TL;DRNorway’s $2.3 trillion sovereign wealth fund withheld its vote on John Elkann’s reappointment to Meta’s board, citing attendance concerns. It also backed five of ten shareholder proposals, including one demanding an AI data privacy impact assessment.
Norway’s Government Pension Fund Global, the world’s largest sovereign wealth fund, has withheld its vote on the reappointment of John Elkann to Meta’s board of directors. The fund said it believes the Stellantis chairman and Exor CEO does not have enough time to devote to the role.
Norges Bank Investment Management, which manages the $2.3 trillion fund, published its voting intentions ahead of Meta’s annual general meeting on 27 May. Elkann attended at least 70 per cent of Meta board meetings in 2025, with his absences attributed to “unavoidable conflicts.” All other board members attended at least 75 per cent, with the exception of UFC CEO Dana White, whose attendance matched Elkann’s.
“Board members should devote sufficient time to fulfil their responsibilities effectively,” NBIM said. “Board members should contribute to effective discussions and decision-making by attending all meetings.”
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’s governance.
