Given its US$ 650 Billion AUM and US$ 380 Billion equity portfolio, one can assume that anything published by the Norway sovereign fund will be widely read. The main point (according to CNBC.com) of this particular document, which is a discussion of which CG practices it expects from investees, is that “[CG] codes cannot substitute for judgment, in part because different companies face a diversity of challenges that can justify a wide variety of governance structures.” We even had a post called “Checklist governance” back in March 2010, so no problems here. That said, it is interesting to consider the depth in CG analysis that a fund with over 7,000 equity holdings (and many other stakes in other asset classes) can achieve. I should note that I haven’t read the entire paper yet.
You can browse all the articles we wrote on the “Corporate governance” topic here.