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Norway sovereign wealth fund backs FedEx CEO pay

Norway sovereign wealth fund backs FedEx CEO pay
Norway sovereign wealth fund backs FedEx CEO pay   -   Copyright  Thomson Reuters 2021   -  
By Reuters

<div> <p><span class="caps">OSLO</span> – Norway’s $1.4 trillion sovereign wealth fund, the world’s largest, said on Wednesday it will support FedEx <span class="caps">CEO</span> Fred Smith’s $54 million pay package at a meeting of the logistics company’s shareholders next week.</p> <p>The pay of the billionaire chief executive has been challenged by a labour union over the company’s decision to cancel a bonus programme while giving him an option award instead, only to then re-instate the bonus.</p> <p>Proxy advisers have given a split verdict on Smith’s pay, with Institutional Shareholder Services (<span class="caps">ISS</span>) giving “cautionary support” while Glass Lewis recommended that owners vote it down because of the reversal of the initial arrangement.</p> <p>The shareholder vote on Sept. 27 is advisory and not binding on FedEx. </p> <p>The Norwegian sovereign fund held a 0.73% stake in FedEx worth $505 million at the start of 2021, the fund’s last available record.</p> <p/> </div>