Norway's $2.3T fund objects to Elkann's Meta board seat

Norway’s Government Pension Fund Global withheld its vote on John Elkann’s reappointment to Meta’s board, citing concerns about time and meeting attendance. Norges Bank Investment Management said Elkann did not have enough time to devote to the role, noting he attended at least 70% of board meetings in 2025, with absences attributed to unavoidable conflicts. The fund stated board members should devote sufficient time to fulfill responsibilities and attend meetings to contribute to effective discussions and decision-making. The fund backed five of ten shareholder proposals at Meta, an unusually high number. One proposal demanded a data protection impact assessment for Meta’s collection of user interactions with generative AI chatbots used for personalized advertising and content.

"Norway’s Government Pension Fund Global, the world’s largest sovereign wealth fund, has withheld its vote on the reappointment of John Elkann to Meta’s board of directors. The fund said it believes the Stellantis chairman and Exor CEO does not have enough time to devote to the role. Norges Bank Investment Management, which manages the $2.3 trillion fund, published its voting intentions ahead of Meta’s annual general meeting on 27 May. Elkann attended at least 70 per cent of Meta board meetings in 2025, with his absences attributed to "unavoidable conflicts.""

""Board members should devote sufficient time to fulfil their responsibilities effectively," NBIM said. "Board members should contribute to effective discussions and decision-making by attending all meetings." The objection is notable because the Norwegian fund rarely breaks with management. In 2025, it followed board recommendations in 94 per cent of all resolutions. This year, it backed five of ten shareholder proposals at Meta, an unusually high number that signals growing unease with the company’s governance."

"One of those proposals calls for Meta to produce a data protection impact assessment on its collection of user interactions with generative AI chatbots for personalised advertising and content. That is a pointed demand. Meta has guided 2026 capital expenditure of $115 to $135 billion, nearly double last year, with much of it directed at AI infrastructure. Shareholders still have no board-level assessment of how the data feeding those products is sourced or governed."

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