Over the past few years, I have struggled with a seeming contradiction: how can I enable a high-performance culture rooted in values? To investigate this, I looked 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 flourish. I call this the ‘Viking Code’. I was inspired by my home country, Norway, and its extraordinary individuals and achievements in sports, education, politics and business. However, the Viking Code is not limited to Norway; it has the potential to serve as a universal compass.
A cool autumn day on the streets of Paris. I have the honor and pleasure to speak before a group of leading CEOs and politicians at the Royal Norwegian Embassy – La Norvège en France. The conversations on this day are not typical business conversations. They are imbued with a deep sense of purpose and a commitment to a cause greater than profit, enriched by the head of the world’s largest sovereign wealth fund, Nicolai Tangen.
As I listen 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 of 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. Hurried and on a tight schedule, with his typical Norwegian backpack in hand, he still seems to have endless time for conversation. There is something magical about people who seem to have time, are present and yet achieve so much.
Modern leadership
Tangen, with his distinctive Norwegian-English accent and always on the move with his backpack, embodies the image of the modern Viking: always on the move, constantly active and busy. His birthplace, Kristiansand, is modest and hardly suggests how he was able to achieve such an extraordinary position. As head of Norges Bank Investment Management, he manages Norway’s sovereign wealth fund. Established in 1990, this fund is the backbone of the Norwegian economy and comes from the growing surpluses of the Norwegian oil sector. The aim is to invest current revenues from Norwegian oil and gas production in the long term to preserve them for future generations in the post-oil era.
To this end, the fund invests worldwide in a variety of assets, including shares, bonds and real estate. Pliers has increased the transparency of the fund for example, by publishing the fund’s voting decisions five days before the annual general meeting. This has strengthened the fund’s influence on corporate governance and climate protection initiatives. This fund thrives under the dynamics of Tangen. Since the acquisition in September 2020, the fund has grown steadily from $1.1 trillion to $1.7 trillion, despite all the global challenges. This amounts to around $300,000 per Norwegian, and the long-term average of around 6% per year has strengthened confidence in the fund.
Traditionally, the CEO of the sovereign wealth fund operated behind the scenes, but Tangen shines in the public eye. His podcast In good companyavailable on platforms such as YouTube And Spotifyhas attracted attention. Tangen is a kind of modern influencer. He informs on business matters and entrepreneurship, provides education on climate and sustainability and provides behind-the-scenes insight into his fund while speaking to leading business and media figures.
Accessible, down-to-earth, but focused, he advocates a new performance ethic on the podcast by sharing his vision on hard work and his values with the audience. He reaches young people, the general public, investors and entrepreneurs. Sometimes you see him in sportswear reminiscent of football star Erling Haaland; other times he talks about tech giants like OpenAI founder Sam Altman or exchanges ideas with greats like Bill Gates, Elon Musk, Larry Finkor Satya Nadella. The audience gets the impression: Tangen is one of us, but also a leader who stands out and carries an entire community with him. This not only smartly sharpens the profile of the fund, but also arouses interest and positions it as an attractive employer in the global ‘war for talent’. What was once a traditional management role has today been brought to life by Tangen as modern leadership.
Elon Musk dispute
Tangen consistently represents the belief that success is achieved through hard work and dedication. He keeps the big picture in mind, but remains rooted in his short-term micro ambitions and values the process and the small moments that contribute to the realization of bigger ambitions. Meeting him is like taking a short dip into a whirlpool of dedication, ambition and inspiration.
Through his actions and words, Tangen embodies a rejection of traditional norms, but he does so by weaving his individual success story into the larger story of collective progress. He is proof of the potential of the Viking Code, where individual drive and community spirit can build a powerful symbiosis for change. Tangent’s story is not just a story of financial acumen, but a broader story of leadership, influence and the transformative power of redefining success. In Tangen’s world, success is not only measured by balance sheets and stock valuations, but also by the impact someone can have on society and the environment.
Tangen manages to strengthen his personal brand while consistently emphasizing the values of the collective. And this brand has power. Companies in which Tangen invests through the Norwegian sovereign wealth fund are aware that any misstep – whether it concerns the climate or ethical values – can lead to loss of reputation in the current media landscape. This is not just because of Tangen openly addresses these shortcomings but also because he does not hesitate to withdraw financing, which can have a significant impact on the share value.
A recent example is his podcast with Tesla CEO Elon Musk. Shortly after the very open and harmonious conversation, Tangen opposed Musk’s high salary demandsand the matter became public. Tangen views the development skeptically, saying: “We see that corporate greed has reached a level that we have never seen before, and it is really becoming very expensive for shareholders in terms of dilution.” Musk unfollowed Tangen on his platform X, but the loss of image stayed with the mercurial billionaire. The values were not compatible with the Norwegian sovereign wealth fund. The fund has more than 9,000 investments and owns 1.5% of all publicly traded shares. A minority shareholder with significant influence.
Tangen’s approach is a mix of traditional Norwegian wisdom and contemporary global awareness. He understands that true leadership goes beyond financial success; it’s about shaping a better world where economic prosperity goes hand in hand with ecological responsibility and ethical integrity. He acts as a beacon, not only guiding his companies to profitability, but also encouraging them to make a positive contribution to the planet and society.
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