Norway Wealth Fund Wants to Exclude Voteless Shares From Indexes
- Fund backs growing calls for index exclusion after Snap IPO
- Voting is key for fund, which has most holdings via indexes
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The world’s biggest sovereign wealth fund is adding its voice to calls to exclude companies with non-voting shares from key indexes, in a push that’s intended to improve corporate oversight.
As part of a discussion sparked by the voteless initial public offering of Snap Inc., the $960 billion Norwegian wealth fund says it backs a plan to place a “zero investability weight” on companies with no listed shares with voting rights.