Despite the huge AUM, I'd think being CEO of Norwegian Pension Fund has much less degrees of freedom (and therefore actual success/failure responsibilities) than being CEO of Google.
Perhaps, at the same time if they DO fail badly, they would likely be replaced. Not as much in Google's case, where the highly paid visionary CEO has missed the greatest trend of the decade and still makes 200M. I could have equally missed the same trend myself for only 20M if they had given me the opportunity.
Yes, they have certain guidelines to follow - both ethical (can't invest in certain types of governments), and related to responsible management. He obviously can't liquidate the whole portfolio, and say fuck it, let's go all in on crypto.