Norway's Sovereign Wealth Fund to Oppose Nike Shareholder Proposal

Norway's $1.7 trillion sovereign wealth fund, the largest in the world, will vote against a shareholder proposal urging Nike to evaluate the effectiveness of its supply chain policies in safeguarding workers' rights. The fund owns a 0.92% stake in Nike, valued at $1.05 billion, making it the ninth-largest shareholder.

Norway's $1.7 trillion sovereign wealth fund, the world's largest, announced on Thursday its decision to vote against a shareholder proposal calling on Nike to scrutinize the efficacy of its supply chain policies in protecting workers' rights.

The wealth fund, which holds a 0.92% stake in Nike—valued at approximately $1.05 billion as of June 30—has taken a definitive stance on this issue. Fund data confirm its position as Nike's ninth-biggest shareholder, according to LSEG data.

This move underscores the fund's strategic decisions and investment principles in scrutinizing corporate governance and ethical practices within its portfolio companies.

(With inputs from agencies.)