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Norway’s Wealth Fund Takes Firm Position Ahead of Microsoft AGM

Norway’s sovereign wealth fund, valued at roughly $2 trillion and recognized as the world’s largest, announced that it will support a shareholder proposal calling for Microsoft to produce a detailed report on the human rights risks associated with operating in countries flagged for significant rights concerns. The proposal, which will be voted on at the company’s annual general meeting on December 5, seeks deeper transparency around Microsoft’s global activities and how the company manages ethical and legal exposure in sensitive regions.

Microsoft’s management has advised shareholders to vote against the motion, arguing that the company already maintains extensive disclosures and internal processes to evaluate such risks. However, the fund’s stance reflects growing investor pressure on major technology firms to increase accountability around their international operations.

Opposition to Nadella’s Reappointment and Compensation Package

In addition to supporting the human rights report, Norway’s wealth fund stated it will vote against the reappointment of Microsoft CEO Satya Nadella as board chair. The fund will also oppose Nadella’s compensation package, continuing its long-standing practice of scrutinizing executive pay at major corporations.

As of June 30, the fund held a 1.35% stake in Microsoft valued at approximately $50 billion, making Microsoft its second-largest equity position after Nvidia. The fund is also Microsoft’s eighth-largest shareholder globally, according to LSEG data.

These voting decisions underscore the fund’s strategic approach to influencing corporate governance, particularly at companies with outsized global influence. The fund regularly votes on thousands of proposals each year and has taken increasingly assertive positions on executive accountability, board independence, sustainability practices, and rights-related issues.

High-Stakes Vote Approaches

Investors will determine the outcome of the proposals at Microsoft's AGM, scheduled for December 5. The meeting will test how strongly shareholders weigh human rights concerns and governance structure against management’s recommendations.

Microsoft has faced increased investor scrutiny over the past year as global tensions, regulatory pressures, and regional data policies have intensified. Calls for greater transparency have grown as the company expands its cloud services, AI ecosystem, cybersecurity footprint, and government partnerships in countries with varying levels of rights protections.

The fund’s opposition represents a significant signal, given its reputation for disciplined, principle-based governance decisions and its influence across global markets. The final shareholder vote will reveal whether broader investor sentiment aligns with the fund’s position or remains aligned with Microsoft’s leadership.