World’s Biggest Wealth Fund Builds Up Its Corporate Governance

Norway’s $1 trillion sovereign wealth fund is adding a number of external members to its corporate governance board to help it decide which companies to invest in.

Photo: Colourbox

The Oslo-based fund, which owns stakes in about 9,000 companies worldwide, has appointed Ase Aulie Michelet, Svein Rennemo and Harald Norvik as external members of the board, it said in a statement on Wednesday. Michelet is the chair of BI Norwegian Business School and a member of the board of Odfjell SE. Rennemo was previously the chairman of Equinor ASA while Norvik was chief executive officer of Equinor and the chairman of Telenor. Carine Smith Ihenacho will chair the board, the fund said.

The announcement comes as the wealth fund hosts its sustainability seminar, in which Chief Executive Officer Yngve Slyngstad urged the companies that form part of the equity portfolio to ensure their business practices don’t harm the environment, particularly the world’s oceans.

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