Having originally declined the offer of joining the Oil Fund Expert Committee due to time constraints, Richard Priestley reorganised his other commitments to allow room for the position.
- After some serious reflection on this and after the preparation of the group's role, I feel it is correct of me to participate in the discussion on a topic where I have been critical of NBIM (Norges Bank Investment Management). After changing some of my work commitments, I now have time to do this, and hope that my views will improve the reporting of the fund’s performance. I feel this is one of several essential matters NBIM must address in order to be transparent in their reporting, Priestley said to Dagens Næringsliv.
A critical eye
Priestley has been known to turn a critical eye on NBIM and its reporting, having been quoted regularly on the matter in Norwegian media . "Value-devastating operations" was the tagline Priestley and consultant Halvor Hoddevik gave the Oil Fund's equity picks strategy, suggesting the Oil Fund should place less emphasis on the alignment of risk and cost in its reporting.
Along with fellow finance experts, Priestley will advise the Executive Board of Norges Bank on how NBIM should report risk and return, reports DN.
Read the full Dagens Næringsliv article here. (Norwegian only)