Norway’s $1.6 trillion sovereign wealth fund, one of the globe’s largest investors, has declared its support for the reappointment of Barclays CEO C.S. Venkatakrishnan and Chair Nigel Higgins to the British bank’s board, as disclosed by the fund manager on Saturday.
Norges Bank Investment Management (NBIM) also announced its backing for Barclays’ proposed adjustment to its bonus policy concerning material risk takers (MRTs), akin to its recent stance at HSBC, according to an updated list of NBIM’s voting intentions.
The proposed alteration, subject to shareholder approval, would grant Barclays and its subsidiaries full discretion over bonuses for MRTs.
This move follows Britain’s decision last year to discard EU regulations that imposed caps on such payments.
Barclays is scheduled to convene its annual general meeting of shareholders on May 9.
Year to date, Barclays’ stock price has surged by 32%, outpacing the broader European banking sector’s 16% increase, after trailing behind competitors in previous years.
In February, the bank unveiled a three-year strategy aimed at revitalizing its dwindling stock price.
This strategy encompasses cost-cutting measures and a commitment to returning £10 billion ($12.54 billion) to shareholders, following a period of management instability and disappointing financial performance.
As of the close of 2023, NBIM held a 1.61% interest in Barclays, valued at $477 million, according to the fund’s most recent disclosure.
This places NBIM as the seventh-largest shareholder in the bank, according to data from the London Stock Exchange Group.