Cecilie Hellestveit has resigned from Norway's Ethics Council for the Government Pension Fund Global, stating the independent oversight body no longer exists in its original form. The international law expert confirmed her departure after recent government changes stripped the council of its core powers. Hellestveit served as one of five members appointed by the Finance Ministry to evaluate whether the oil fund's investments align with ethical guidelines approved by Parliament.
The resignation follows Friday's government decision preventing the Ethics Council from proposing company exclusions to Norway's central bank. Finance Minister Jens Stoltenberg received parliamentary support last week from four political parties to pause the council's exclusion authority while new rules are developed. The council continues monitoring fund investments but cannot recommend observation or exclusion of companies.
Hellestveit stated the new council lacks the independence that characterized previous versions. She told reporters her job became impossible once the independent ethical council ceased to exist. The international humanitarian law specialist joined the council in 2015 and previously served on the Mestad committee revising the fund's ethical guidelines.
Council chairman Svein Richard Brandtzæg will continue leading the restructured body. He acknowledged the decision created a difficult situation but expressed commitment to developing workable collaboration with the central bank. Brandtzæg said the council will discuss division of responsibilities with Norges Bank regarding ethical work with companies in the fund's portfolio.
Monday morning brought clarification of the council's revised role during meetings at the Finance Ministry. The status of three other members—Egil Madsen, Vigdis Vandvik, and Siv Helen Rygh Torstensen—remains unclear following Hellestveit's departure.
This development marks another chapter in Norway's ongoing balance between ethical investment principles and financial management of the world's largest sovereign wealth fund. The fund has historically excluded companies involved in weapons production, human rights violations, and environmental damage based on council recommendations. Recent years saw increased political debate about the council's influence over investment decisions.
The restructuring raises questions about whether Norway maintains its position as a global leader in ethical investment management. International observers closely watch how the world's largest sovereign wealth fund navigates this transition period. The government's move reflects broader tensions between ethical considerations and financial returns that affect sovereign funds worldwide.
Hellestveit brings substantial expertise to her decision, holding a doctorate in international humanitarian law and working as an independent academic and conflict researcher since the early 2000s. Her resignation signals serious concerns about the council's future effectiveness in maintaining the oil fund's ethical standards.