Norway's sovereign wealth fund to reveal voting intentions - FT

Thu Aug 7, 2014 6:40pm EDT

Aug 7 (Reuters) - Norway's sovereign wealth fund will start issuing public statements, to declare which way it intends to vote on issues being presented at companies' annual meetings, the fund told the Financial Times.

"We think this (move) will contribute to the transparency of how we manage the fund and assess questions for voting," the paper quoted the institution as saying. (on.ft.com/1kMdopl)

The fund, which is run by Norges Bank Investment Management, is known for questioning executive pay and accountability at companies in which it owns a stake.

Earlier in the day, Norges Bank voted against Fiat SpA's merger with its U.S. unit Chrysler. The bank registered for the meeting with a 2.15 percent stake in the Italian carmaker.

More large shareholders are taking a stance against policies at companies they are invested in. Only a few disclose how they plan to vote before the meetings.

The fund told the daily that from next year it aimed to publicly state its voting intentions in "selected companies" before their annual meetings.

Norges Bank could not immediately be reached for a comment outside of regular business hours in the UK. (Reporting by Esha Vaish in Bangalore; Editing by David Gregorio)