Norway's Wealth Fund Opposes Nike's Shareholder Proposal

Norway's $1.7 trillion sovereign wealth fund announced it will vote against a proposal requiring Nike to evaluate its supply chain policies for worker rights. The fund owns 0.92% of Nike's shares, valued at $1.05 billion as of June 30, and is the company's ninth-largest shareholder.

Norway's $1.7 trillion sovereign wealth fund, the world's largest, announced on Thursday it will vote against a shareholder proposal urging Nike to assess how effective its supply chain policies are in ensuring workers' rights.

As of June 30, the fund owns 0.92% of Nike's shares, which are valued at approximately $1.05 billion, according to fund data.

According to LSEG data, the Norwegian fund stands as Nike's ninth-biggest shareholder.

(With inputs from agencies.)