TheVoiceOfJoyce Norway’s sovereign fund, empowered by the Norwegian government and people, are cracking down on Corporations in their $13 Trillion ( approximately) portfolio. They will force the re election of 80 Boards for non compliance with environmental goals. Additionally, the Sovereign Fund will request a written plan for every corporation, showing their path to Zero carbon emissions. The Norwegian Sovereign Wealth Fund got its money by taxing oil and gas producers, licensing fees for extraction and by Nationalizing Equinor, enabling the Fund to collect its dividends and interests. With so much cash at their disposal, Norway is stepping up help to the Ukrainian people, too!

Posted on by jaslvr

www.theguardian.com/business/2023/feb/03/worlds-biggest-investment-fund-warns-directors-to-tackle-climate-crisis-or-face-sack

Carine Smith Ihenacho, the chief governance and compliance officer of Norges Bank Investment Management, which manages more than 13tn Norwegian kroner (£1tn) on behalf of the Norwegian people, said the fund was preparing to vote against the re-election of at least 80 company boards for failing to set or hit environmental or social targets.

Established in the 1990s to invest surplus profits from Norway’s huge oil and gas reserves, it is the world’s largest sovereign fund, controlling an average of 1.3% of 9,338 companies across 70 countries. Large holdings include Apple, Nestlé, Microsoft and Samsung.

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“We all know, we live in a world with a climate crisis, and we have a role to play and then companies have a role to play,” Smith Ihenacho said. “So we have stepped up our expectations towards the companies when it comes to setting targets to get to that net zero [emissions] by 2050 target. And we will push the companies more in setting targets and understanding how they’re going to get there.”

It comes as the prime minister of Norway, Jonas Gahr Støre, bowed to public pressure to release more money from its oil profits to help support Ukraine. The country donated 10bn kroner in civilian and military aid last year.

“We are in a situation where we have room for action due to extraordinary income from the petroleum sector,” he said. “We are now stepping up this aid. We will contribute even more to the repair and reconstruction of damaged infrastructure.”

The fund, which holds the equivalent of about 2.4m kroner ($240,000 or £200,000) for each man, woman and child in Norway, invests parts of the large profits generated by the Norwegian petroleum sector, mainly from taxes of companies but also payment for licences to explore for oil as well as the State’s Direct Financial Interest and dividends from the partly state-owned energy giant Equinor.

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