Norway's Labour Party believes it can secure support from multiple parties to change investment rules for the country's massive sovereign wealth fund. The government aims to pass a parliamentary resolution as early as Tuesday.
Labour is negotiating with its budget partners and opposition parties. Signals suggest the Conservative Party, Centre Party, and Progress Party may vote for the new regulations.
Finance Minister Jens Stoltenberg first proposed reviewing the fund's rules in October. Parliament will debate the matter tomorrow.
Stoltenberg expressed concern that major technology companies like Microsoft, Alphabet, and Amazon could be excluded from the fund's investments. He stated that a fund unable to invest in the world's largest companies could struggle to remain a global index fund.
The Finance Minister attended internal Labour Party meetings about the issue at Parliament today.
This push comes as Norway grapples with balancing ethical investment guidelines against financial returns from its $1.4 trillion fund. The proposed changes could significantly impact how the world's largest sovereign wealth fund invests internationally.
Political observers note the government is moving quickly to build consensus across party lines. This suggests the rule changes address genuine concerns about the fund's future investment strategy.