When the world’s largest sovereign wealth fund tells you it has a problem with one of your board members, it’s the kind of feedback that’s hard to ignore. Norway’s Government Pension Fund Global, sitting on roughly $2.3 trillion in assets, has withheld its vote on the reappointment of John Elkann to Meta’s board of directors.
The reason is almost refreshingly mundane in an era of complex corporate drama: Elkann, the fund argues, simply has too many jobs.
The “over-boarded” problem
Elkann currently serves as chairman of Stellantis, the automaker born from the merger of Fiat Chrysler and PSA Group. He’s also CEO of Exor, the Agnelli family’s investment vehicle. Now add a Meta board seat on top of that, and you start to see why Norway’s fund managers raised an eyebrow.
Norway’s fund owns approximately 1% of Meta’s shares. The fund has consistently opposed the reappointment of directors it considers overextended across major companies. Tesla has been on the receiving end of similar scrutiny.
