Norway Sovereign Wealth Fund Backs BP Chair Re-election

Norway's $2.2 trillion sovereign wealth fund, the world's largest, has announced it will vote in favor of the re-election of BP PLC Chair Albert Manifold. Norges Bank Investment Management (NBIM), which manages the fund, confirmed its support for Manifold and other board-supported resolutions at the annual general meeting scheduled for April 23.

NBIM also stated it would back the board's proposal to withdraw two earlier climate reporting resolutions. While some shareholders argued these should remain, the company stated they have been superseded by more standardized climate reporting frameworks. Additionally, the fund voted against a resolution from climate group ACCR, which called for more detail on capital allocation and oil and gas spending.