OSLO, April 29 (Reuters) - Norway's $1.6 trillion

sovereign wealth fund, the world's largest, is falling short on

its climate ambitions by failing to back multiple shareholder

proposals pushing oil companies to cut their greenhouse gas

emissions, a non-governmental organization said in a report said

on Monday.

The fund pools the Nordic country's state revenues from oil

and gas production. Since 2022 its aim is for the 9,000

companies it invests in globally to reach net-zero greenhouse

gas emissions by 2050, in line with the Paris Agreement.

As part of its strategy, the fund's management, Norges Bank

Investment Management (NBIM), has set expectations for corporate

boards on climate change and votes at annual general meetings on

this issue.

It says it engages with companies in multiple ways,

including via voting on shareholder proposals, and in severe

cases can divest from companies if they fail to respond.

The fund is failing short, however, on that ambition,

according to a report by Norwegian NGO Framtiden i vaare hender

(the Future in our Hands) that was shared with Reuters ahead of

its publication on Monday.

The report analysed the fund's voting record last year on 16

climate resolutions at nine oil majors, including BP,

Shell, TotalEnergies, Chevron ( CVX ) and

ExxonMobil ( XOM ).

It found that the fund supported seven such resolutions and

backed strategies the group said were "climate harmful" in the

remaining nine of those 16 cases.

"NBIM has, at times, opposed critical shareholder

resolutions on climate during annual general meetings. This

misalignment between NBIM's climate engagement strategy and its

actual voting behaviour signals a troubling gap in action," the

report said.

NBIM also voted against all climate resolutions at the

annual general meetings of four oil majors - BP, Shell,

TotalEnergies and Marathon - that have been flagged by

CA100+, an investor-led initiative that advocates for the

largest emitters to tackle their emissions, as companies that

fall short in their efforts to tackle climate change.

"NBIM's failure to endorse climate resolutions in line with

internationally agreed goals undermines its role as a steward of

sustainable finance," said the report.

The fund said it assessed all shareholder proposals based on

a specific framework.

"Our framework considers three elements: materiality,

prescriptiveness and relevant company- or market-specific

circumstances," the fund said in a statement emailed to Reuters.

"This means that we might not support a proposal related

to a material topic such as climate change if it, for instance,

seeks to micromanage a company's strategy, or if the company

already meets our expectations."

It often discuss its voting intention directly with

companies, ahead of AGMs.

"This allows us in some instances to communicate that we

find an issue raised in a shareholder proposal to be important,

even if it contains certain wording that lead us to vote

against," the fund said.