The head of the world’s largest sovereign wealth fund, Yngve Slyngstad, warns that the practice where top executives of US banks also will have the place as chair should disappear, writes Financial Times.
Despite the fact that the leader of the Norwegian oil Fund believes the split of these positions may take many years, he believes it is not a sustainable solution.
he wants to have two different people to fill these two important positions if the oil fund should have ownership of companies.
– there is only one way this is going to go, said Slyngstad the Financial Times, where he emphasized that other investors also increases the pressure.
he also emphasizes that it added extra pressure on banks to distinguish between these positions due to the financial crisis.
Slyngstad’s views comes just days after senior executive and chairman of JPMorgan, Jamie Dimon, should have held extraordinary møtermed a group of investors.
This møtettok space to reduce friction with shareholders and simultaneously motivate more long-term investors by discussing proposals for improvement of the organizational structure.
Jamie Dimon has experienced increasingly criticized for combining the roles of senior management and the Chairman and by JPMorgan’s last two annual meetings voiced more than a third of the shareholders to split up these positions.
last year voted the Norwegian oil fund against these two positions should be held respectively in Morgan Stanley and Wells Fargo under their Meetings.
the same thing happened during the annual meeting to other large companies such as General Electric and ExxonMobil.
the Norwegian oil fund stands currently with assets of over 800 billion dollars, and owns averaging 1.3 percent of all publicly traded companies in the world.
Meanwhile, the oil fund among the top 10 largest shareholders among several large US banks.
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