Atlas Copco AB

At the Atlas Copco general meeting 22 April 2022, Folketrygdfondet, manager of the Government Pension Fund Norway, voted against item 8(xi) and 12(a) for the following reasons:

Item 8(xi): Elect CEO Mats Rahmström as board member

Folketrygdfondet opposes the election of the CEO to the board of directors as a matter of principle. One of the board’s main tasks is the supervision of company management, which includes appointment and dismissal of the CEO. Folketrygdfondet considers that board members can only supervise company management adequately if they are not recruited from among management. For this reason, we voted against item 8(xi).

Item 12(a): Decision on approval of Remuneration report

Folketrygdfondet’s decision to vote against items 12(a) is based on a cumulative assessment of the following elements: an unexplained increase in CEO fixed pay, lack of disclosure of several factors influencing the long-term incentive program, and a performance period that is less than three years.