Norway's Oil Fund to Abstain From Novo Nordisk Board Vote

Dow Jones

Nov 10

By Dominic Chopping

Norway's sovereign-wealth fund will abstain from voting on new board members at Novo Nordisk's extraordinary shareholders' meeting later this week.

Danish drugmaker Novo Nordisk said last month it will replace its chairman and other board members after its controlling shareholder pushed for more changes to revive the company's success in the weight-loss market.

Chairman Helge Lund, Vice Chair Henrik Poulsen and five independent directors are being replaced and an extraordinary general meeting held on Friday to vote on new board members.

The company's majority shareholder, the Novo Nordisk Foundation, is proposing new members for election, including former Novo Nordisk Chief Executive Lars Rebien Sorensen as chair and Cees de Jong as vice chair.

The Norwegian wealth fund, commonly known as the oil fund, said Monday that it will abstain from voting on the new board appointments, including the chair and vice chair. It didn't provide a reason for the decision.

The oil fund holds a 1.79% stake in Novo Nordisk, valued at around $5.54 billion at June 30.

Write to Dominic Chopping at dominic.chopping@wsj.com

(END) Dow Jones Newswires

November 10, 2025 03:29 ET (08:29 GMT)

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It didn't provide a reason for the decision. \n\n\n  The oil fund holds a 1.79% stake in Novo Nordisk, valued at around $5.54 billion at June 30. \n\n\n \n\n\n  Write to Dominic Chopping at dominic.chopping@wsj.com \n\n\n \n\n\n  (END) Dow Jones Newswires\n\n\n  November 10, 2025 03:29 ET (08:29 GMT)\n\n\n  Copyright (c) 2025 Dow Jones & Company, Inc.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":true,"code":"91000000","status":"200"}}}