Panoro Energy ASA
At the general meeting 21.05.2026, Folketrygdfondet abstained from voting for the following items for the following reasons:
Item 7.00: Directors' Fees
We voted against this proposal due to concerns regarding the granting of share options to non-executive directors. Non-executive directors are expected to maintain independence and provide objective oversight of management. Equity-based incentive awards, particularly those with multi-year vesting periods, risk aligning directors too closely with short-term share price performance and may weaken their independence and critical oversight function. We believe director remuneration should preserve a clear distinction between supervisory and executive roles.
Item 10.00: Remuneration Report
Folketrygdfondet’s decision to vote against the executive Remuneration Report is based on a cumulative assessment taking into consideration that the executive remuneration comprising discretionary awards does not align with shareholder interests because this may undermine the integrity of a company's incentive system and not create a sufficiently transparent link between pay and performance. For this reason, we voted against this item.