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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Yum Brands Inc | NYSE:YUM | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-0.73 | -0.54% | 134.34 | 136.00 | 133.92 | 135.88 | 2,448,252 | 01:00:00 |
The pension fund fueled by Norway's oil revenue is set to oppose global power company AES Corp. on four corporate-governance proposals--and a fund spokeswoman says more such announcements are likely as annual-meeting season gets under way.
Norges Bank Investment Management said it will support a shareholder proposal to let big shareholders list competing board candidates on AES's official corporate ballots, as well as a proposal to let holders of at least 20% of the company's shares call a special shareholder's meeting. It will oppose similar management proposals that it calls too limited.
The "proxy access" proposal furthers a movement that has gained steam as companies from General Electric to Citigroup to Yum Brands have granted the power to shareholders. Long opposed by companies, it could open the way to more fights over board seats at a time when activist investors are already rattling even large companies.
The proposal backed by Norges at AES would allow proxy access for shareholders controlling at least 3% of the company's outstanding stock for at least three years. They would be allowed to field candidates for up to 20% of the board.
The unit of Norway's central bank manages the country's Government Pension Fund Global, with a market value of nearly 7 trillion Norwegian krone ($888 billion). As of Dec. 31, it held $46.5 million of AES stock, or nearly 0.5% of the company.
AES couldn't be reached for comment Tuesday afternoon. The company's annual meeting is scheduled for Thursday morning.
AES management's proposals would allow investors holding at least 25% of shares to call a special meeting and would grant proxy access to investors holding at least 5% of its shares for at least three years.
AES, with a market value of about $9.2 billion, controls utilities in the U.S., Latin American, Europe and Asia.
Norges Bank spokeswoman Marthe Skaar said companies can expect additional, similar announcements on significant corporate governance proposals in coming weeks.
Write to Theo Francis at theo.francis@wsj.com
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