Norway Oil Fund urges US banks to split the roles of CEO and Chairman

Norway’s oil fund, the largest sovereign wealth fund in the world, is urging U.S. banks to split the roles of CEO and chairman, the Financial Times reported Sunday. Leaders of the fund, which holds sizable shares in several major U.S. banks, said the practice of combining the two top jobs needed to end in order to secure greater fiscal stability and accountability.

“There is a special consideration for banks given that history of 2008 which makes it untenable for companies not to separate the roles,” Yngve Slyngstad, chief executive of Norway’s fund, told the Financial Times.