LONDON, Aug 16 (Reuters) - The head of Norway's sovereign wealth fund has poured cold water on the proposal made by UK City Minister Paul Myners that long-term shareholders have more voting rights than those who trade in and out of a firm's shares.
In an interview with The Sunday Telegraph, Yngve Slyngstad, chief executive of Norges Bank Investment Management (NBIM), which owns 1 percent of the entire London market, said such an arrangement would not work.
"I don't see how that could practically be implemented. One share, one vote is a good principle," he said.
Myners' proposals were aimed at "stimulating debate in the investment industry" on how to encourage and facilitate better stewardship by institutional investors, he said. (Reporting by James Davey; Editing by Jon Loades-Carter)