The Norwegian School of Economics (Norwegian: Norges Handelshøyskole) or NHH is a public business school situated in Bergen, Norway. Opened in 1936 by King Haakon VII, it is Norway's oldest business school and has since its foundation been the leading Norwegian teaching and research institution in the fields of economics and business administration. NHH has a strong international orientation. The school currently participates in exchange programs with more than 130 foreign institutions in over 30 countries, and around 40 percent of the school's students spend at least one semester on exchange. The school is member of CEMS (The Global Alliance for Management Education) and the Partnership in International Management (PIM) network. NHH is accredited by EQUIS. NHH alumni hold several important positions in Norwegian business and politics. Helge Lund is CEO of Statoil, Norway's largest company and the largest offshore oil and gas company in the world. Jon Fredrik Baksaas is CEO of Telenor, Norway's second largest company and one of the world's largest mobile phone operators.