Norway's $2trn sovereign fund joins James Hardie shareholder revolt
Norges Bank, which manages the world's largest sovereign wealth fund, is opposing the election of five James Hardie directors and voting against its remuneration report.
Norway's $2 trillion sovereign wealth fund will join the shareholder revolt against James Hardie, declaring it will vote against the ASX-listed building materials company's remuneration report and most of its board directors at this week's annual general meeting.
The Norwegian central bank Norges Bank, which manages the Government Pension Fund of Norway, said it would oppose the re-election of chair Anne Lloyd and all but one company director up for election this week, joining a flock of irate proxy advisers and institutional investors.
"Shareholders should have the right to seek changes to the board when it does not act in their best interest," Norges, which owned 1.35% of James Hardie before the merger, said in guidance published to its website.
It comes after the construction company announced a heavily criticised plan to merge with US decking firm Azek, a move that has wiped $6 billion from its market cap and would see it move its primary listing from the ASX to the US – with the Australian exchange waiving the company's obligation to seek shareholder approval.
