalforening (NVCA), Safe Road and Ellipse Klinikken, board member at Respons, BW Gas and Factor Insurance Group.
Ms Baker holds a degree in economics from Wellesley College and an MBA from Tuck School of Business at Dartmouth College.
B. 1950. Appointed 1 January 2016-31 December 2019. Member of the Audit Committee and the Remuneration Committee of the Executive Board.
Senior Economist at Civita. Mr Juel has held several positions at Kreditkassen/Nordea, primarily as chief economist. Previous experience at Norges Bank, the Ministry of Finance, Finance Norway, the EFTA Secretariat in Geneva and as advisor to finance ministers Rolf Presthus and Arne Skauge. Mr Juel holds a postgraduate degree in economics (Cand. oecon.) from the University of Oslo.
Appointed 1 January 2018-31 December 2021.
First alternate. Appointed 4 March 2016 - 31 December 2019. Member of the Ownership Committee of the Executive Board.
Second alternate. Appointed 4 March 2016 - 31 December 2019. Member of the Remuneration Committee of the Executive Board.
Mona Helen Sørensen
B. 1963. Employee representative 1 January 2017–31 December 2018.
Chair and chief union representative of the Finance Sector Union of Norway at Norges Bank from 1 January 2016.
Ms Sørensen holds a degree in economics and administration and an Executive Master of Management with a specialisation in applied organisational psychology from BI Norwegian Business School.
Robert Kjørholt Leirpoll is alternate for Mona Helen Sørensen.
Nina Larsson Midthjell
B. 1981. Employee representative 1 November 2016–1 November 2018.
Employee of Norges Bank since 2008.
Ms Larsson Midthjell holds a PhD in economics (Dr. oecon.) from the University of Oslo.
Kristoffer Haugen is alternate for Nina Larsson Midthjell.
The Executive Board has four subcommittees
A preparatory and advisory body established to strengthen and streamline the Board's administrative and supervisory tasks related to financial reporting, risk management and internal control. Established: 2006.
A preparatory and advisory body on matters relating to the Bank's pay and remuneration arrangements. Established: 2009.
A preparatory and advisory body on matters related to the Bank's responsible investment activities and decisions on observation or exclusion of companies from the Government Pension Fund Global (GPFG). Established: January 2015.
Risk and Investment Committee
A preparatory and advisory body to strengthen and streamline the Board's work related to investment strategy, risk limits, and decisions concerning major real estate investments. Established: June 2015.