The $2.1 trillion Norges Bank Investment Management will not be able to exclude companies or put them under observation for almost a year, while a legislative committee reviews its standards.
Originally named to the post in 2020, Tangen will serve another five years managing Norway’s $1.8 trillion sovereign wealth fund.
Despite missing its benchmark, the gain raised the world’s largest pension fund’s asset value to almost $1.75 trillion.
The world’s largest pension also excluded a telecom firm for aiding the expansion of Israeli settlements in the West Bank.
The manager of Norway’s $1.76 trillion sovereign wealth fund paid $217 million for the real estate.
Norway’s GPFG could be the first $2 trillion pension before the end of next year.
Equities were responsible for the sovereign wealth fund’s 8.6% first half gains.
The pension giant also released an annual survey evaluating the stewardship of its external asset managers.
The $1.65 trillion pension giant is prohibited from investing in Adani Ports & Special Economic Zone, Weichai Power and L3Harris Technologies.