Norway’s $1.6 trillion sovereign wealth fund, one of the world’s largest investors, will support HSBC’s proposed bonus policy change for so-called material risk takers (MRTs), the Norwegian fund manager’s updated voting intentions showed.

HSBC, one of the world’s biggest banks, seeks to reclaim full discretion over bonuses payable to MRTs, after Britain last year threw out EU rules that capped such payments.

The bank says approval of the resolution will increase its ability to recruit and retain employees, with a significant number of its MRTs based outside the EU where most competitors do not have to comply with similar restrictions.

Norway held a 2.74% stake in HSBC at the end of 2023, valued at the time at $4.3 billion, according to the Norwegian fund’s most recent disclosure.

HSBC’s May 3 annual shareholder meeting is the first since the bank last year defeated a resolution backed by Hong Kong-based shareholders and by major investor Ping An to potentially spin off its lucrative Asia business.