India, Dec. 10 -- Norway's $1.7-trillion sovereign wealth fund, a large shareholder of Microsoft, recently voted against CEO Satya Nadella's dual posting as chairman of the board, and his nearly $100 million pay package. The fund did this due to its stance against large salaries, and dual responsibilities. However, the majority of the shareholders supported Nadella, and backed his appointment, and compensation. The Norway fund's anti-vote fits into a larger pattern of shareholder activism, which involves institutional and small investors, cuts across several issues, and is seen across continents, and nations.

Asset sales, buybacks of shares, strategy, leadership, capital efficiency, climate change, and corporate ethics are increasingly c...