Norwegian Sovereign Wealth Fund Promotes FedEx CEO Payments

Texas News Today

FILE PHOTO: FedEx CEO Fred Smith is photographed at the business roundtable of corporate leader and US Republican presidential candidate Mitt Romney on June 13, 2012 in Washington. Reuters / Jason Reid / FILE PHOTOS

September 22, 2021

Oslo (Reuters) – Norway’s $1.4 trillion sovereign wealth fund will support FedEx CEO Fred Smith’s $54 million payment package at the logistics company’s shareholders meeting next week on Wednesday. declare.

Billionaire CEO Pay has been challenged by a union over a decision to cancel the company’s bonus program and award an option to revive the bonus instead.

The deputy advisors make a split decision on Smith’s salary, the Institutional Shareholder Service (ISS) provides “careful support”, and Glass Lewis recommends the owners vote against because the original arrangement has been reversed. did.

The September 27 shareholder vote is advisory and does not bind FedEx.

In early 2021, the Norwegian Sovereign Wealth Fund held a 0.73% stake in FedEx for $505 million, the fund’s last available record.

(Reporting by Terje Solsvik, edited by Gvaldis Foche)

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