NORWAY'S $2.3T FUND OPPOSES ELKANN'S META BOARD SEAT

The Norwegian Government Pension Fund Global, the world's largest sovereign wealth fund, formally opposed Elkann's continued position on Meta's board during the company's recent shareholder meeting. Elkann's dual leadership roles at automotive manufacturer Stellantis and investment vehicle Exor have drawn scrutiny from the fund regarding potential conflicts of interest and governance concerns. The objection reflects the fund's broader activist stance on corporate governance. Recently, the same $2.3 trillion fund backed all shareholder proposals at Palantir Technologies focused on human rights reviews, signaling increased scrutiny of its portfolio companies on environmental, social, and governance matters. Norway's wealth fund, built from the country's oil revenues, has become increasingly vocal about corporate accountability. The fund's growing activism is drawing attention from Norwegian policymakers, as the fund's investment decisions increasingly reflect political considerations alongside financial returns.