NORWAY - Norges Bank Investment Management (NBIM) has submitted shareholder proposals at four US companies, requiring them to have an independent chairman.
Harris Corporation, Clorox Company, Cardinal Health and Parker Hannifin Corporation will vote on these proposals at their general meetings, which will take place between October 23 and November 18.
NBIM global head of corporate governance Anne Kvam said: "In our current challenging markets, we believe that an independent chairman is essential. An independent chairman will be an asset to the company when the board must make the necessary strategic decisions and prioritizations ahead to sustain a strong share price and to create shareholder value over time."
NBIM - which manages the assets of the Government Pension Fund - Global and has taken various stances in the past to promote better corporate governance - holds assets in excess of US$400bn globally, of which US$66bn is invested in US equities.
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