Norway’s two pension funds do not report numbers in the same way, according to DN.
Oil Fund specifies only one goal for risk adjusted returns in their annual reports. There is one destination where the fund comes out well, writes DN and shows that Folketrygdfondet, which is a mini version of the Oil Fund, enter a number of different targets for risk adjusted returns.
Finance Professor Richard Priestley at BI accuses Oil Fund to hide poor results for the Norwegian population.
– We need a more transparent reporting of fund performance. Fund must stop choosing performance measures to prepare themselves as if it beats the benchmark, says Priestley to DN.
According to the newspaper includes his specialty empirical finance, and he has published numerous articles in reputable financial journals.
– It smells long way of how NBIM choose to report. I think it is unacceptable in a democracy that NBIM is allowed to be so vague as to what it’s doing, says Priestley to DN, adding:
– The Fund should report results after costs. The Fund may not claim to turn anything before costs, when net profit quite ready shows zero. It seems as if the Fund attempts to pull his cap down over his eyes on the Norwegian people.
Oil Fund commenting Priestley statements such;
“These statements are of such a nature that we do not find it appropriate to comment, “writes acting communications manager Marthe Skaar at Norges Bank Investment Management, on Richard Priestley statements, in an email to the newspaper.
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