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first_imgGrande is the only applicant mentioned who has significant experience of top leadership at NBIMThe investment strategist, on the other hand, is someone who can give advice to the Finance Ministry on how to develop the asset allocation for the fund, Henriksen said.“Trond Grande most definitely falls into the first category,” he told IPE, adding: “He is effective at execution and has done a superb job as deputy CEO.”Choosing Grande would probably signal that there would be no major shifts in the investment strategy of the GPFG, he said.“And, in particular, that we can not expect that the manager, Norges Bank, promotes such initiatives vis-a-vis the Ministry of Finance, which decides the investment strategy,” said Henriksen.Although the job of CEO at NBIM is one of the most powerful money management roles in the world, one source in executive search warned that securing it was not without its career risks – especially for younger professionals with a longer path ahead of them.“One thing you have to consider is reputation risk here. If something does not go according to plan – for example in tech, cyber security or decisions related to investment or decarbonising – and it’s on your watch, you could find it hard to get a job anywhere else,” the source warned.But is it also possible that the new CEO will be someone who is not even on the applicant list just published. When asked by IPE whether this could happen, a spokesman for Norges Bank said: “It is always possible for the executive board to consider applications after the deadline.” Yngve Slyngstad announced last October that he would step down after 12 years as chief executive. He will carry on working at the organisation and relocate to London.The all-male list of contenders includes Thorbjorn Gaarder, whose occupation is listed as chief credit officer; Jake Tai, a senior consultant in a financial services advisory business from Singapore; sales manager Yngvar Willy Andersen, and senior investments project manager Pål Renli from Snarøya in Norway.Other candidates are Anders Halberg, a director residing in the UK, and Olav Bø.Alongside Grande, Bø is the only other employee of Norges Bank on the list, and is currently executive director of markets and ICT.But Grande is the only applicant mentioned who has significant experience of top leadership at NBIM, and according to one Norwegian source with knowledge of NBIM’s practices, his appearance on the list probably means he has effectively been chosen already.Grande was appointed deputy CEO in February 2011, and regularly appears as the most senior leader of NBIM at press conferences, for example.He originally joined NBIM in November 2007 as global head of risk management, and between October 2014 and January 2016 he had day-to-day responsibility for the real estate organisation.Before joining NBIM, Grande spent 11 years at the asset management arm of Norwegian financial group Storebrand, in roles including senior vice president finance and senior vice president financial risk management.According to Espen Henriksen, associate professor of Financial Economics at BI Norwegian Business School, Norges Bank is likely to have considered three very different profiles for the job of CEO in its recruitment process – the manager, the stock picker and the investment strategist.The first is a good administrator but not someone who necessarily has fund management skills, he said, in line with the oil fund’s first chief executive, Knut Kjaer.Slyngstad is an example of the second type, being experienced in asset management, he said. The manager of Norway’s giant sovereign wealth fund has published a list of the eight candidates applying to be its next chief executive officer, including the current deputy CEO.Norges Bank Investment Management (NBIM), which manages the NOK10.5tn (€1tn) Government Pension Fund Global (GPFG), said eight people had applied for the top role by the deadline of 21 February.It named seven of them but withheld the name of one applicant who it said had been granted exemption from public disclosure.“Norges Bank is now proceeding with the recruitment process,” NBIM said.last_img read more

first_imgModeled after a 9-year-old Oregon law, AB 374 would allow an adult diagnosed as terminally ill to get a lethal prescription if certain specific criteria were met. Tom McDonald, a 77-year-old Oroville man fighting cancer, choked up as he testified in support of the measure. “I value my personal liberty and right to make our own decisions about health and our demise,” he said. “I don’t want to spend my final months sick with chemotherapy. I don’t want to lose control of my dignity.” But Marilyn Golden, who uses a wheelchair and represents the Disability Rights, Education and Defense Fund, said AB 374 would be “bad public policy.” She also testified there would be too little distinction between chronically ill and terminally ill patients. [email protected] (916) 447-9302 160Want local news?Sign up for the Localist and stay informed Something went wrong. Please try again.subscribeCongratulations! You’re all set! SACRAMENTO – Backed by a powerful new ally, a bill allowing physician-assisted suicide for terminally ill Californians advanced easily Tuesday through its first hearing. Assembly Bill 374, co-sponsored by Speaker Fabian Nu ez, D-Los Angeles, was approved 7-3 in a partisan vote by the Judiciary Committee. Similar legislation has been proposed in previous sessions, but has never made it to the governor’s desk. However, growing public support and backing by Nu ez make it increasingly likely that the Democratic-controlled Assembly will pass this bill. Senate leader Don Perata, D-Oakland, has indicated he also is open to AB 374 if it comes up for a Senate vote. It first would need approval by the Assembly Public Safety Committee and the full Assembly. Republican Gov. Arnold Schwarzenegger has previously said he thinks voters should decide the issue, although he hasn’t ruled out letting it become law. After the hearing, Assemblyman Lloyd Levine, the Van Nuys Democrat who co-sponsored the bill, as well as the one proposed last year, said he believes the Assembly and Senate will approve the controversial measure. “We know that when terminally ill people are at the end of their lives, they don’t want to die but they also don’t want to have to suffer,” Levine said. “This bill provides a more humane way for people to make this very personal decision about how to end their lives. We look forward to continuing to move this legislation toward the governor’s desk.” During Tuesday’s debate, Levine and co-author Assemblywoman Patty Berg, D-Santa Rosa, said doctor-assisted suicide would allow Californians with terminal illnesses to avoid pain and die with dignity. But opponents, including groups representing senior citizens and the disabled, warned about the opportunity for abuse by relatives and HMOs. last_img read more