Statement on the setting of salaries and other remuneration to senior employees

Norfund complies with the government guidelines laid down on 13 February 2015 with respect to the setting of salaries and other remuneration for senior employees. These are based on changes published in the white paper A diverse and value-creating ownership. The State’s guidelines for remuneration for senior executives in companies with state ownership  (Meld. St. 27 (2013-1014)). The changes were adopted with effect from 30 April 2021 and form the basis for the preparation of the Board of Directors’ statement for 2022.

Guidelines for Norfund on the setting of salaries and other remuneration in 2022

The following guidelines apply to the setting of salaries for senior Norfund employees up to the ordinary General Meeting in 2023.

The remuneration system is designed to attract and retain competent personnel. In setting salaries, emphasis is placed on the individual’s contribution to fulfilling Norfund’s mandate.

Norfund wishes to promote moderation in executive salaries. The aim in setting salaries is that senior Norfund employees should have pay conditions that are competitive, but not at the top end of the scale, to ensure that Norfund secures and retains sufficient expertise in the Fund.

Norfund considers that other government funds such as the National Insurance Scheme Fund, Export Credit Norway and Investinor form a relevant benchmark.

Setting of salaries

The Board sets the salary of the managing director. The managing director sets the salaries and bonuses of the corporate heads of department who report to him, after executive salary conditions have been endorsed by the Board. This group consists of senior Fund employees. Norfund’s pay conditions for senior employees consist of fixed salary, pension and insurance schemes and other benefits that cover newspapers, electronic communications etc. The fixed salary is subject to regulation in line with pay developments  in the financial sector, represented by reference figures from Finance Norway, the results of the main settlement and for the companies Norfund has defined as its peers, and an assessment of the individual’s performance and goal achievement. The managing director sets annual goals for the individual member of the executive group and the Board sets goals for the managing director.

Senior employees have three months notice of termination. The CEO has an agreement for pay after termination of employment equivalent to 6 months’ salary. This arrangement is in line with the guidelines for salary and other remuneration.

Bonus scheme

Norfund has a bonus scheme that covers all company employees except the managing director. The bonus scheme is in line with the guidelines’ requirement of variable pay. Bonus candidates are proposed by an individual’s line manager for an overall assessment by the management team. Bonuses awarded to both senior and other employees are fixed by the managing director. Bonuses are awarded once a year, and individual bonuses vary from NOK 10 000 to NOK 100 000 per award, with NOK 100 000 as the maximum amount per year.

Pension and insurance conditions

In 2018 Norfund closed its defined benefit pension scheme to new employees, and now offers a defined contribution scheme to all company employees, including managers. The transition to the new scheme was voluntary for existing employees. This means that Norfund has both a defined benefit and a defined contribution scheme for agreements entered into before the closure of the former in 2018. The defined benefit scheme entitles the individual to defined future benefits and depends primarily on the number of qualifying years, pay level on reaching retirement age and the size of National Insurance benefits. Agreements entered into prior to 2018 exceed the current guidelines for senior executive salaries, as the previous scheme entailed a full qualifying period of 30 years and pension payments of 70 per cent of salaries up to 12 G The pension scheme satisfies the requirements of the Act on Mandatory Occupational Pensions. There are currently 64 employees covered by the defined contribution scheme and 28 by the defined benefit scheme. Norfund also has a scheme which entitles employees to pension rights for salaries in excess of 12 G. This scheme was closed to new members in 2012. The scheme, which is funded from operations, consists of 66 per cent of pay in excess of 12 G with a retirement age of 67 and a full qualification period of 30 years in the calculation base. If the service period is calculated as being less than 30 years, the pension is reduced proportionately. On termination of employment or on reaching retirement age, employees receive a settlement for the value of the amount saved. This scheme currently covers 4 employees. In the defined contribution scheme, 7 per cent of salary is set aside from pay from 0–7 G, and 20 per cent from salaries of 7.1–12 G. The costs of both schemes are included in the calculation of pension expenses.

Senior Norfund employees are covered by insurance schemes that apply to all Norfund employees.

