Norway's Nkr1.7 trillion (€217bn) state pension fund, which in the past has dumped holdings in companies including US retail giant Wal-Mart on ethical grounds, has appointed a new head of its advisers' panel on corporate governance.

Norges Bank Investment Management, which oversees the so-called Government Pension Fund, has named Anne Kvam as head of corporate governance to replace Henrik Syse, who has occupied the post since its inception in 2005.