The sovereign wealth fund of Norway will vote against the re-election of Total SE’s Patrick Pouyanne as director of the French energy company at this week’s annual general meeting.
Pouyanne is currently both chairman and chief executive officer of Total, a combination the fund opposes, it said in voting intentions published on its website. The fund, whose official name is Norges Bank Investment Management, is the world’s biggest sovereign wealth fund with a $1.3 trillion portfolio.
“Where a company founder combines both roles, we may support this for a limited period, provided the board has put in place measures to mitigate any conflicts of interest,” it said.
Total’s board has proposed renewing Pouyannes’s term as director at the May 28 shareholder meeting. The Norwegian wealth fund holds about 2.5% of Total’s stock, making it the fourth-largest shareholder, according to data compiled by Bloomberg.