The incoming chief executive of Norways $1tn oil fund has decided to throw in the towel a majority risk in the hedge investment he founded and possess a completely independent trustee control their continuing to be holdings to make certain they can take charge for the worlds largest sovereign wide range fund.
Nicolai Tangen, that is considering take over within oil fund in September, features experienced a media violent storm in Norway over observed conflicts interesting from their ownership of virtually four-fifths of AKO Capital, among Europes most effective hedge resources.
included in his employment agreement because of the oil investment, Mr Tangen has actually consented to lower their voting risk in AKO from 78 % to 43 percent and have now Erik Keiserud, the previous chairman of Norways domestic wealth fund who is today a lawyer, work as trustee. Which a climbdown for Mr Tangen, just who very first proposed a handpicked board of trustees including close colleagues.
The furore around Mr Tangens visit has-been the biggest storm the oil investment has already established to face with its 24-year record, with concerns raised regarding how Norways central bank ran the recruitment procedure and towards existing oil fund chief executive, Yngve Slyngstad.
Mr Slyngstad admitted he had really screwed up by accepting a chair with 30 other Norwegians on a personal trip paid for by Mr Tangen from a personal workshop the AKO creator organised in the US back into Oslo.
i will be more than ever looking forward to getting into the job of managing the resources of existing and future generations of Norwegians. It is with great awe and humbleness that I take-up this position in September, Mr Tangen said.