Taming the Regulatory State

Taming the Regulatory State

Politics and Ethics

Noralv Veggeland

Taming the Regulatory State incisively analyses the regulatory top-down regimes that are currently dominant and in crisis. Taking a critical perspective, the book offers an account of the inherent vulnerability of the regulatory state caused by one-sided economic thinking and the predominance of governing through hard regulation.

Appendix 1: Ethical guidelines

Noralv Veggeland

Subjects: politics and public policy, political economy, public policy, regulation and governance


(This translation is for information purposes only. Legal authenticity remains with the original Norwegian version.) THE NORWEGIAN GOVERNMENT PENSION FUND – GLOBAL Issued 22 December 2005 pursuant to regulation on the Management of the Government Pension Fund – Global, former regulation on the Management of the Government Petroleum Fund issued 19 November 2004. 1. Basis The ethical guidelines for the Government Pension Fund – Global are based on two premises: ● ● The Government Pension Fund – Global is an instrument for ensuring that a reasonable portion of the country’s petroleum wealth benefits future generations. The financial wealth must be managed so as to generate a sound return in the long term, which is contingent on sustainable development in the economic, environmental and social sense. The financial interests of the Fund shall be strengthened by using the Fund’s ownership interests to promote such sustainable development. The Government Pension Fund – Global should not make investments which constitute an unacceptable risk that the Fund may contribute to unethical acts or omissions, such as violations of fundamental humanitarian principles, serious violations of human rights, gross corruption or severe environmental damages. Mechanisms 2. The ethical basis for the Government Pension Fund – Global shall be promoted through the following three measures: 171 172 ● Taming the regulatory state ● ● Exercise of ownership rights in order to promote long-term financial returns, based on the UN Global Compact and the OECD Guidelines for Corporate Governance and for Multinational Enterprises. Negative screening of companies from the investment universe that either themselves, or through entities they control,...

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