Deutsche Bank has nominated Yngve Slyngstad, the former CEO of Norway’s sovereign wealth fund, to its supervisory board.

Slyngstad was CEO of Norges Bank Investment Management (NBIM), the entity managing the world’s largest sovereign wealth fund in Norway, for 13 years.

Earlier this month he joined Aker ASA, the Norwegian investment company, to oversee its newly created asset management division.

“The supervisory board of Deutsche Bank recommends that the bank’s shareholders elect Yngve Slyngstad (59) to the supervisory board at the Annual General Meeting (AGM) on May 19, 2022,” said Deutsche Bank.

“Slyngstad would succeed Gerhard Eschelbeck, who will not stand for re-election when his five-year term ends at this year’s AGM.”

Mayree Clark, chair of the Deutsche Bank supervisory board’s nomination committee, said: “We will benefit from his network in the global financial industry and his vast experience as one of the pioneers of sustainable investing, as well as his current focus on cutting edge matters related to climate change and energy transition.”

Slyngstad said: “I greatly appreciate the supervisory board’s nomination.

“Deutsche Bank plays a crucial role in the development of Europe’s financial industry and will play an important role in the financing of the transition to a sustainable and carbon-neutral economy.

“Subject to the vote at the AGM, I would be delighted to contribute to the further development of Deutsche Bank’s strategy.”