For the past few years, I’ve been struggling with an apparent contradiction: how to ensure a high-performance, values-based culture? To explore this, I’ve been searching for a philosophy that understands progress and activation as something deeply human, and that forms the basis for a culture in which both collectivism and individualism can thrive. I call it the “Viking Code.” I’m inspired by my homeland, Norway, and its outstanding personalities and achievements in sports, education, politics, and business. But the Viking Code isn’t limited to Norway; it can serve as a universal compass.
It’s a crisp autumn day on the streets of Paris. I have the honour and pleasure of speaking to a group of leading CEOs and politicians at the Royal Norwegian Embassy – La Norvège en France. The conversations that day are not your typical business discussions. They are imbued with a deep sense of purpose and commitment to a cause greater than profit, enriched by the head of the world’s largest sovereign wealth fund, Nikolay Tangen.
Listening to Tangen, I realize how deeply rooted he is in Norwegian culture. Tangen combines personal success with a deep commitment to the common good. In him, I see the basis for a new understanding of achievement and success.
A few months later, I meet Tangen again on the snowy streets of Davos during the World Economic Forum. In a rush and on a tight schedule, carrying his typical Norwegian backpack, he still seems to have endless time to talk. There is something magical about people who seem to be on time, present, and yet accomplishing so much.
Modern Leadership
Tangen, with his distinctive Norwegian-English accent and always on the move with a backpack, embodies the image of a modern Viking: always on the move, constantly active and busy. His hometown of Kristiansand is modest and hardly suggests how he could have achieved such an unusual position. As the head of Norges Bank Investment Management, he manages the Norwegian sovereign wealth fund. Established in 1990, the fund is the backbone of the Norwegian economy and is formed from the growing surplus of the Norwegian oil sector. The aim is to invest current revenues from Norwegian oil and gas production in the long term, so as to preserve them for future generations in the post-oil era.
To this end, the fund invests worldwide in a variety of assets, including stocks, bonds and real estate. increased the transparency of the fund for example, publishing the fund’s voting decisions five days before annual general meetings. This has strengthened the fund’s influence on corporate governance and climate protection initiatives. Thanks to Tangen’s dynamism, the fund is thriving. Since he took over in September 2020, the fund has grown steadily from $1.1 trillion to $1.7 trillion, despite all the world’s problems. This amounts to about $300,000 per Norwegian, and the long-term average return of about 6% per year has strengthened the fund’s credibility.
Traditionally, the CEO of a sovereign wealth fund has operated behind the scenes, but Tangen shines in public. podcast In good companyavailable on platforms such as YouTube And Spotifyattracted attention. Tangen is something of a modern-day influencer. He provides information on corporate affairs and entrepreneurship, educates on climate and sustainability issues, and provides insight into what goes on behind the scenes at his foundation by interacting with leading figures in business and the media.
Approachable, down-to-earth, yet focused, he champions a new productivity ethic on the podcast, sharing his views on hard work and his values with the public. He connects with young people, the general public, investors, and entrepreneurs alike. Sometimes you’ll find him in a tracksuit reminiscent of soccer star Erling Haaland; other times he’s talking about tech giants like OpenAI founder Sam Altman, or exchanging ideas with greats like Bill Gates, Elon Musk, Larry Finkor Satya NadellaThe audience gets the impression that Tangen is one of us, but also a leader who stands out and pulls the entire community along with him. This not only cleverly underlines the foundation’s profile, but also arouses interest and positions it as an attractive employer in the global “war for talent”. What was once a traditional management role is now embodied by Tangen as modern leadership.
Elon Musk dispute
Tangen consistently represents the belief that success comes from hard work and dedication. He keeps the big picture in mind, but remains grounded in his short-term micro-ambitions, and values the process and the small moments that add up to the realization of larger ambitions. Meeting him is like a brief immersion in a whirlpool of dedication, drive, and inspiration.
Through his actions and words, Tangen embodies a rejection of traditional norms, but he does so by weaving his individual story of success into a larger narrative of collective progress. He is proof of the potential of the Viking Code, where individual spirit and community can create a powerful symbiosis for change. Tangen’s story is not simply a story of financial acumen, but a larger tale of leadership, influence, and the transformative power of redefining success. In Tangen’s world, success is measured not just by balance sheets and stock valuations, but by the impact an individual can have on society and the environment.
Tangen has managed to strengthen its personal brand by consistently emphasizing its collective values. And this brand is powerful. The companies in which Tangen invests through the Norwegian sovereign wealth fund are aware that any mistake – whether in terms of climate or ethical values – can lead to a loss of reputation in today's media landscape. This is not only because Tangen openly addresses these shortcomings but also because he has no hesitation in withdrawing funding, which could significantly impact the stock price.
A recent example is his Podcast with Tesla CEO Elon Musk. Soon after a very open and harmonious conversation, Tangen speaks out against Musk's high salary demandsand the issue has gone public. Tangen is skeptical of the developments, saying, “We’re seeing corporate greed reach levels we’ve never seen before, and it’s becoming really, really expensive for shareholders in terms of dilution.” Musk has unfollowed Tangen on his platform XBut image loss stuck with a volatile billionaire. Values incompatible with Norway's sovereign wealth fund. The fund has over 9,000 holdings and owns 1.5% of all publicly traded shares. Minority shareholder with significant influence.
Tangen’s approach is a blend of traditional Norwegian wisdom and modern global awareness. He understands that true leadership goes beyond financial success; it is about shaping a better world where economic prosperity coexists with environmental responsibility and ethical integrity. He acts as a beacon, guiding his companies not only to profitability, but also to make a positive contribution to the planet and society.
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