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World’s biggest investment fund warns directors to tackle climate crisis or face sack

Norway’s sovereign wealth fund, the world’s single largest investor, has warned company directors it will vote against their re-election to the board if they do not up their game on tackling the climate crisis, human rights abuses and boardroom diversity.

Carine Smith Ihenacho, the chief governance and compliance officer of Norges Bank Investment Management, which manages more than 13tn Norwegian kroner (£1tn) on behalf of the Norwegian people, said the fund was preparing to vote against the re-election of at least 80 company boards for failing to set or hit environmental or social targets.

Melting glaciers and ice sheets around the world are causing concern over the changing climate. Photograph: Hollandse Hoogte/Rex/Shutterstock

Door: Rupert Neate, 03-02-2022 Afbeelding: Hollandse Hoogte/Rex/Shutterstock

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