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Norway's $1.3 Trillion Sovereign Wealth Fund Joins the Opposition to the compensation package for Apple's CEO and more

1 x cover Norges Bank


On February 16, the Proxy Advisory Firm 'Institutional Shareholder Services' was urging Apple Shareholders to vote against Apple's CEO bonus. The firm wrote in a letter that "There are significant concerns regarding the design and magnitude of the equity award made to CEO Cook in FY21... Half of the award lacks performance criteria." 


Today, Norway's $1.3 trillion sovereign wealth fund opposes Apple Inc.’s executive compensation plan, which includes the $99 million pay package awarded last year to Chief Executive Officer Tim Cook.


Norges Bank Investment Management (NBIM), the unit of the Norwegian central bank that runs the fund, will vote against ratifying executive officer compensation at the annual shareholder meeting on March 4, it said on its website. The ballot is advisory only.


Bloomberg lastly noted that "NBIM will also vote in favor of a revision of transparency reports, as well as backing reports on forced labor, concealment clauses and a civil rights audit."


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