Norwegian Giant Under Fire. Did the World's Most Famous Fund Block Progress?

NRK analyzed the voting patterns of the Norwegian sovereign wealth fund in more than 800 technology companies. The results show that the fund often opposed shareholder proposals concerning climate protection, human rights, and children's safety. This included votes at Apple and Google, where Oljefondet rejected a proposal for greater transparency regarding children's online safety. The fund argues that, as a minority shareholder, it primarily focuses on dialogue with companies.

Tale Hungnes from the organization Framtiden i våre hender (The Future in Our Hands) sharply criticized the fund's actions. She stated that Oljefondet acts as one of the main defenders of the fossil fuel industry. According to her, the fund does not fulfill its own climate declarations. She also emphasized that the current policy increases both climate and economic risk. In her opinion, the fund should vote in line with its climate commitments.

Human rights organization Amnesty and the Green Party also took a critical stance. Astri Sjoner from Amnesty called the argument of "one vote out of a hundred" unconvincing. She pointed out that the fund owns about 1 percent of shares in the largest tech companies and still does not vote in accordance with its own expectations regarding human rights. Ingrid Liland from the Green Party called the situation "close to a scandal." She added that Norwegians' collective savings are being used to block climate action and workers' rights.

Carine Smith Ihenacho, responsible for the fund's voting, emphasizes that company boards know their businesses best. According to her, shareholder proposals are often too detailed or represent the interests of selected groups. Oljefondet also analyzes actions already taken by companies. After a comprehensive assessment, the fund may decide to vote against a given proposal. As Ihenacho points out, the fund's goal is to grow assets for future generations of Norwegians.

Data presented by NRK show that Oljefondet supported 89.8 percent of management proposals. At the same time, the fund voted against 54.6 percent of proposals submitted by shareholders. Politicians from the Progress Party defend the fund's current operating model. MP Tom Staahle noted that politicians should not interfere in individual investment decisions. Meanwhile, Mímir Kristjánsson from the Red Party stated that every such vote is political, regardless of the fund's declarations.

The debate around Oljefondet intensified after NRK published its analysis of voting in the world's largest technology companies. The discussion now concerns not only the fund's financial results, but also its impact on the climate, human rights, and internet user safety. There are also increasing calls for changes to the ethical guidelines governing the Norwegian sovereign wealth fund's investments.