Norway’s $2.1 Trillion Fund Supports Microsoft In Human Rights Vote

The move comes after some shareholders called for Microsoft to evaluate its human rights due diligence, following reports that its technologies were used by the Israeli military for mass surveillance of civilians in Gaza and the occupied West Bank.

Norges Bank Investment Management (NBIM), which oversees Norway’s sovereign wealth fund, voted against the proposal ahead of Microsoft’s annual shareholder meeting, set to be held virtually on Dec. 5. The fund published its voting intention on Sunday, following its usual practice of disclosing positions five days before the meeting.

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As of the end of June, NBIM held roughly $50 billion in Microsoft shares, representing 1.35% of the company. This makes it the fund’s second-largest equity holding after NVIDIA Corp. and positions NBIM as Microsoft’s 10th-largest shareholder, according to Bloomberg data.

The vote indicates that the Norwegian investor is satisfied with the measures the Redmond, Washington–based company has taken to address human rights concerns.

“We will not support a shareholder proposal where the company does not appear to have significant gaps in their management or reporting of the relevant sustainability risk ” NBIM said. “We assess companies against our public expectations on environmental and social issues. We may consider direction of travel and pace of change as part of our assessments.”

Earlier this year, Microsoft disabled certain software used by the Israeli military after an internal investigation found that data linked to mass surveillance of civilians had been stored on Microsoft cloud services, in violation of the company’s policies.

Pressure groups such as JLens and the Anti-Defamation League (ADL) urged shareholders to reject the proposal, describing it as politically motivated and aligned with broader campaigns to boycott or divest from Israel.

The sole shareholder proposal NBIM endorsed called on Microsoft to disclose the risks of operating in countries with serious human rights concerns. The fund had supported the same motion in 2024, but it failed to pass.

NBIM also voted against re-electing Satya Nadella as chairman, stating that a chief executive officer should not simultaneously hold the chairman role.

Norway’s sovereign wealth fund the world’s largest emphasizes active ownership as a strategy to promote long term value creation while minimizing negative social and environmental impacts. Notable past voting decisions include opposing Tesla Inc. CEO Elon Musk’s record-setting pay packages.