At the Demant AS general meeting on 5 March 2021, Folketrygdfondet, manager of the Government Pension Fund Norway, voted against item 8.06 for the following reason:

Item 8.06: General authority to issue shares on preemptive and non-preemptive basis


The board will be authorised to issue up to 26% of the Company's current issued share capital with or without preemptive rights. In general Folketrygdfondet will vote against an authorization to the board of directors to issue more than 10 % of the share capital without any specific purpose. In our opinion, the proposal entails a high level of potential dilution to current shareholders and lack a reasoning for justifying the size of the increase. On this basis Folketrygdfondet voted against the proposal.