Not stewardship but abdication: Norway blocks climate transparency at Equinor

The Australasian Centre for Corporate Responsibility (ACCR), Sampension and Folksam are commenting on the results from Equinor ASA’s 2025 annual general meeting (AGM).

At the AGM, the Norwegian Ministry of Trade, Industry and Fisheries used its controlling shareholding to block a shareholder proposal^[1] that asked the Board of Directors of Equinor for additional transparency on climate matters.

The proposal – filed by ACCR, Folksam and Sampension – asked Equinor’s Board to explain how it assesses the inconsistency between the company’s planned oil and gas production increase and the Norwegian State’s^[2] expectation that Equinor operate in line with the Paris Agreement’s goals.

• While the Ministry voted AGAINST the proposal, 19% of non-state shareholder votes were cast FOR the proposal.
• While the Ministry voted FOR Equinor’s 2025 Energy Transition Plan, 24% of non-state shareholder votes were cast AGAINST the Plan.

Commenting on the results, Brynn O’Brien, Executive Director, ACCR, said:

“Norway’s treatment of Equinor as an exception to global climate goals undermines those goals. If Norway wants the rules to apply, it has to apply them consistently, including and especially where this is challenging for Norway.

“This should be a wakeup call for Norwegians. Norway does not and will not have credibility as a climate leader while it uses its controlling stake in one of the world’s largest oil and gas companies to give that company’s Board a free pass on climate governance.

“Norway’s continued prosperity, via its massive sovereign wealth fund, is dependent on the long-term performance of global financial markets. The world is heading towards warming levels that mean permanent value destruction, across financial markets. Equinor’s strategy is fundamentally incompatible with Norway’s future wealth and security.”

Emilie Westholm, Head of Responsible Investments and Corporate Governance at Folksam, said:

“We are of course disappointed that the Majority shareholder is not supporting the resolution. However we are hoping to continue the dialogue with the Norwegian state - shareholder to shareholder - to further discuss Equinor's climate ambitions.”

Jacob Ehlerth Jørgensen, Head of ESG, Sampension said:

“It is discouraging and difficult to understand that Equinor’s majority shareholder, the Norwegian state, has blocked our request for more transparency on Equinor’s alignment with global climate goals. This is a very concerning step away from Norway’s ambition to pursue the transition, when Equinor is clearly moving in the wrong direction.

“Using its shareholding to change Equinor’s path is one most powerful actions Norway can take, in real emissions terms, to mitigate climate change.

“This is too important to step away. We will continue to engage with the Norwegian state as Equinor’s majority shareholder and encourage other shareholders in Equinor to come to the table as well.”

ABOUT FOLKSAM
Founded in 1908, Folksam is one of the largest insurance and pension providers in Sweden. We insure every second family home and person in Sweden and are also one of the largest asset owners in the country with EUR 59 billion in assets under management at the end of 2024. As a pioneer within responsible investments, Folksam has spent more than two decades engaging with our portfolio companies on issues related to climate change and the environment, human rights and anti-corruption. Folksam is headquartered in Stockholm, Sweden. For more details, please visit www.folksam.se.

ABOUT SAMPENSION
Sampension is one of Denmark’s largest pension providers, with total assets exceeding EUR 40 billion and approximately 355,000 customers and members. Sampension is customer-owned and manages occupational and corporate pension schemes for Sampension Livsforsikring, the Pension Fund for Architects & Designers, the Pension Fund for Agricultural Academics and Veterinary Surgeons, and ISP Pension.