Norway’s sovereign wealth fund backed far fewer sustainability shareholder proposals last year at the annual general meetings of the companies it invests in than in 2024, with the fund’s manager saying markets had been even more polarised on green issues.
Norges Bank Investment Management (NBIM), which manages the giant Norwegian Government Pension Fund Global (GPFG), published figures in its 2025 responsible investment report revealing that at the 10,873 shareholder meetings it voted at in 2025, the institution supported just 73 green proposals – down from 160 in 2024.
Carine Smith Ihenacho, NBIM’s chief governance and compliance officer, said in the report out last week: “The world is becoming increasingly complex. There are no simple solutions to challenges like climate change, technological disruption or shifting geopolitics.”
“In 2025, markets were further polarised, with shareholder proposals often pulling companies in opposing directions,” she said, adding that NBIM was “mindful of the difficult environment many companies operate in and navigate this complexity carefully.”
The Oslo-based manager of the NOK20.8trn (€1.9trn) SWF said the landscape for shareholder proposals had changed last year, with some companies facing competing shareholder proposals.
“We saw a notable drop in the number of sustainability proposals making it to the ballot – 316 in 2025 compared to 472 in 2024.
“In 2025, we supported fewer sustainability-related shareholder proposals overall, reflecting what we considered to be a decline in the quality of the underlying proposals, with many appearing misdirected or lacking materiality,” NBIM said in the report.
Figures in the report showed NBIM supported only 23% of sustainability-linked shareholder proposals in 2025, compared to 34% in 2024.
However, in the 63-page publication, NBIM also reported improvements in corporate governance, such as higher levels of board independence at portfolio companies in both developed and emerging markets.
“In some key areas, such as CEO pay, board independence and election of a combined chair/CEO, we voted against fewer proposals in 2025, reflecting evolving company practices, regulatory developments and changes to our portfolio,” the central bank division stated.
NBIM said it saw a 4% reduction in its votes against directors or other relevant proposals in 2025 due to independence concerns, compared to 2024.
“In Japan, improvements in board independence led to a 11% drop in votes against directors compared to 2024, and a 34% drop compared to 2023,” the Norwegian investment manager said.
