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Norway's wealth fund voted in favour of Shell CEO pay, against climate targets

Norway's wealth fund voted in favour of Shell CEO pay, against climate targets
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OSLO (Reuters) – Norway’s $1 trillion sovereign wealth fund, the world’s largest, voted against a motion presented at the annual general meeting of Royal Dutch Shell <RDSa.L> calling on the energy giant to set climate targets.

Long-term investors with $10.4 trillion of assets under management, including banks BNP Paribas <BNPP.PA> and HSBC <HSBA.L>, had called on the energy giant to set firm carbon emission targets in line with the 2015 Paris Agreement.

The motion was defeated by 95 percent of Shell investors on Tuesday.

The fund also said it had voted in favour of the remuneration package of Chief Executive Ben van Beurden, worth 8.9 million euro (7.8 million pounds) in 2017, which was adopted by 75 percent of Shell investors on Tuesday.

(Reporting by Gwladys Fouche, editing by Terje Solsvik and Ole Petter Skonnord)

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