Big Funds Push Back Against Activist Investor Settlements

After years of support for companies that hand board seats to activists to avoid a bruising public fight, some of the world’s largest institutional investors are pushing back.┬áBlackRock Inc, the world’s largest asset manager, and Norges Bank Investment Management, Norway’s $872 billion sovereign wealth fund are among the major funds resisting, encouraging companies to consult them before responding to an activist.┬áThese investors argue that in certain cases, giving board seats to frustrated shareholders with a shorter-term investment horizon could jeopardize the company’s long-term performance.

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