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☆ Norges Bank not afraid to disinvest if companies do not fulfil climate promises, says NBIM chief governance and compliance officer
▼ + stars: | 2023-12-01 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailNorges Bank not afraid to disinvest if companies do not fulfil climate promises: governance officerNorges Bank will hold the companies they invest in to the highest sustainability standards, says Chief Governance and Compliance Officer Carine Smith Ihenacho.

Persons: Carine Smith Ihenacho Organizations: Email Norges Bank, Norges Bank

☆ Norway wealth fund tells companies to plan for climate transition
▼ + stars: | 2023-09-15 | by ( ) www.reuters.com time to read: +1 min

A general view of the Norwegian central bank, where Norway's sovereign wealth fund is situated, in Oslo, Norway, March 6, 2018. The fund also published a policy concerning the use of voluntary carbon credits, which it said companies could use in certain cases. "We believe companies should prioritise reducing own emissions but can use additional and verified credits as a supplement to signal high climate ambitions," it said. Carbon credits should not be counted towards science-based interim emission reduction targets, and companies must be transparent about the details of credits they use, it added. "Ultimately, carbon removals will be needed by many companies seeking to achieve net zero emissions by 2050," the fund said.

Persons: Gwladys, Carine Smith Ihenacho, Terje Solsvik, Essi Organizations: REUTERS, Companies Norges Bank, Thomson Locations: Norwegian, Oslo, Norway, OSLO

The fund is one of a growing number investors and policymakers pushing to put more women in company boardrooms. Its latest move comes as the fund takes stock of its ESG engagement with companies so far this year. This year for the first time the fund analysed the structure of all U.S. pay packages above $20 million to see if they aligned with long-term value creation. As a result of its analysis, the fund voted against more than half of pay packages above this level, the report showed. The fund voted against the pay of Coca-Cola's (KO.N) James Quincey, Apple's (AAPL.O) Tim Cook and PepsiCo's (PEP.O) Ramon Laguarta, the fund's voting record showed.

Persons: Carine Smith Ihenacho, Smith, Smith Ihenacho, James Quincey, Apple's, Tim Cook, Ramon Laguarta, Gwladys, Jane Merriman Organizations: ARENDAL, Reuters, Coca, Reuters Graphics Reuters, Thomson Locations: Norway, boardrooms, United States, Europe, Japan, Arendal

Norway wealth fund CEO Nicolai Tangen poses for a picture before a news conference held at the Norwegian central bank in Oslo, Norway January 31, 2023. The fund invests in 9,200 firms worldwide, for which it sets expectations on a range of issues, from children's rights to climate change. When talking to firms about responsible AI, the fund will concentrate particularly on the healthcare, finance and large tech sectors, because their use of the technology will have an especially strong impact on consumers. "They have to take responsibility for their development and use of AI," said Smith Ihenacho, adding the fund had already discussed AI with the large U.S. tech companies in its portfolio. In July, U.S. AI companies made voluntary commitments to the White House to implement measures such as watermarking AI-generated content to make the technology safer.

Persons: Nicolai Tangen, Will, Tangen, Carine Smith Ihenacho, Smith, Smith Ihenacho, Gwladys Fouche, Terje Solsvik, Jan Harvey Organizations: REUTERS, financials, Reuters, Companies, Microsoft, Nvidia, Tech, Thomson Locations: Norway, Norwegian, Oslo, Victoria, financials OSLO

☆ World's biggest investment fund says firms mismanaging climate risk could face exclusion from next year
▼ + stars: | 2023-05-31 | by ( Sam Meredith | ) www.cnbc.com time to read: +4 min

Bloomberg | Bloomberg | Getty ImagesNorway's $1.4 trillion sovereign wealth fund says it is prepared to start dropping companies for mismanaging climate risk starting next year, adding to the decarbonization pressure that activist shareholders are already piling on firms. It comes shortly after the world's the biggest investment fund said it would vote for shareholder proposals at Chevron and Exxon Mobil's respective annual meetings on Wednesday. Norway's oil fund had refused to back similar shareholder proposals tabled in recent weeks at European oil majors, such as BP and TotalEnergies. Palpable frustrationNorway's oil fund has invested in more than 9,000 companies in 70 countries around the world and acknowledges that "companies care how we vote at AGMs." Bloomberg | Bloomberg | Getty Images

