Norway's wealth fund calls for annual elections to Kellogg's board

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Sovereign Wealth Fund(SWF) in Norway shows support to a shareholder proposal calling for annual elections of board members at Kellogg Company in Battle Creek, Michigan. Norges Bank Investment Management(NBIM), which manages SWF, will start disclosing its voting intentions before shareholder meetings for selected companies. Chief Corporate Governance Officer Carine Smith Ihenacho states that “For board accountability to be effective, shareholders must be able to participate in frequent election of all members of the board, with our preference being annual elections”. NBIM also has a 0.61% stake in the mining company Grupo Mexico and votes against its voting process. It argues that in order to increase transparency, they need to be aware of the list of director nominees beforehand and be able to assess them separately.

 

Reuters, Thomson Reaters, April 24th 2019