The world’s largest sovereign fund has backed a proposal to end LTIPs at Weir Group in the hope of encouraging other companies to do likewise.
Calm waters: Statoil's "Troll A" oil platform in Norwegian waters. Photo: Troll A, Oil Platform, Norway by Harald Pettersen for Statoil.
Norway's state pension fund, the world's largest sovereign fund, has backed moves by UK engineering group Weir to drop long-term incentive plans (LTIPs) for executives.
The Financial Times reports that the support has been offered in an attempt to persuade other companies to follow suit.
The FT quotes Norway's Government Pension Fund Global commending Weir's "challenge to conventional thinking on remuneration."
The fund has made it clear in the past that it wishes to see an end to LTIPs, which have become controversial after they produce p
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