World’s Biggest Sovereign Wealth Fund Plans to Target Excessive Executive Pay
The world’s biggest sovereign wealth fund is targeting high salaries at companies around the globe in an attempt to exert its influence. Norway’s $870 billion oil fund which has previously never interfered in how much chief executives are paid is now looking for a first company to target publicly on pay in the coming months.
“ This move is significant for almost every listed company in the world as Norway’s oil fund owns on average 1.3% of each one ”
This move is significant for almost every listed company in the world as Norway’s oil fund owns on average 1.3% of each one. The fund has been making a big push to be more active in corporate governance matter such as election of directors and board composition.
About Government Pension Fund of Norway
The Government Pension Fund Global was set up in 1990 to underpin long-term considerations when phasing petroleum revenues into the Norwegian economy. Norges Bank Investment Management manages the fund on behalf of the Ministry of Finance, which owns the fund on behalf of the Norwegian people. The ministry determines the fund’s investment strategy, following advice from among others Norges Bank Investment Management and discussions in Parliament. The management mandate defines the investment universe and the fund’s strategic reference index.
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