Norges Bank IM global governance head Anne Kvam resigns

Oslo headquartered DNV hires for ESG risk and opportunity build.

Anne Kvam has resigned from one of the highest profile positions in corporate governance as Global Head of Ownership Policy with Norges Bank Investment Management (NBIM), which manages the assets of the €463bn Norwegian Government Pension Fund Global. Kvam is joining DNV, the Oslo-headquartered risk management business, which is structured as an independent foundation and has 10,000 employees in 100 countries. Alongside risk management services to the maritime and energy industries, DNV provides sustainability-related consulting and certification services. Kvam becomes Principal Sustainability Consultant in DNV KEMA Energy & Sustainability Norway, a joint venture that was recently set up after DNV bought 74.3% of the capital of Dutch energy knowledge company, KEMA. DNV said Kvam’s role would be to build its environmental, social and governance risks and opportunities business. Her hire comes after DNV last month acquired UK-based sustainability agency ,Two Tomorrows Group, which was established in 2009, following the merger of csrnetwork and SD3. Its services include sustainability strategy, training, reporting and assurance. Kvam, who is a licensed solicitor and holds a law degree from the University of Oslo as well as an MBA from University College Dublin, takes up the new position on October 1. She said: “I’m looking forward to working with clients to find sustainable solutions inongoing operations and strategic decision-making. DNV is recognised for its integrity and quality and I believe the company will play an important role in the development of the sustainability agenda for a broad range of businesses and authorities.” Øystein Sjølie, Communications Adviser at Norges Bank, said it had not decided on a replacement for Kvam: “This is an opportunity to evaluate how we have organized our ownership work, and how we can strengthen it going forward.”
Norges Bank NBIM, part of the Norwegian Central Bank, is one of the world’s biggest equity managers holding more than 8,000 companies. Kvam’s responsibility for its voting and engagement strategy on those holdings gave her a high profile internationally. She was instrumental in NBIM’s involvement in the last year on a push for annual re-election of all company directors in the UK where it owns £32bn worth of listed shares. NBIM was also part of a major US corporate governance campaign to nominate board director candidates at six large US companies, the first major overseas institutional investor to go public with such requests. It filed shareholder proposals for so-called proxy access, which gives shareholders the right to nominate candidates for board elections on company ballots, at Wells Fargo, Charles Schwab, Western Union, Staples, Pioneer Natural Resources and CME Group as part of its efforts to strengthen shareholder rights. It was the first time the fund – which has stakes of 0.6-1.1% in the firms worth a total $1.4bn – had filed US proxy access proposals.