Norway’s wealth fund will support the AGM’s demand for a Microsoft human rights report

Norway’s $2 trillion wealth fund announced on Sunday that it would support a shareholder motion at Microsoft’s (MSFT.O) annual general meeting this week that calls for a report on the dangers of doing business in nations with serious human rights issues.

The management of Microsoft has suggested that shareholders vote against the move at the December 5 AGM.

“The board should account for material sustainability risks facing the company, and the broader environmental and social consequences of its operations and products,” according to the fund’s website.

According to fund records, the largest sovereign wealth fund in the world held a 1.35% investment worth $50 billion in Microsoft as of June 30. This is its second-largest equities holding overall, after Nvidia (NVDA.O).

The LSEG data indicates that it is the eighth-largest shareholder in Microsoft.

Along with opposing CEO Satya Nadella’s compensation plan, the fund also declared that it will vote against his reappointment as board chair.

“A substantial proportion of annual remuneration should be provided as shares that are locked in for five to ten years, regardless of resignation or retirement,” it said.

In addition to frequently complaining about the exorbitant executive compensation in the US, the fund has generally opposed a company’s CEO serving as both its chair and its adviser.

If a majority of shareholders are against the “say-on-pay” vote, it would not affect anything because it is an advisory vote.