Coloplast A/S
At the Coloplast A/S (the “Company”) general meeting 4 December 2025, Folketrygdfondet, manager of the Government Pension Fund Norway, voted against item 4.00 and 6.01 for the following reasons:
Item 4.00: Remuneration Report
Folketrygdfondet’s decision to vote against the executive Remuneration Report is based on a cumulative assessment taking into consideration that Folketrygdfondet’s expectations related to board and executive remuneration is that the total amount of remuneration should not entail an unreasonable transfer of value from shareholders to executives. In this case, we note that the Company exceeded the Company's Remuneration Policy. We also note that the Company has failed to implement a remuneration strategy that adequately aligns executive pay with performance, in particular there is no performance hurdles for LTI grants and poor disclosure of performance metrics as STI targets are only partially disclosed. For these reasons, Folketrygdfondet voted against this item.
Item 6.01: Remuneration Policy
Folketrygdfondet’s decision to vote against the executive Remuneration Policy is based on a cumulative assessment taking into consideration that the Policy may entitle that the total amount of remuneration could entail an unreasonable transfer of value from shareholders to executives. In this case , we note that it includes a significant increase in maximum opportunity under short and long -term incentive awards and that metrics are undiclosed. For these reasons, Folketrygdfondet voted against this item.