Zealand Pharma AS
At the general meeting 26 March 2026 Folketrygdfondet, manager of the Government Pension Fund Norway, voted against the following items for the following reasons:
Item 7.00 – Remuneration Report
Folketrygdfondet’s decision to vote against the executive Remuneration Report is based on a cumulative assessment. We note that the remuneration report received relatively low shareholder support at the previous annual general meeting, reflecting significant shareholder dissent.
In our view, the board has not sufficiently demonstrated how this dissent has been taken into account in the subsequent remuneration practices. In particular, we note that no material changes have been made to the structure or level of executive remuneration, despite the clear signals from shareholders.
Against this background, and given the continued high level of CEO compensation, Folketrygdfondet does not consider the remuneration practices to be sufficiently responsive to shareholder concerns. For this reason, we voted against the remuneration report.