Norway's $2.3 trillion fund supports a human rights assessment at Palantir.

      The largest sovereign wealth fund in the world seldom engages in disputes with the companies it invests in. However, when it does, the considerable size of the investor makes it difficult to overlook.

      Norges Bank Investment Management, which oversees Norway's $2.3 trillion oil fund, intends to vote in favor of shareholder proposals that call for a human-rights review at Palantir Technologies, the data analytics firm co-founded by Peter Thiel.

      The fund has indicated its support for motions regarding human-rights due diligence and impact assessment, as well as transparency in political contributions, ahead of Palantir’s annual general meeting set for June 3.

      By announcing its voting plans beforehand, the fund serves both as a public declaration and a way to influence the ballot.

      The primary proposal, submitted by the Congregation of the Sisters of St Joseph of Peace, requests that Palantir carry out and release a human-rights impact assessment, a common tool companies use to identify and address any harm associated with their products.

      The proposal highlights concerns about the use of Palantir’s software, noting an 84% increase in US immigration detentions and a record number of deaths in custody since the beginning of 2025.

      Palantir is at the center of two of the most debated applications of data software today. Its technology has been provided to the US Immigration and Customs Enforcement, where critics argue it facilitates targeting individuals for deportation, and its collaboration with the Israeli government has led to allegations that its systems contribute to targeting in Gaza. The company has consistently maintained that its work with the government is legal and necessary.

      The Norwegian fund is not acting alone. The New York City Comptroller urged Palantir in February to undertake an independent human-rights assessment related to its dealings with the Department of Homeland Security, and ABP, the largest pension fund in the Netherlands, has pulled its investments.

      Norway's own Storebrand, which manages about $109 billion, has divested from the stock due to its sales to Israel for use in occupied Palestinian territories.

      The fund's stance has become more pointed, as its ethical oversight has faced scrutiny. Norway took steps last year to suspend or modify aspects of its wealth fund's ethics guidelines in a manner that critics claimed aimed to safeguard investments in tech companies linked to Israel, even while the fund continued to increase its holdings in companies like Palantir.

      Supporting the shareholder proposals allows the fund to express concern through voting instead of resorting to divestment, which is a more forceful approach.

      Votes like these are typically non-binding, and Palantir’s board can choose not to act on the results. What the fund's announcement alters is the level of public attention.

      When a $2.3 trillion investor openly calls for a human-rights review, the discussion shifts from whether activists are troubled by Palantir’s contracts to whether one of the company’s largest stakeholders is concerned.