Norway wealth fund opposes Elkann reappointment to Meta board

Norway’s $2.3 trillion sovereign wealth fund, Norges Bank Investment Management, said it will withhold its vote on John Elkann’s reappointment to Meta Platforms’ board, citing concerns about his ability to dedicate sufficient time to the role. The fund, which holds roughly 1.2% of Meta’s shares (0.5% of votes), posted its voting intentions ahead of Meta’s annual meeting on May 27. Norges highlighted Elkann’s ~70% attendance at 2025 board meetings and urged board members to attend fully to ensure effective governance. The move signals increased investor scrutiny of Meta’s board oversight and could add modest governance-related pressure on management, though direct market impact is likely limited given the fund’s minority stake.