Nikolai Tangin says the oil fund will now speak out when it sees executives’ salaries out of control.
Companies in which the oil fund has voting rights will hear about it in the future, if they can’t set a zero-emissions goal or overpay their managers.
This was stated by the director of the Oil Fund, Nikolai Tangin, during an event he organized financial times Wednesday.
During the Global Boardroom digital conference, the public can learn that the Oil Fund will become more aggressive on environmental, social and business ethics (ESG) issues.
– Yes, we can be more determined and I think we will be. According to the newspaper, we can vote more against companies as we have different expectations about how they should act, Tangen said during the event.
An oil fund manager faces a pay spiral in the business world
The data comes days before the oil fund launches its next three-year strategy. At the same time, Tangen makes it clear that he has nothing left for certain executive salaries.
– The director of the Oil Fund said that the salaries of executives and greed in companies have reached an unhealthy level.
And this isn’t the first time Tangen has spoken negatively about the high salaries at the top.
The fund, which owns an average of 1.5 percent of all listed companies in the world, among other things voted against the salaries of top executives at Intel’s general meeting in May.
They did the same at Apple’s general meeting in March, calculating the director’s salaries in 2021 between $91 million and $135 million.
– We’ve seen this explode, especially in the United States. And investors haven’t spent much time on it, despite the fact that it does in fact “steal” money from shareholders, in some cases, Tangen told an E24 broadcast in May this year.
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