The Telenor case

The private investors

Last updated 7 October 2026 · 5 Norwegian asset managers

The Norwegian state owns 54 per cent of Telenor. But Norwegian banks, pension companies and fund managers also hold large stakes, through the funds of ordinary savers and pensioners. Telenor ASA has been charged with complicity in crimes against humanity.

Since the coup in Myanmar in 2021, Telenor has paid out around NOK 65 billion in dividends. The state has received around NOK 35 billion of this, and the funds of the five Norwegian asset managers on this page an estimated NOK 3 billion.

This page takes you through the case in three steps: who owns Telenor, what the investors knew when the sale happened in 2022, and what they have committed to.

The holdings are taken from Telenor's own shareholder lists as of 30 August 2026 and 27 February 2026. Dividends per owner are an estimate: current shareholding multiplied by total dividends per share 2021–2025 (NOK 46.80). Actual amounts depend on how many shares they held at each payment, and the dividends go to the funds and their clients. Owning shares in Telenor is not in itself a breach of any rules. Assessments marked «Prydz believes» are the author's own.

Forrådt av NorgeThe full story of Telenor in Myanmar. Over 400 source references. Signed by the author. Order

Norwegian asset managers

1. 01 1.52% of Telenor
   

   Storebrand Asset Management

   Storebrand Asset Management

   Dividends 2021–2025: an estimated NOK 971 million.

   Storebrand manages 20,752,421 shares in Telenor (30 August 2026) and is the largest Norwegian owner after the state and Folketrygdfondet.

   Storebrand funds holding Telenor shares in February 2026 included Storebrand Norge Institusjon, Storebrand Indeks – Norge, Storebrand Norge and Storebrand Norge Horisont. Storebrand Livsforsikring also held shares directly.

   In February 2022 Storebrand asked Telenor to carry out human rights due diligence before leaving Myanmar (Reuters).

   Telenor's shareholder list ↗
2. 02 1.25% of Telenor
   

   DNB Asset Management

   DNB Asset Management

   Dividends 2021–2025: an estimated NOK 801 million.

   DNB manages 17,120,796 shares in Telenor (30 August 2026).

   DNB funds holding Telenor shares in February 2026 included DNB AM Norske Aksjer, DNB Norge Indeks, DNB Norge Selektiv, DNB Global and DNB Grønt Skifte Norge («green shift»).

   In February 2022 DNB requested a meeting with Telenor about the sale, calling the situation «a considerable dilemma» for the company (Reuters).

   Telenor's shareholder list ↗
3. 03 0.99% of Telenor
   

   KLP Kapitalforvaltning

   KLP Kapitalforvaltning

   Dividends 2021–2025: an estimated NOK 636 million.

   KLP manages 13,597,686 shares in Telenor (30 August 2026). KLP is a customer-owned pension company, owned by municipalities, county authorities and health trusts.

   KLP funds holding Telenor shares in February 2026 included KLP AksjeNorge Indeks and KLP AksjeNorge Aktiv. Kommunal Landspensjonskasse also held shares directly.

   In February 2022 KLP said it was scrutinising the sale and was in dialogue with Telenor (Reuters). The KLP funds «AksjeGlobal Mer Samfunnsansvar» and «AksjeNorden Mer Samfunnsansvar» («more social responsibility») held Telenor shares in February 2026.

   Telenor's shareholder list ↗
4. 04 0.51% of Telenor
   

   Alfred Berg Kapitalforvaltning

   Alfred Berg Kapitalforvaltning

   Dividends 2021–2025: an estimated NOK 327 million.

   Alfred Berg manages 6,984,260 shares in Telenor (30 August 2026).

   Alfred Berg funds holding Telenor shares in February 2026 included Alfred Berg Indeks, Alfred Berg Gambak, Alfred Berg Norge and Alfred Berg Aktiv.

   Telenor's shareholder list ↗
5. 05 0.34% of Telenor
   

   ODIN Forvaltning

   ODIN Forvaltning

   Dividends 2021–2025: an estimated NOK 215 million.

   ODIN manages 4,600,000 shares in Telenor (30 August 2026), making it one of Telenor's 20 largest owners.

   Telenor's shareholder list ↗

State-owned asset manager

1. 06 4.35% of Telenor

   Folketrygdfondet

   Folketrygdfondet

   Dividends 2021–2025: an estimated NOK 2.8 billion.

   Folketrygdfondet is state-owned and manages the Government Pension Fund Norway. It owns 59,577,436 shares in Telenor (30 August 2026), in addition to the state's own 53.97 per cent stake.

   Folketrygdfondet has its own guidelines for responsible management and ownership.

   Telenor's shareholder list ↗

Other Norwegian owners

1. 07 Smaller holdings

   Telenor share register, 27 February 2026

   Funds, insurers and pension funds

   Telenor's full shareholder list shows that these Norwegian investors also held Telenor shares in February 2026:

   • Fund managers: SpareBank 1, SKAGEN, Eika, Fondsfinans, Heimdal, Landkreditt, Pluss and C WorldWide Norge
   • Equinor: the fund Equinor Aksjer Norge
   • Insurance: Gjensidige Forsikring, Fremtind, Storebrand Livsforsikring and Nordnet Livsforsikring
   • Pensions: MP Pensjon and Kristiansand kommunale pensjonskasse
   • Organisations: the Norwegian Confederation of Trade Unions (LO)

   • Telenor ASA – shareholder list as of 27 February 2026PDF

What the investors knew in 2022

1. 08 Before the sale

   Reuters, 15 February 2022

   The investors knew – one month before the sale was approved

   On 15 February 2022 Reuters reported that several Telenor investors were asking the company to protect customer data in Myanmar. By then it had emerged that the local company Shwe Byain Phyu, later sanctioned by the United States, would own most of the business, and human rights groups warned that the data of 18 million people could end up with the junta.

   • DNB Asset Management requested a meeting with Telenor and called the situation «a considerable dilemma» for the company.
   • Storebrand Asset Management asked Telenor to carry out «human rights due diligence» before leaving the country.
   • KLP said it was scrutinising the sale and was «in dialogue with Telenor and other stakeholders».

   The sale was approved on 18 March and completed on 25 March 2022.

   Prydz believes the investors must explain what came of their dialogue with Telenor, and what they did when the sale went ahead anyway.

   Read the story at Reuters ↗

What they have committed to

1. 09 Concluded

   OECD National Contact Point, 11 December 2025

   Telenor did not carry out adequate due diligence

   In the complaint from 474 Myanmar organisations, Norway's National Contact Point for Responsible Business Conduct concluded that Telenor had not carried out due diligence commensurate with the severity and likelihood of harm, and that the company systematically prioritised its own employees over other affected people.

   Most large asset managers say they follow the UN Guiding Principles on Business and Human Rights and the OECD Guidelines. These are the same guidelines the Contact Point assessed Telenor against.

   Prydz believes the investors that have committed to these guidelines must answer what they have done in the Telenor case.

What is being demanded now

1. 10 Op-ed

   Dagens Næringsliv, 7 October 2026

   «Telenor er den store testen for ansvarlige investeringer»

   John Eirik Grova, adviser on responsible business and responsible investment, writes in DN that large Norwegian financial institutions are committed to avoiding investments in companies that violate human rights, and that most of them are heavily exposed to Telenor.

   He argues that Norwegian investors have been absent from the case. According to Grova, they should join forces and demand that Telenor does not appeal the ruling on the class action, and that the company follows up the OECD Contact Point's recommendation on remedy, for example through a fund. If Telenor does not meet the victims, investors should consider selling out, he argues.

   Read the op-ed in DN (Norwegian) ↗