Norwegian sovereign wealth fund to vote against board members facing climate challenge | – #Norwegian #sovereign #wealth #fund #vote #board #members #facing #climate #challenge
OSLO, Feb 9 (Reuters) – Norway’s $1.35 trillion sovereign wealth fund said on Thursday it would vote against board members it believes have not done enough on the issue. way will strengthen its relations with companies related to climate risk management.
The state’s oil and gas The fund, which invests in earnings from its production and is managed by a unit of Norway’s central bank, is one of the world’s largest investors, investing its cash in 9,200 companies in 70 countries, among other assets.
“We will now vote against board members if a company experiences serious failures to monitor, manage or disclose climate risk,” the fund said in its annual report on responsible investing, published on Thursday.
The fund has a long history of working with investees on climate change.
Its latest step came in September, when it presented plans for firms to reduce greenhouse gas emissions to zero by 2050, in line with the Paris agreement and a mandate from the Norwegian government.
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In 2022, the fund discussed climate change in 810 meetings with companies representing 33% of the value of the fund’s equity portfolio.
One was oil major Shell ( SHEL.L ), where the fund discussed the company’s energy transition plan and climate change.
The fund and Shell also discussed oil spills in the Niger Delta, capital allocation and board composition.
Climate change was the second most important issue the fund discussed with companies, after “human capital management,” or how companies invest in their employees.
Reporting by Victoria Klesti and Gwladys Fouche Editing by Terje Solsvik
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Gwladys Fuche
2023-02-09 13:02:22
Source – reuters
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