The CEO of Norway’s $1.4 trillion sovereign wealth fund, Nicolai Tangen, has denied accusations of gender pay discrimination during a court case brought by a female employee.
Elisabeth Bull Daae, head of trading analytics at Norges Bank Investment Management, has filed a claim against the division that manages the fund. She is suing the unit for 16 million NOK ($1.5 million) in compensation and damages.
Daae said she was paid less than her male colleagues doing equivalent jobs for a decade. The claim has been firmly rejected by the fund.
“We don’t discriminate on pay. There are no differences linked to gender,” Tangen told the court.
He said there were differences in the level of responsibility between roles that involve making investment decisions.
“Taking responsibility for investments is a completely different job. It involves more stress and the work is rarely confined to office hours,” he said. Those in roles with less pressure, he added, should not demand equivalent levels of pay.
Tangen said the fund’s organization had done its utmost to solve the conflict and avoid going to court. Daae has, according to the CEO, rejected all offers proposed by the fund, where she still works.