The Norwegian sovereign wealth fund cites greater transparency as the motive for the policy change, after an earlier pledge to publish voting rationales.
Image: Alexander Erdbeer/Shutterstock
Boards may well brace for impact after recent news. Norges Bank Investment Management (NBIM), which is worth KR 10,867bn (£930bn/$1,244bn) and has invested in more than 9,000 companies worldwide, is to begin publishing its voting intentions five days before AGMs.
For companies where NBIM will be voting with the board, seeing the voting intentions in black and white and in the public domain may prove cause for celebration, if not relief. It may prove more stressful for companies where NBIM will be voting in opposition.
News of the policy change came in a Financial Times interview with NBIM’s relatively new chief executive Nicolai Tang
For thoughtful journalism, expert insights on corporate governance and an extensive library of reports, guides and tools to help boards and directors navigate the complexities of their roles, subscribe to Board Agenda