Norway oil fund boss claims Europeans are ‘less hard-working’ than Americans

Norway’s giant oil fund CEO, Nicolai Tangen, has raised concerns about the widening gap between Europe and the US in terms of innovation, technology, and work ethic. In an interview with the Financial Times, Tangen highlighted the differences in mindset and ambition between the two continents, noting that American companies are outpacing their European counterparts.

The $1.6tn oil fund, one of the largest investors globally, has seen a shift in its portfolio over the past decade, with increased holdings in US shares and decreased holdings in European equities. Tangen emphasized the importance of investing in America for the long term, despite concerns about the outcome of the US presidential elections.

Tangen also discussed the fund’s active stance on environmental, social, and governance (ESG) issues, including voting against major holdings at annual meetings. He expressed worries about the fund getting caught in the current ESG backlash in the US, emphasizing the need to be cautious and strategic in taking positions.

The CEO’s remarks shed light on the challenges and opportunities facing investors in a rapidly changing global landscape. As the oil fund continues to navigate these complexities, its approach to ESG issues and investment strategies will play a crucial role in shaping its future success.