Norway's oil fund will vote out board members from firms lacking climate goals

The Norwegian oil fund sees too many financial risks tied to firms that don’t want to follow the green transition – but if firms in the portfolio don’t find sustainable solutions, board members will be voted out.
Eivind Fliflet, Head of Environmental Initiatives in NBIM's ownership department Oljefondet. | Photo: Sebastian Holsen
Eivind Fliflet, Head of Environmental Initiatives in NBIM's ownership department Oljefondet. | Photo: Sebastian Holsen
BY SEBATIAN HOLSEN, TRANSLATED BY KATRINE GØTHLER

If firms don’t have clear climate plans, the Norwegian oil fund will vote against its board members, said Eivind Fliflet, head of environmental initiatives at Norges Bank Investment Management, during Norwegian industry organization Finans Norge’s 2023 annual bond conference.

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