Wages, salaries and other payroll expensesNorfund
(Figures in 1000s of NOK)20222021
Wages and salaries126 375106 928
Employer's social security contribution21 35619 818
Pension expenses21 54218 330
Other benefits12 31413 065
Total wages, salaries and other payroll expenses181 587158 142
Remuneration for the management 2022
TitleSalaryBonusesInsurance and other payment in kindPensionTotal
Jan Tellef ThorleifssonCEO2 966 629020 239201 0693 187 938
Ylva LindbergEVP Strategy & Analysis1 770 97450 00021 401199 4752 041 849
Fride Andrea HæremEVP CFRO from 01.12.1 766 98850 00019 242202 3972 038 627
Thomas Fjeld HeltneEVP Legal Department1 768 15950 00019 621195 8352 033 615
Erik SandersenEVP Financial Institutions1 965 05550 00021 756519 6772 556 488
Mark DavisEVP Renewable Energy2 143 59650 00063 1511 256 7913 513 538
Ellen C. RasmussenEVP Scalable1 819 03250 00022 386202 3972 093 815
Remuneration for the management 2021
TitleSalaryBonusesInsurance and other payments in kindPensionTotal
Jan Tellef ThorleifssonCEO2 954 288020 305203 3673 177 961
Ylva LindbergEVP Strategy & Analysis1 708 65450 00019 880198 4841 977 018
Cathrine Kaasen ConradiEVP CFRO until 30.11.1 703 83650 00023 414196 2541 973 504
Fride Andrea HæremEVP CFRO from 01.12.555 09608 94968 945632 990
Thomas Fjeld HeltneEVP Legal Department1 705 42150 00020 038197 9251 973 384
Erik SandersenEVP Financial Institutions1 926 60250 00019 795366 8652 363 262
Mark DavisEVP Renewable Energy2 109 09450 00083 6361 055 0513 297 781
Ellen C. RasmussenEVP Scalable1 750 35050 00019 896200 2482 020 494

Salaries for senior employees are reported for the whole year, including the period when they were not senior employees.

Remuneration to Norfund’s Board of Directors

Norfund’s Board of Directors consisted in 2022 of the Chair and 8 Board members. In 2023 the General Meeting set remuneration to the Chair at NOK 295 000 (285 000 in 2021), while remuneration to the Board members, with the exception of the two employee representatives, was set at NOK 147 000. In 2022 the General Meeting set remuneration for the chair of the Risk and Audit Committee at NOK 80 000 and for the members of the committee at NOK 69 000.


The company has no share or option schemes for its employees, and there are no plans for such schemes. In all 77 employees of a total of 100 eligible for bonuses received a bonus for 2022. The highest total bonus award in 2022 was NOK 100 000. The bonus scheme accounted for 3.1 per cent of Norfund’s payroll expenses in 2022, a total of NOK 3 190 000. Bonuses are paid for extraordinary performance, and the average payment in 2022 was NOK 41 429. The highest payment represented 10.4 per cent of the individual’s salary. Six members of the management team received a bonus of NOK 50 000 in 2022.

See also Norfund’s Executive Pay Statement for 2022.

Auditor's fee
(Figures in 1000s of NOK)20222021
Statutory audit723627
Other services (including legal services)345685
Total1 0681 312

Auditor’s fee is inclusive of VAT.

In addition, business partners of Deloitte AS in other countries delivered other services expensed in the amount of NOK 0.7 million (NOK 1.6 million in 2021).

Number of permanent employees

The company had 127 (111) employees at the end of 2022. The number of full-time equivalents was 123.5 (106).


In addition to the employee pension plans described in the Executive Pay Statement, local employees at Norfund’s regional offices in South Africa, Ghana, Thailand, Kenya and Costa Rica have defined contribution pension plans. Norfund therefore has no obligations other than what has been paid through the year. In 2022, NOK 1 775 000 (NOK 1 709 000 in 2021) was expensed in connection with these schemes.

Financial assumptions
Discount rate3.00%1.90 %
Expected return on plan assets3.00%1.90 %
Salary adjustment3.50%2.75 %
Pension adjustment3.25%2.50 %
Adjustment of the basic amount (G) in the National Insurance System3.25%2.50 %
Turnover9.00%9.00 %
Employer's social security contribution19.10%19.10%
Financial assumptions
(Figures in 1000s of NOK)20222021
Net present value of pension earned in the period10 6669 948
Capital cost of previously earned pensions2 8932 202
Expected return on plan assets-1 919-1 421
Administrative costs871 133
Accrued employer’s social security contribution*2 2402 065
Net pension expenses for the year incl. employer’s contribution13 96713 928

*Employer’s social security contribution is calculated on the amount paid in.

Estimated pension obligations
Estimated pension obligations133 92822 845156 773
Estimated plan assets*106 4360106 436
Net pension obligations 31.12.27 49222 84550 337
Accrued employer’s social security contribution**5 2514 3639 614
Net pension obligations 31.12.32 74327 20859 951

*Estimated plan assets consist of paid premiums invested in Nordea Life & Pension.
**Accrued employer’s social security contribution is based on net pension obligation.

Reconciliation opening/closing balance
Carrying amount net pension obligations 01.01 incl. employer's social security contribution72 10858 074
Net pension expenses for the year incl. employer's social security contribution13 96713 928
Actuarial gain/loss charged directly to equity-17 03714 975
Pensions paid, early retirement / unfunded, incl. employer’s social security contribution-499-1 916
Investment in plan assets, etc., incl. employer’s social security contribution-8 588-12 953
Carrying amount net pension obligations 31.12 incl. employer's social security contribution59 95172 108
Nordea Life & Pension's asset mix*
Bonds at amortised cost65.0%12.7%
Short-term bonds/certificates9.0%60.5%
Total financial assets100%100%

*Known values at calculation date

Norfund has paid into a separate fund intended to meet future obligations related to the unfunded scheme, the book value of which was NOK 23.9 million as of 31.12.