Investing.com -- Norway's $2.3 trillion wealth fund withheld its vote on John Elkann's reappointment to the Meta Platforms board of directors, citing concerns about the executive's ability to dedicate sufficient time to the role.

Norges Bank Investment Management, which manages the fund, posted its voting intentions on Friday ahead of Meta's annual general meeting scheduled for May 27. The fund owns 1.2% of shares and 0.5% of votes in Meta.

Elkann, who serves as chairman of Stellantis and chief executive of investor Exor, attended at least 70% of board meetings at Meta in 2025. Meta's shareholder meeting documents stated his absences were "due to unavoidable conflicts."

All other Meta board members attended at least 75% of meetings, except Ultimate Fighting Championship CEO Dana White, whose attendance matched Elkann's.

"Board members should devote sufficient time to fulfill their responsibilities effectively," Norges Bank Investment Management said. "Board members should contribute to effective discussions and decision-making by attending all meetings."

The Norwegian wealth fund owns shares in about 7,200 companies and votes on 110,000 resolutions at more than 11,000 annual shareholder meetings each year.