Published on May 22, 2026
Norway’s Government Pension Fund Global, the largest sovereign wealth fund with assets exceeding $2.3 trillion, traditionally supports corporate governance. However, this year, the fund has taken a rare stance vote on the reappointment of John Elkann to Meta’s board of directors.
The fund’s management, Norges Bank Investment Management, cited concerns over Elkann’s ability to fulfill his responsibilities. As the chairman of Stellantis and CEO of Exor, they believe his commitments may overwhelm his capacity to serve effectively on Meta’s board.
This decision reflects growing scrutiny of board member engagement across major tech companies. The backlash against Elkann highlights the fund’s increasing activism in corporate governance and accountability.
The implications of this move may extend beyond Elkann’s personal stakes. It may signal a shift in investor expectations, as wealth funds demand deeper commitment and oversight from those guiding influential tech companies like Meta.
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