Norway wealth fund backs Vivendi's plan to spin off Universal Music

OSLO: Norway's US$1.35 trillion sovereign wealth fund, the world's largest, said on Thursday it would support Vivendi's plan to spin off Universal Music, including the distribution-in-kind of shares to Vivendi shareholders.

Separately, the fund will vote against the compensations of Vivendi's chairman, chief executive, top management and board members in line with its policy of having executive pay that is transparent and aligned with long-term shareholder interests.

The Norwegian sovereign wealth fund had a 1.49per cent stake in Vivendi worth US$572 million at the end of 2020, according to fund data.

(Reporting by Gwladys Fouche, editing by Terje Solsvik)