Norges Bank Investment Management says a division of responsibilities means remuneration committees should not be overseeing company-wide pay.
Calm waters: Statoil's "Troll A" oil platform in Norwegian waters. Photo: Troll A, Oil Platform, Norway by Harald Pettersen for Statoil.
Norway's sovereign wealth fund has rejected the idea that remuneration committees should oversee pay across all employees in a company rather than only the board.
Norges Bank Investment Management (NBIM) made the remarks to the Financial Reporting Council (FRC) in a letter responding to a consultation on a revision of the UK's corporate governance code.
NBIM said that a belief in the "differing" roles of board and management meant that employee pay should remain an operational issue.
NBIM said: "...we note that some of the proposed changes may blur the division of responsibilities, in particular having the remuneration committee of t
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