UPDATE 2-Norway wealth fund CEO to firms: allow independent directors on your boards

From Reuters - February 13, 2018

OSLO (Reuters) - Norways $1 trillion sovereign wealth fund plans to be a vocal shareholder during the upcoming AGM season, pushing firms to disclose more non-financial data such as carbon emissions, and allow investors to nominate their own directors.

Greater disclosure on sustainability by the 9,100 companies it invests in will enable the fund to more accurately assess the risk of its investments, its CEO, Yngve Slyngstad, said.

This is probably, for us, the issue ... where we would like to see the most concrete results in the spring of 2018, Slyngstad told Reuters.

It is not only climate-related disclosure but also disclosure of what we call non-financial data in general, sustainability data.

CO2 is very important ... Water-related disclosure (and) the broader spectrum of U.N. Sustainability (Development) Goals is important, Slyngstad said on the sidelines of a news conference.

The fund, which invests the proceeds of Norways oil and gas production but cannot invest in Norwegian companies, is one of the worlds biggest shareholders, with stakes in 1.4 percent of listed companies globally.

In recent years it has become a more active shareholder, trying to use its size to influence companies attitudes.

Enabling investors to nominate their own directors, is one of its most pressing issues.



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