COPENHAGEN (Reuters) -Norway’s sovereign wealth fund, the world’s largest, said on Monday it will abstain from voting on new board members, including the chair, at Novo Nordisk’s extraordinary shareholders’ meeting scheduled for November 14. Current Novo Chair Helge Lund and six other independent board members are set to step down at the November 14 meeting […]
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Norway’s sovereign wealth fund to abstain from Novo Nordisk board vote
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COPENHAGEN (Reuters) -Norway’s sovereign wealth fund, the world’s largest, said on Monday it will abstain from voting on new board members, including the chair, at Novo Nordisk’s extraordinary shareholders’ meeting scheduled for November 14.
Current Novo Chair Helge Lund and six other independent board members are set to step down at the November 14 meeting after a dispute with the foundation over the pace of change at the company.
Novo’s controlling shareholder, the Novo Nordisk Foundation, said last month it would install its own chair, Lars Rebien Sorensen, to lead the drugmaker’s board.
The Novo Nordisk Foundation holds a majority of voting rights through its investment arm Novo Holdings.
The Norwegian fund did not provide a reason for its abstention.
(Reporting by Stine Jacobsen and Soren Jeppesen, editing by Terje Solsvik)