One-Trillion-Dollar Wealth Fund Backs Left-Wing Activist Proposals At Facebook

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Kyle Perisic Contributor
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A trillion-dollar wealth fund in Norway voted for left-wing measures in a shareholder meeting on Thursday, according to Reuters.

The proposals included addressing the so-called gender pay gap and responsible tax principles.

Norges Bank Investment Management runs the world’s largest sovereign wealth fund and had a 0.71 percent stake in Facebook at the end of 2017, which is worth an estimated $3.64 billion, according to Reuters. Norges owns 1.4 percent of all globally listed shares and is worth $1 trillion.

Another proposal was to adopt simple majority voting at shareholder meetings. Facebook has a dual-class structure system of voting, which means class A shareholders get one vote per one share but class B shareholders have 10 votes per share.

Facebook co-founder and CEO Mark Zuckerberg, who owns a lot of class B shares, controls about 60 percent of the vote himself, The Daily Caller News Foundation reported on May 10.

Zuckerberg’s iron-fist of control over the company led to shareholder Aeisha Mastagni publishing an op-ed in the Financial Times on May 10, saying the CEO runs Facebook “akin to a dictatorship.”

Mastagni, a portfolio manager for a California retirement fund, said, “Everyone is equal, but some are more equal than others” under the dual-class structure — a nod to George Orwell’s literary classic, “Animal Farm.”

While Facebook management turned the proposals down, it partnered with a left-wing think tank to combat election meddling, the company announced on May 17. (RELATED: George Soros-Linked Think Tank Partnering With Facebook)

Facebook said The think tank, the Atlantic Council, has a “stellar reputation looking at innovative solutions to hard problems” and it will “use the Atlantic Council’s Digital Research Unit Monitoring Missions during elections and other highly sensitive moments” to ensure no meddling takes place in elections, Facebook said.

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