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Norway sovereign wealth fund backs FedEx CEO pay By Reuters


© Reuters. FILE PHOTO Fedex CEO Fred Smith was pictured in Washington at a roundtable of business leaders with U.S. Republican presidential candidate Mitt Romney, on June 13. 2012. REUTERS/Jason Reed/File Photo

OSLO (Reuters) – Norway’s $1.4 trillion sovereign wealth fund, the world’s largest, said on Wednesday it will support FedEx (NYSE:) CEO Fred Smith’s $54 million pay package at a meeting of the logistics company’s shareholders next week.

Unionism has challenged the CEO of the multi-billionaire company over his controversial decision to end a bonus program, while giving him an alternative award. Only then did he re-instate that bonus.

The split verdict of Smith’s proxy advisers has been given by Institutional Shareholder Services, (ISS), giving cautionary support and Glass Lewis recommending that the owners reject it due to the reversal in the original arrangement.

FedEx does not have to accept the outcome of the Sept. 27 shareholder vote.

A 0.73% stake was held by the Norwegian sovereign funds in FedEx at $505 million, as of the end 2021.

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