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.
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