{"id":729086,"date":"2026-05-23T07:10:16","date_gmt":"2026-05-23T04:10:16","guid":{"rendered":"https:\/\/buradabiliyorum.com\/en\/norways-2-3t-fund-objects-to-elkanns-meta-board-seat\/"},"modified":"2026-05-23T07:10:16","modified_gmt":"2026-05-23T04:10:16","slug":"norways-2-3t-fund-objects-to-elkanns-meta-board-seat","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/norways-2-3t-fund-objects-to-elkanns-meta-board-seat\/","title":{"rendered":"Norway&#8217;s $2.3T fund objects to Elkann&#8217;s Meta board seat"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a261e1b4e950\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a261e1b4e950\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/norways-2-3t-fund-objects-to-elkanns-meta-board-seat\/#TLDR\" >TL;DR<\/a><\/li><\/ul><\/nav><\/div>\n<p><img decoding=\"async\" src=\"https:\/\/media.thenextweb.com\/2026\/05\/norway-wealth-fund-elkann-meta-board-shareholder-vote-.avif\" \/><\/p>\n<div id=\"article-main-content\">\n<p><em><\/p>\n<div class=\"postContent-tldr\">\n<h4 class=\"postContent-offsetTitle\"><span class=\"ez-toc-section\" id=\"TLDR\"><\/span>TL;DR<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p>Norway\u2019s $2.3 trillion sovereign wealth fund withheld its vote on John Elkann\u2019s re<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>ointment to Meta\u2019s board, citing attendance concerns. It also backed five of ten shareholder proposals, including one demanding an AI data privacy impact assessment.<\/p>\n<\/div>\n<p><\/em><\/p>\n<p>Norway\u2019s Government Pension Fund Global, the world\u2019s largest sovereign wealth fund, has withheld its vote on the reappointment of John Elkann to Meta\u2019s board of directors. The fund said it believes the Stellantis chairman and Exor CEO does not have enough time to devote to the role.<\/p>\n<p>Norges Bank Investment Management, which manages the $2.3 trillion fund, published its voting intentions ahead of\u00a0Meta\u2019s annual <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/general\/\" data-internallinksmanager029f6b8e52c=\"3\" title=\"General\" target=\"_blank\" rel=\"noopener\">general<\/a> meeting\u00a0on 27 May. Elkann attended at least 70 per cent of Meta board meetings in 2025, with his absences attributed to \u201cunavoidable conflicts.\u201d All other board members attended at least 75 per cent, with the exception of UFC CEO Dana White, whose attendance matched Elkann\u2019s.<\/p>\n<p>\u201c<em>Board members should devote sufficient time to fulfil their responsibilities effectively,<\/em>\u201d <a rel=\"nofollow\" target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2026-05-22\/norway-s-2-3-trillion-fund-objects-to-elkann-s-meta-board-seat\" target=\"_blank\" rel=\"nofollow noopener\">NBIM said<\/a>. \u201c<em>Board members should contribute to effective discussions and decision-making by attending all meetings<\/em>.\u201d<\/p>\n<div class=\"inarticle-wrapper channel-cta\">\n<div class=\"ica-text\">\n<p class=\"ica-text__title\">TNW City Coworking space &#8211; Where your best work happens<\/p>\n<p>A workspace designed for growth, collaboration, and endless networking opportunities in the heart of tech.<\/p>\n<\/div>\n<\/div>\n<p>The objection is notable because the Norwegian fund rarely breaks with management. In 2025, it followed board recommendations in 94 per cent of all resolutions. This year, it backed five of ten shareholder proposals at Meta, an unusually high number that signals growing unease with the company\u2019s governance.<\/p>\n<p>One of those proposals calls for Meta to produce a data protection impact assessment on its collection of user interactions with generative AI chatbots for personalised advertising and content. That is a pointed demand. Meta has guided 2026 capital expenditure of $115 to $135 billion, nearly double last year, with much of it directed at AI infrastructure. Shareholders still have no board-level assessment of how the data feeding those products is sourced or governed.<\/p>\n<p>The fund also voted in favour of proposals requiring that all shareholders have the right to vote on fundamental corporate decisions, a report addressing\u00a0antisemitism and hate\u00a0on Meta\u2019s platforms, and an assessment of the company\u2019s human rights due diligence processes. A separate proposal requested a report on how Meta plans to meet its climate commitments given the surging energy demand from AI data centres.<\/p>\n<p>The governance questions arrive at a difficult moment for Meta. The company\u00a0cut 8,000 jobs\u00a0beginning 20 May despite reporting record quarterly revenue of $56.3 billion. CEO Mark Zuckerberg told employees the layoffs were about capital expenditure, not AI productivity, but the company\u2019s CFO acknowledged that Meta does not know its optimal long-term headcount.<\/p>\n<p>Meta\u2019s dual-class share structure gives Zuckerberg majority voting control, which means shareholder proposals are advisory rather than binding. The Norwegian fund holds 1.2 per cent of Meta\u2019s shares but only 0.5 per cent of votes. That gap is precisely what the voting-rights proposal seeks to address.<\/p>\n<p>The fund\u2019s stance reflects a broader pattern. Institutional investors are increasingly pushing back on\u00a0AI governance at tech companies\u00a0that are spending hundreds of billions on infrastructure while offering limited transparency about data practices, environmental impact, and the displacement of workers.<\/p>\n<p>NBIM owns shares in roughly 7,200 companies and votes on 110,000 resolutions at more than 11,000 shareholder meetings each year. Its decisions carry weight not because of the size of individual stakes but because other institutional investors often follow its lead. When the fund breaks with management, it tends to signal a governance concern that the broader market is watching.<\/p>\n<p>Meta\u2019s annual meeting on 27 May will test how much support the shareholder proposals receive. A similar antisemitism-related proposal at last year\u2019s meeting drew nearly 47 per cent of independent shareholder votes. With the Norwegian fund now publicly breaking ranks on both board composition and\u00a0AI data governance, that number could climb higher.<\/p>\n<\/p><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMN63nwsw68G3Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more like this article, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/buradabiliyorum.com\/en\/category\/technology\/\" target=\"_blank\" >Technology category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/thenextweb.com\/news\/norway-wealth-fund-elkann-meta-board-shareholder-vote\" target=\"_blank\" >Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>TL;DR Norway\u2019s $2.3 trillion sovereign wealth fund withheld its vote on John Elkann\u2019s reappointment to Meta\u2019s board, citing attendance concerns. It also backed five of ten shareholder proposals, including one demanding an AI data privacy impact assessment. Norway\u2019s Government Pension Fund Global, the world\u2019s largest sovereign wealth fund, has withheld its vote on the reappointment&#8230;<\/p>\n","protected":false},"author":1,"featured_media":729087,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/media.thenextweb.com\/2026\/05\/norway-wealth-fund-elkann-meta-board-shareholder-vote-.avif","fifu_image_alt":"","footnotes":""},"categories":[18],"tags":[],"class_list":["post-729086","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-technology"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/729086","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=729086"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/729086\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/729087"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=729086"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=729086"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=729086"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}