Norway wealth fund to expand gender diversity work this year
By Victoria Klesty
OSLO, Feb 9 (Reuters) -Norway's $1.35 trillion wealth fund will step up its work on gender diversity on company boards this year and expand its focus beyond European and North American companies, a senior official at the fund told Reuters on Thursday.
The fund voted against 171 board candidates at annual general meetings last year due to lack of diversity, it said in its annual report on responsible investments, out Thursday.
Its policy is to have a minimum 30% of each gender represented on the board in the companies it invests in, or with a minimum of at least two members of each gender.
If a company does not, the fund votes against the re-election of the chair of the nomination committee.
The fund has already addressed the issue in the U.S. and Europe, targeting large- and mid-cap companies. But is now set to cast its net wider, said Carine Smith Ihenacho, the fund's chief governance and compliance officer.
"We extended it to smaller caps for this past season - this season we will also look at other markets such as Japan and see if we are going to make any changes there," she said.
Investing the state's revenues from oil and gas production and managed by a unit of Norway's central bank, the fund is one of the world's largest investors, investing its cash across 9,200 companies in 70 countries, among other assets.
Reporting by Victoria Klesty; Editing by Kirsten Donovan
Disclaimer: The XM Group entities provide execution-only service and access to our Online Trading Facility, permitting a person to view and/or use the content available on or via the website, is not intended to change or expand on this, nor does it change or expand on this. Such access and use are always subject to: (i) Terms and Conditions; (ii) Risk Warnings; and (iii) Full Disclaimer. Such content is therefore provided as no more than general information. Particularly, please be aware that the contents of our Online Trading Facility are neither a solicitation, nor an offer to enter any transactions on the financial markets. Trading on any financial market involves a significant level of risk to your capital.
All material published on our Online Trading Facility is intended for educational/informational purposes only, and does not contain – nor should it be considered as containing – financial, investment tax or trading advice and recommendations; or a record of our trading prices; or an offer of, or solicitation for, a transaction in any financial instruments; or unsolicited financial promotions to you.
Any third-party content, as well as content prepared by XM, such as: opinions, news, research, analyses, prices and other information or links to third-party sites contained on this website are provided on an “as-is” basis, as general market commentary, and do not constitute investment advice. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, it would be considered as marketing communication under the relevant laws and regulations. Please ensure that you have read and understood our Notification on Non-Independent Investment. Research and Risk Warning concerning the foregoing information, which can be accessed here.