By Gwladys Fouche and Nerijus Adomaitis OSLO, Nov 30 (Reuters) – Norway’s $2 trillion wealth fund said on Sunday it would vote for a shareholder proposal at Microsoft’s annual general meeting this week requiring a report on the risks of operating in countries with significant human rights concerns. Microsoft’s management has recommended shareholders vote against the […]
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Norway wealth fund to back call for Microsoft human rights report at AGM
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By Gwladys Fouche and Nerijus Adomaitis
OSLO, Nov 30 (Reuters) – Norway’s $2 trillion wealth fund said on Sunday it would vote for a shareholder proposal at Microsoft’s annual general meeting this week requiring a report on the risks of operating in countries with significant human rights concerns.
Microsoft’s management has recommended shareholders vote against the motion at the AGM on December 5.
“The board should account for material sustainability risks facing the company, and the broader environmental and social consequences of its operations and products,” the fund said on its website.
The world’s largest sovereign wealth fund owned a 1.35% stake worth $50 billion in Microsoft as of June 30, according to fund data, its second-largest equity holding overall, after Nvidia.
It is Microsoft’s eighth-largest shareholder, according to LSEG data.
The fund also said it would vote against the re-appointment of CEO Satya Nadella as chair of the board, as well as against his pay package.
“A substantial proportion of annual remuneration should be provided as shares that are locked in for five to ten years, regardless of resignation or retirement,” it added.
The fund’s general policy has been to oppose a company’s CEO doubling up as its chair, and it has often complained that executive pay in the United States is excessive.
The “say-on-pay” vote is advisory and would have no impact if a majority of shareholders oppose it.
(Reporting by Nerijus Adomaitis in Oslo, editing by Gwladys Fouche, Kirsten Donovan)