Skip to content
  • MyNewMarkets.com
  • Claims Journal
  • Insurance Journal TV
  • Academy of Insurance
  • Carrier Management
Insurance Journal - Property Casualty Industry News

Featured Stories

  • 2024 P/C Combined Ratio Best in More Than a Decade
  • Judge Backs 17% State Farm Rate Hike in California
  • Articles
  • Jobs
  • Markets

Current Magazine

current magazine
  • Read Online
  • Subscribe
  • Login
  • Front Page
    • National
    • International
    • Most Popular
    • Magazine
    • Forums
    • Blogs
    • Videos/Podcasts
    • Newsletters
  • News
    • Most Popular
    • National
    • International
    • East
    • Midwest
    • South Central
    • Southeast
    • West
  • Magazines
  • Research
  • Directories
  • Jobs
  • Features
    • Events
    • Forums
    • Market Directories
    • Quotes
    • Polls
    • Rankings & Awards
    • Insurance Giving Back
  • Subscribe

Norway’s $1.35 Trillion Wealth Fund: We Won’t Back Boards Who Fail on Climate

By Victoria Klesty and Gwladys Fouche | February 13, 2023
Email This Subscribe to Newsletter
  • Article

Norway’s $1.35 trillion wealth fund will step up its engagement with companies over their management of climate risk by voting against board members it deems are not doing enough on the issue, it said on Thursday.

Investing the state’s revenues from oil and gas production and managed by a unit of Norway’s central bank, the fund is one of the world’s largest investors, putting money into 9,200 companies in 70 countries, among other assets.

“We will now vote against board members if a company has experienced material failures in the oversight, management or disclosure of climate risk,” the fund said in its annual report on responsible investments.

The fund has long engaged on climate change with the companies it invests in. Last year, it voted against the re-election of 61 directors at 18 companies due to failures in adequately managing climate risk.

That number will increase this year, the fund’s chief governance and compliance officer Carine Smith Ihenacho said.

“We expect it to be more companies we will vote against this year,” she told Reuters, adding it would focus again on the biggest emitters such as those in the heavy industries, cement, steel, electricity and oil and gas sectors.

In September, the fund laid out plans to firms to cut their greenhouse gas emissions to zero by 2050, in line with the Paris Agreement and following a mandate from Norway’s government.

In 2022, the fund discussed climate change at 810 meetings it held with companies that represent 33% of the value of the its equity portfolio.

One of them was oil major Shell, with whom the fund discussed the company’s energy transition plan and climate change, it said.

In a sign of its focus on climate, the fund no longer prints the report, making it available online only.

(Reporting by Victoria Klesty and Gwladys Fouche, editing by Terje Solsvik and Kylie MacLellan)

Copyright 2025 Reuters. Click for restrictions.

Was this article valuable?

Thank you! Please tell us what we can do to improve this article.

Thank you! % of people found this article valuable. Please tell us what you liked about it.

Here are more articles you may enjoy.

State Farm VP Apologizes to Homeowner While Allstate Gets Grilled at Senate Hearing
Ice Cream Sandwich Maker Blames Agent for Lack of Recall Insurance After $4.5M Loss
Fire Destroys Mansion on a Former Louisiana Sugar Plantation
Complaints About Florida Insurers Have More Than Doubled in 5 Years, or Have They?

Written By Gwladys Fouche

More From Author

The most important insurance news,
in your inbox every business day.

Get the insurance industry's trusted newsletter

Email This Subscribe to Newsletter
  • Categories: International & Reinsurance NewsTopics: Climate Change, climate risks, climate transition risks, environmental social and governance (ESG) criteria, greenhouse gas emissions, net zero emissions
  • Have a hot lead? Email us at newsdesk@insurancejournal.com
More News
EU to Propose Removing Business Barriers to Enhance Competitiveness Amid US Tariffs
Former Progressive CEO Renwick, 69, Dies
Hack of Contractor Was at Root of Massive Federal Data Breach
Acrisure Secures $2.1 Billion Funding Round for M&A, Tech
More News Features

Read This Next

  • Norway's $1.35 Trillion Wealth Fund: We Won't Back Boards Who Fail on Climate
  • Acting FEMA Chief Is Ousted After Less Than 4 Months
  • Brett Favre's Defamation Suit Against State Auditor Can Move Forward, Court Says
  • State Farm VP Apologizes to Homeowner While Allstate Gets Grilled at Senate Hearing
  • Auto Coverage Under a CGL Policy

Insurance Jobs

  • Assistant Client Service Specialist, Surety Support Team - Hartford, CT
  • Health & Benefits Producer - Charlotte, NC
  • Associated Broker – Casualty - Minneapolis, MN
  • Senior Software Engineer (AI) - Saint Paul, MN
  • Software Engineer II (React, React Native, Nodejs) - Hartford, CT
MyNewMarkets
  • 5 Ways to Prepare for Healthcare Liability Changes in 2025
  • What's Next For Workers' Comp?
  • Soft D&O Market May Come to an End as Risk Complexities Rise
  • Exclusions: Active Assailant Coverage - Oh My!
  • 10 Things to Know About Insuring Boats & Marinas
Claims Journal
  • Marks & Spencer Says Cyberattack to Cost $403 Million
  • APCIA Says Record Shows 'Minimal Complaints' on Hurricane Milton, Helene Claims
  • Mitchell: Claims Frequency of Battery Electric Vehicles up as Sales Face Tariff Threat
  • Fire on Chevron Oil Platform Offshore Angola Injures 17
  • AF Group Claims Exec Embracing AI, But He Won't Measure Success by Replacing People
Academy of Insurance education
  • May 22 Commercial Property: Five Bombs and How to Defuse Them
  • June 5 E&O and Hard Markets: How Trying to Keep a Client Might Cause Trouble
  • June 12 Rating AI Tools: Balancing Functionality and Security
  • June 19 Can You Hear Me? Yes, I Am Listening!

Insurance News

  • News by Region
  • News by Topic
  • Yesterday

Site Search

Features

  • Insurance Markets Directory
  • Forums
  • A.M. Best Company Ratings
  • Industry Events
  • Agencies For Sale
  • Newswire
  • Insurance Jobs
  • Rankings & Awards

Connect with us

  • Email Newsletters
  • Magazine Subscriptions
  • For Your Website
  • RSS Feeds
  • Twitter
  • Facebook
  • LinkedIn
  • Do Not Sell My Info

Insurance Journal

  • Submit News
  • Advertise
  • Subscribe
  • Reprints
  • Link to Us
  • Contact Us

Wells Media Group Network

  • Insurance Journal
  • MyNewMarkets.com
  • Claims Journal
  • Insurance Journal TV
  • Academy of Insurance
  • Carrier Management
© 2025 by Wells Media Group, Inc. Privacy Policy | Terms & Conditions | Site Map