Norges Bank Investment Management announced it will withhold its vote on the proposed reappointment of John Elkann to the Meta Platforms board of directors, stating concerns about whether Elkann can allocate sufficient time to his director duties.
The fund, which manages Norway’s $2.3 trillion sovereign wealth pool, posted its voting intentions on Friday in advance of Meta’s annual general meeting scheduled for May 27. Norges holds a 1.2% stake in Meta by shares and controls 0.5% of the voting power in the company.
Elkann, who currently serves as chairman of Stellantis and as chief executive of the investment group Exor, attended at least 70% of Meta board meetings in 2025. Meta’s shareholder meeting materials indicated that the meetings he missed were "due to unavoidable conflicts."
According to the documents filed for the shareholder meeting, attendance among Meta board members varied. All other directors attended at least 75% of meetings, with one exception: Ultimate Fighting Championship CEO Dana White, whose attendance rate was the same as Elkann’s.
Norges Bank Investment Management explained its position in a quoted statement: "Board members should devote sufficient time to fulfill their responsibilities effectively. Board members should contribute to effective discussions and decision-making by attending all meetings." The fund did not indicate that it would vote against Elkann, but said it would withhold its support.
The Norwegian wealth manager is an active global investor. It holds stakes in approximately 7,200 companies and participates in shareholder voting on roughly 110,000 proposals across more than 11,000 annual shareholder meetings each year, according to the information provided by the fund.
The decision to withhold a vote highlights the prominence of board attendance and time commitment as governance criteria for large institutional investors. Norges’ announcement came in the specific context of Meta’s upcoming shareholder meeting and reflects the fund’s published voting intentions for that event.
Attendance details noted in shareholder documents
- Elkann: attended at least 70% of Meta board meetings in 2025; absences described as "due to unavoidable conflicts."
- Other board members: attended at least 75% of meetings, except Dana White whose attendance matched Elkann’s.
Ownership and voting scope of Norges
Norges Bank Investment Management disclosed its ownership stake in Meta and reiterated its broader role as a shareholder across thousands of companies and meetings worldwide.