Support for shareholder proposal on board declassification at Kellogg Company

Norges Bank Investment Management will vote in favour of the shareholder proposal on board declassification and all other resolutions put forth to shareholder approval at the Annual General Meeting of Kellogg Company on 26 April 2019.

24 April 2019

Our rationale

For board accountability to be effective, shareholders must be able to participate in frequent election of all board members of the board, with our preference being annual elections. We supported Kellogg Company’s attempt to declassify its board in 2014 and we renew our support for a declassified board with annual elections of directors at Kellogg Company. We welcome the opportunity to express our views on this important element of good corporate governance and commend the Kellogg board for its willingness to respond to shareholders’ views on this topic.

Voting guidelines