Bavarian Nordic A/S

At the Bavarian Nordic A/S general meeting 5 April 2022, Folketrygdfondet, manager of the Government Pension Fund Norway, voted against item 8(d) for the following reasons:

Item 8(d): Proposal to approve remuneration of the Board of Directors and the Board Committees for the current financial year. 

The proposal includes equity-linked compensation for the board of directors in which the award is subject to continued service. In Folketrygdfondet’s view, board member compensation should not be linked to retention, as it is the responsibility of the shareholders to determine director tenure. Requiring continued service as a condition of directors’ fees could serve as a disincentive to any necessary board refreshment.