General meeting of Höegh LNG

At the General meeting of Höegh LNG 23th May 2017 Folketrygdfondet voted against item 7.2 on the agenda. The reason for voting against is given below.

The Norwegian Code of Practice for Corporate Governance article 7 recommends that the majority of the nomination committee should be independent of the board of directors. Furthermore, if a board member is appointed as a member of the nomination committee, such member should not offer himself or herself for re-election to the board. In Höegh LNG the chairman of the Board of Directors, Morten W. Høegh, is also a member of the Nomination Committee. Re-electing Morten W. Høegh as a member of the nomination committee is thus in conflict with the Norwegian Code of Practice for Corporate Governance; accordingly, Folketrygdfondet voted against item 7.2 on the agenda.

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