Overview
- Norway’s sovereign wealth fund said it will vote for a shareholder proposal requiring Microsoft to publish a report on risks tied to operating in countries with significant human rights concerns.
- It will vote against the re-appointment of CEO Satya Nadella as chair of Microsoft’s board at the December 5 annual meeting.
- The fund will oppose Nadella’s pay package and reiterated its view that more annual compensation should be in shares locked up for five to ten years.
- Microsoft’s management has recommended shareholders vote against the human-rights risk report proposal.
- The fund held a 1.35% stake in Microsoft worth about $50 billion as of June 30, making it the eighth-largest shareholder per LSEG and its second-largest equity holding after Nvidia.