North Dakota launches transparency website for Legacy Fund

Summarised from 2 outlets · Updated 29 Oct, 11:15 · Archive

North Dakota has launched a website showing public investments made through its $15 billion sovereign wealth fund, financed by oil and gas taxes.

North Dakota has launched a website displaying information about the Legacy Fund, a sovereign wealth fund valued at more than $15 billion that receives 30 per cent of the state's oil and gas production and extraction tax revenues. Established through a 2010 constitutional amendment, the site at legacyfund.nd.gov includes the fund's history, governance structure, investment holdings and financial impact on the state. The interactive resource features a world map allowing users to select countries and explore associated holdings, with the ability to filter by asset class and sector, search by company name and download data.

The website was developed in response to House Bill 1319, enacted during the 2025 legislative session, which requires the State Investment Board to maintain a publicly accessible website listing the fund's investments. State officials overseeing the fund hailed the site as a major step forward. Governor Kelly Armstrong said he was impressed with its ease of use, while Senator Jerry Klein, who chairs the Legacy Fund advisory board, said it was 'creating the transparency we're looking for'.

However, Representative Bernie Satrom, one of the law's sponsors, criticised the website as insufficient. He said that whilst the site is visually appealing, no previously undisclosed information has been made available to the public and that it fails to address his goal of fuller transparency. Satrom called for complete accounting of the portfolio, including underlying holdings of commingled funds, and a clear explanation of what information is being withheld and why.

How it is being reported

• N.D. launches new Legacy Fund websiteThe long-awaited website allows users to see where and how the state has invested taxpayer money through the Legacy Fund, a sovereign wealth fund fueled by oil taxes, which is valued at $15 billion.Valleynewslive · 29 Oct, 10:42
• North Dakota launches transparency website for Legacy FundThe North Dakota Retirement and Investment Office (RIO) has launched a website that gives the public information about the Legacy Fund, the state’s sovereign wealth fund which is currently valued at more than $15 billion.Kfyrtv · 28 Oct, 22:33

In this story: North Dakota · Retirement and Investment Office · Kelly Armstrong · Jerry Klein · Bernie Satrom

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