Persons: Carine Smith Ihenacho, Carine Smith, Ihenacho Organizations: Bloomberg, Getty, Chevron, Exxon Mobil's, Norges Bank Investment Management, CNBC, Protesters, Salle Locations: U.S, Paris

☆ Norway wealth fund to vote for labour rights motion at Starbucks AGM
▼ + stars: | 2023-03-23 | by ( ) www.reuters.com time to read: +1 min

[1/2] A Starbucks coffee shop is seen in downtown Los Angeles, California, U.S., June 29, 2022. REUTERS/Lucy NicholsonOSLO, March 23 (Reuters) - Norway's $1.3 trillion wealth fund, one of the world's largest investors, will vote in favour of a shareholder motion calling on Starbucks (SBUX.O) to report on how it respects labour rights, the fund's manager said on Thursday. The Norwegian fund owns 1.05% of Starbucks' shares, worth $1.2 billion at the end of 2022, according to fund data. Norges Bank Investment Management (NBIM), which operates the Norwegian wealth fund, said it would vote in favour of commissioning a third-party assessment of Starbucks' commitment to freedom of association and collective bargaining rights. "Freedom of association and the right to collective wage bargaining are fundamental employee rights - and human rights," they said.

The fund has long engaged on climate change with the companies it invests in. Last year, it voted against the re-election of 61 directors at 18 companies due to failures in adequately managing climate risk. In 2022, the fund discussed climate change at 810 meetings it held with companies that represent 33% of the value of the its equity portfolio. One of them was oil major Shell (SHEL.L), with whom the fund discussed the company's energy transition plan and climate change, it said. In a sign of its focus on climate, the fund no longer prints the report, making it available online only.

☆ Norway's $1.2 trillion fund sets 2050 net zero target
▼ + stars: | 2022-09-20 | by ( ) edition.cnn.com time to read: +1 min

Oslo Norway's $1.2 trillion wealth fund, the world's largest, said on Tuesday it would decarbonise its holdings by pushing firms to cut their greenhouse gas emissions to nil by 2050, in line with the Paris Agreement. The fund invests the petroleum revenues from Western Europe's biggest oil and gas producer for future generations in stocks, bonds, property and renewable projects abroad. "Our long-term return will completely depend on how the companies in our portfolio manage the transition to a zero emissions society," Chief Executive Nicolai Tangen of Norges Bank Investment Management said in a statement. Tuesday's plan follows a proposal made in April by the Norwegian government, which said the fund should push the 9,300 companies it invests in to cut their emissions to nil by 2050. "We will engage the companies to reach this target by setting credible preliminary targets and creating plans to reduce their direct and indirect emissions of greenhouse gases," Chief Governance and Compliance Officer Carine Smith Ihenacho said.

☆ Norway's $1.2 trillion wealth fund sets 2050 net zero target
▼ + stars: | 2022-09-20 | by ( ) edition.cnn.com time to read: +1 min

Norway’s $1.2 trillion wealth fund, the world’s largest, said on Tuesday it would decarbonise its holdings by pushing firms to cut their greenhouse gas emissions to nil by 2050, in line with the Paris Agreement. The fund invests the petroleum revenues from Western Europe’s biggest oil and gas producer for future generations in stocks, bonds, property and renewable projects abroad. The fund owns on average owns 1.3% of all listed global stocks and its size is equivalent to $219,000 for every Norwegian man, woman and child. The fund published its first expectations on how companies should address climate change more than a decade ago. It tracks climate-related risks, defined as the impact climate change may have on the assets the fund invests in, but also the opportunities that could arise for individual firms successfully adapting to it.

☆ Investors mixed as Porsche seeks price tag of up to $75 billion
▼ + stars: | 2022-09-19 | by ( Victoria Waldersee | ) www.reuters.com time to read: +5 min

Volkswagen said on Sunday it was aiming for a valuation of 70 billion-75 billion euros ($70-75 billion) for Porsche AG, slightly below some estimates of up to 85 billion euros, but far outstripping the 49-billion-euro price tag for rival BMW (BMWG.DE) and Mercedes-Benz's (MBGn.DE) 61 billion euros. "It is fundamentally right that Porsche AG becomes more independent - but this is not an independent set-up." Volkswagen's valuation for Porsche AG is close to its own market capitalisation of 88 billion euros. Analysts have compared Porsche AG stock to Ferrari, which has a market capitalisation of 38 billion euros but an operating margin of 24% to Porsche's 17-18%. Total proceeds from the sale will be 18.1-19.5 billion euros and could help Volkswagen fund its electrification drive.

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