Norway Wealth Fund Joins Critics of Novo Board Shakeup

Norway’s sovereign wealth fund is among investors renouncing a revamp of the board of directors at Danish obesity-drug maker Novo Nordisk A/S.

The decision by Norges Bank Investment Management to refrain from supporting Lars Rebien Sorensen’s bid to become chairman underscores tensions between the drugmaker’s dominant shareholder — the Novo Nordisk Foundation — and its minority investors.