Norway Wealth Fund to Target Boards With Less Than 2 Women

Norway’s sovereign wealth fund plans to confront companies it owns that have fewer than two women on the board, as part of its new push for better gender diversity.

The world’s biggest wealth fund, which oversees about $1.3 trillion from its head office in Oslo, said this week boards on which women make up less than 30% of the total should consider setting targets for gender diversity.

Last year, the fund voted against the nomination commitees of 16 large and mid-cap companies in the U.S. and Europe that had all-male boards, Chief Governance and Compliance Officer Carine Smith Ihenacho said in an emailed response to questions.

“In 2021, we will look at similar companies that do not have at least 2 women on the board. We will consider voting against them unless they have a very good explanation.”

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