Norway's giant fund calls out Microsoft over Nadella's dual role, $96.5 million pay
Norway's massive $2 trillion wealth fund voted against Microsoft CEO Satya Nadella staying on as both board chair and CEO, and also opposed his proposed $96.5 million pay for 2025.
The fund says mixing the top two jobs weakens board independence, and wants more of Nadella's pay in shares locked up for five to 10 years, regardless of resignation or retirement.
Shareholders back Nadella anyway
Despite the pushback, Microsoft investors approved all proposals—including keeping Nadella in both roles and giving him a 22% raise from last year.
Many pointed to Microsoft's booming stock (up 23% in 2025) and its AI-driven growth as reasons to stick with him.
Why the fuss about governance?
Nadella has led Microsoft since 2014, steering it toward cloud computing and AI—and doubling its stock price in just three years.
But some big investors argue that no one should be both CEO and chairperson at the same time; they believe splitting these jobs helps keep companies honest and transparent.
Norway's fund: Not new to this debate
This isn't the first time Norway's wealth fund has pushed for splitting leadership roles or curbing huge executive paychecks—it regularly votes this way at US firms to encourage long-term thinking.
Their stance didn't change things at Microsoft this year, but it keeps the conversation going about how tech giants are run.