Norway’s $2.3 trillion sovereign wealth fund has formally objected to John Elkann’s seat on Meta’s board of directors. The fund, one of the world’s largest investors, disclosed its opposition in a regulatory filing this week.
The $2.3 Trillion Voice
Managed by Norges Bank Investment Management, the fund holds stakes in thousands of companies globally. Its objection carries weight because of its size. The fund has a history of taking public stands on corporate governance issues.
This is not the first time it has pushed back on a board appointment. But the target here is Meta, the parent company of Facebook, Instagram, and WhatsApp.
The Board Seat in Question
John Elkann was nominated to Meta’s board earlier this year. The fund did not specify its reasons for opposing his seat. However, such objections typically cite concerns about independence, conflicts of interest, or the nominee’s track record.
Elkann is already on the boards of multiple companies. He is also a member of the Agnelli family, which controls Stellantis and Ferrari. The fund may see his multiple commitments as a risk to his ability to focus on Meta’s governance.
Meta has not responded publicly to the fund’s objection. Shareholders will get a chance to vote on Elkann’s seat at the company’s next annual meeting.
