Norway wealth fund backs shareholder proposal to split Goldman CEO, chair roles

Norway's $1.6 trillion sovereign wealth fund, one of the world's largest investors, said on Friday it would again vote in favour of a resolution calling for a split of the CEO and board chair roles at Goldman Sachs.

Proxy advisors Institutional Shareholder Services (ISS) and Glass Lewis have recommended that investors back a shareholder resolution urging the bank to split the two roles currently held by David Solomon, at Goldman's annual meeting on April 24.

Norges Bank Investment Management (NBIM), which operates the Norwegian fund, is the 12th biggest investor in Goldman Sachs according to LSEG data, with a 0.84% stake in the Wall Street bank at the end of 2023, valued at the time at $1.09 billion.

"The board should exercise objective judgement on corporate affairs and be able to make decisions independently of management," NBIM said in a statement explaining its vote rationale.