This March 2026 research report by Follow This examines the proxy voting records of the five largest institutional investors active in Norway (NBIM, Nordea, DNB, Storebrand, and KLP) on climate resolutions filed at Shell and BP between 2020 and 2025.
It argues that NBIM, Norway’s sovereign wealth fund, voted against every single climate resolution at these two companies over six years, while its four Norwegian peers largely voted in favor.
The report contrasts NBIM’s voting record with its own published climate commitments, investment mandate, and financial stress test findings.
