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

      The world's largest sovereign wealth fund rarely confronts a company it invests in. However, when it does, its significant ownership makes such actions hard to overlook. Norges Bank Investment Management, which manages Norway's $2.3 trillion oil fund, plans to vote in favor of shareholder proposals calling for a human-rights assessment at Palantir Technologies, the data analytics firm co-founded by Peter Thiel.

      The fund revealed its intention to support proposals regarding human-rights due diligence and impact assessments, as well as reporting on political contributions, prior to Palantir's annual general meeting on June 3. The fund publicly discloses its voting intentions, serving as both a signal and a ballot.

      The main proposal, submitted by the Congregation of the Sisters of St Joseph of Peace, urges Palantir to carry out and publish a human-rights impact assessment, which is a standard due-diligence tool that companies use to identify and address potential harms linked to their products. The proposal expresses concern regarding the application of Palantir's software, noting an 84% increase in US immigration detentions and record fatalities in custody since the beginning of 2025.

      Palantir is at the center of two highly debated applications of data software. Its tools have been provided to US Immigration and Customs Enforcement, where critics argue that they facilitate targeting for deportation, while its collaboration with the Israeli government has attracted accusations of contributing to targeting in Gaza. The company has repeatedly defended its government engagements as lawful and essential.

      The Norwegian fund is not alone in its actions. The New York City Comptroller urged Palantir in February to undertake an independent human-rights assessment related to its work with the Department of Homeland Security, and ABP, the largest Dutch pension fund, has divested from the company. Norway's Storebrand, which manages roughly $109 billion, has also exited its investment over sales to Israel for use in the occupied Palestinian territories.

      The fund's stance is particularly pointed, as its ethical framework has faced scrutiny. Last year, Norway moved to pause or modify aspects of its wealth fund's ethics regulations, a decision critics claim was aimed at safeguarding investments in tech firms linked to Israel, despite the fund’s continued investments in companies like Palantir. By supporting the shareholder proposals, the fund can express its concerns via voting rather than resorting to the more drastic measure of divestment.

      Such shareholder votes are seldom binding, and Palantir's board may choose to disregard the results. However, the fund's announcement alters the level of attention the issue receives. When a $2.3 trillion investor publicly states its desire for a human-rights review, the focus shifts from whether activists have reservations about Palantir's contracts to whether one of the company's major shareholders shares those concerns.