OSLO (Reuters). –Norway’s $1.3 trillion wealth fund will cast its vote to next week in support of top German management at German farm product and pharmaceutical maker. Bayer AG (ETR) It stated on Sunday that it will vote against Werner Baumann’s remuneration package.

Bayer (OTC) will hold an annual general meeting in April where shareholders can vote to approve or deny the executive board’s business conduct for 2021. This is a common procedure at German AGMs.

Refinitiv data shows that the fifth most valuable shareholder in Bayer was the Norwegian fund, with 2.27% ownership of Bayer’s shares valued at $1.19 million.

The board was responsible for attracting and setting the appropriate CEO,” Norges Bank Investment Management, which manages the fund, stated in a statement.

According to the report, a significant proportion of annual remuneration must be offered as shares that are locked up for between five and ten years. There should also be transparency in order to avoid unacceptable outcomes. All benefits should clearly justify their business purpose.

The AGM vote, while largely symbolic and without any bearing on the tenure of management, is still a crucial indicator of investor sentiment.

Baumann is on a contract that will see him as the CEO until 2024. His goal is to improve return-on-investment, which was lagging behind other companies following its $63 billion acquisition of the agribusiness. Monsanto In 2018, (NYSE:

Bayer shares plunged after jurors found Monsanto responsible in several U.S. suits for failing to warn of cancer risks associated with its Roundup weedkiller.

At the 2019 AGM, the majority of shareholders voted against Bayer’s management. However, the Norwegian fund did give support to Baumann for two more years.