Norges Bank Investment Management says a division of responsibilities means remuneration committees should not be overseeing company-wide pay.
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 the board oversee all pay structures throughout the company. We believe that operational tasks should