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Norway sovereign wealth fund backs FedEx CEO pay

Published 09/22/2021, 03:22 AM
Updated 09/22/2021, 03:25 AM
© Reuters. FILE PHOTO: Fedex CEO Fred Smith is pictured at a business roundtable meeting of company leaders and U.S. Republican Presidential candidate Mitt Romney in Washington, 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:FDX) CEO Fred Smith's $54 million pay package at a meeting of the logistics company's shareholders next week.

The pay of the billionaire chief executive has been challenged by a labour union over the company's decision to cancel a bonus programme while giving him an option award instead, only to then re-instate the bonus.

Proxy advisers have given a split verdict on Smith's pay, with Institutional Shareholder Services (ISS) giving "cautionary support" while Glass Lewis recommended that owners vote it down because of the reversal of the initial arrangement.

The shareholder vote on Sept. 27 is advisory and not binding on FedEx.

The Norwegian sovereign fund held a 0.73% stake in FedEx worth $505 million at the start of 2021, the fund's last available record.

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