Norway's $2.3T Fund Objects to John Elkann's Meta Board Seat
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Norway’s $2.3 trillion wealth fund has expressed its dissent towards John Elkann’s reappointment to Meta’s board, citing concerns over his attendance. The fund also backed several shareholder proposals, including one related to AI data privacy.
Norges Bank Investment Management, managing the world's largest sovereign wealth fund, disclosed its voting intentions ahead of Meta's annual general meeting on May 27th. Elkann attended at least 70% of Meta board meetings in 2025, with his absences due to "unavoidable conflicts."
"Board members should devote sufficient time to fulfil their responsibilities effectively... Board members should contribute to effective discussions and decision-making by attending all meetings," NBIM stated.
This objection is noteworthy as the Norwegian fund typically aligns with management, backing 94% of resolutions in 2025. This year, however, they supported five out of ten shareholder proposals at Meta, indicating growing dissatisfaction with the company's governance.
One proposal demands a data protection impact assessment of Meta’s collection and use of user interactions with generative AI chatbots for personalized advertising and content. With Meta investing heavily in AI infrastructure, this request highlights concerns over data sourcing and governance.
The fund also voted in favor of proposals advocating for:
- Shareholder voting rights on fundamental corporate decisions
- A report addressing antisemitism and hate on Meta’s platforms
- An evaluation of Meta’s human rights due diligence processes
- A report on meeting climate commitments despite the energy demand from AI data centers.
These governance questions surface at a challenging time for Meta, which recently cut 8,000 jobs despite reporting record quarterly revenue.
While Norway's $2.3 trillion wealth fund has historically aligned with Meta's management, 2026 marks a shift. The fund's dissent towards John Elkann's reappointment to Meta's board highlights broader governance concerns. Elkann's attendance record, despite citing 'unavoidable conflicts', prompted the fund to emphasize the importance of board members' active participation. This position is further reflected in their support for shareholder proposals addressing AI data privacy, corporate decision-making transparency, and Meta's climate commitments, all crucial topics in the evolving tech landscape. This strategic shift demonstrates the fund's increased scrutiny, particularly as Meta navigates a challenging period with recent job cuts despite record revenues. Read the full article