Top Wealth Fund Supports Activist Proposals at Facebook Meeting
Norges Bank Investment Management, considered as the world’s largest sovereign wealth fund, had reportedly backed six activist shareholder proposals at Facebook’s annual meeting at Menlo Park last Thursday.
Some of the measures backed by Norges Bank included a mandatory report by Facebook on fake news, addressing gender pay gaps, responsible tax principles, the establishment of a board committee on risk management and two measures requiring Facebook to adopt simple majority voting at shareholder meetings. Facebook said that each of the six measures had been voted down.
The Norwegian fund owns 1.4% of Facebook’s globally listed shares and held a 0.71% stake at the end of 2017 amounting to around $3.64 billion.