Asset Management

Norway’s trillion-dollar fund pushes portfolio companies to diversify boards

Companies with less than 30% board representation will need to take action on diversity, NBIM said

Monday 15 February 2021 at 14:18

Norwegian hedge fund manager and philanthropist Nicolai Tangen is seen in Oslo on May, 28 as the central bank of Norway (Norges Bank) invites to a press conference on the employment agreement for a new CEO of Norges Bank Investment Management. (Photo by Hk006fn Mosvold Larsen / NTB Scanpix / AFP) / Norway OUT (Photo by HAKON MOSVOLD LARSEN/NTB Scanpix/AFP via Getty Images)
Norwegian hedge fund manager and philanthropist Nicolai Tangen is seen in Oslo on May, 28 as the central bank of Norway (Norges Bank) invites to a press conference on the employment agreement for a new CEO of Norges Bank Investment Management. (Photo by Hk006fn Mosvold Larsen / NTB Scanpix / AFP) / Norway OUT (Photo by HAKON MOSVOLD LARSEN/NTB Scanpix/AFP via Getty Images) Photo: Getty Images

Norway’s sovereign wealth fund, which has more than $1.3tn in assets under management, has said its portfolio companies must increase diversity on their boards.

Norges Bank Investment Management said in a 15 February statement that the boards of its investments should “have a diversity of competencies and backgrounds” and “an appropriate gender balance”.