Norges Bank Investment Management, Oslo, did not support climate resolutions filed by ESG activists Follow This in 2023 at oil majors Shell, BP and Total Energies, yet did support climate resolutions at Exxon Mobil and Chevron, according to a report by Follow This.
NBIM is responsible for the management of Norway’s $1.6 trillion sovereign wealth Government Pension Fund Global, also known as the Oil Fund.
A published statement by Follow This noted NBIM’s “remarkable” voting record and said: “The apparent variance in voting practices raises concerns about the clarity of (NBIM’s) environmental and sustainability policies.
“The bank's position as a major player in global financial markets, along with its reliance on government standards, mandates a more transparent and consistent approach to proxy voting on environmental issues.”
Also shown in the Follow This research was that Norwegian asset managers Nordea and DNB, with €251 billion ($270.9 billion) and €83 billion in AUM, respectively, supported climate resolutions at all five of the aforementioned oil and gas majors, as did KLP, Oslo, a public sector pension plan with €67 billion ($72.3 billion) in assets.
Of the voting record at KLP, a statement from Follow This said: “KLP Group's latest proxy voting decisions demonstrate a more balanced approach to environmental issues. This dedication is reflected in KLP's stated stance on climate, environment and biodiversity, which highlights the expectation that corporations align their actions with the goals of the UN Framework Convention on Climate Change, particularly the Paris Agreement.”
Asset management firm Storebrand, with €106 billion in AUM, supported the Follow This resolutions at Shell, BP and TotalEnergies, and does not hold stock in Exxon Mobil and Chevron.
In the U.S., Exxon Mobil has filed a lawsuit in federal court aiming to remove a climate-related shareholder proposal filed by Follow This and activist investor Arjuna Capital from its proxy ballot.
NBIM did not immediately respond to a request for comment. Its responsible investment report from 2023 showed that the fund had four meetings with Shell over environmental concerns regarding events such as oil spills.
