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Norges Bank votes for activist's four candidates in Air Products board fight

Published by Global Banking & Finance Review

Posted on January 21, 2025

1 min read

· Last updated: January 27, 2026

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Norges Bank supports activist investors in Air Products board decision - Global Banking & Finance Review
The image depicts Norges Bank's support for Mantle Ridge's candidates in Air Products' board election, reflecting key trends in finance and investment strategies.
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Norges Bank Supports Activist Investor's Candidates for Air Products Board

NEW YORK (Reuters) - Norway's sovereign wealth fund, one of Air Products and Chemicals' 10 biggest investors, said it will vote for all four of activist investor Mantle Ridge's director candidates to join the industrial gases company's board.

Norges Bank Investment Management said on its website that it will back all dissident nominees and vote against four of Air Products' board members, including chief executive Seifi Ghasemi and lead director Edward Monser at the Jan. 23 annual meeting. It did not offer an explanation for its decision.

The investor owned a 1.55% stake in Air Products at the end of June, according to LSEG data.

(Reporting by Svea Herbst-Bayliss; Editing by Chizu Nomiyama)

Key Takeaways

  • Norges Bank supports four activist nominees for Air Products' board.
  • The decision opposes current CEO Seifi Ghasemi and lead director.
  • Norges Bank holds a 1.55% stake in Air Products.
  • The vote will occur at the January 23 annual meeting.
  • No explanation was provided for the voting decision.

Frequently Asked Questions

What decision did Norges Bank make regarding Air Products?
Norges Bank Investment Management announced it will vote for all four of Mantle Ridge's director candidates and against four existing board members.
What is the stake of Norges Bank in Air Products?
As of the end of June, Norges Bank owned a 1.55% stake in Air Products, making it one of the company's largest investors.
Who are the board members that Norges Bank is voting against?
Norges Bank plans to vote against four board members, including chief executive Seifi Ghasemi and the lead director.

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