General meeting of Arendals Fossekompani ASA

At the general meeting of Arendals Fossekompani ASA on 4 May 2023, Folketrygdfondet will vote against Item 14 for the following reasons:

Item 14. Election of Morten Bergesen to the nomination committee

Folketrygdfondet is of the view that nomination committee members should be independent of individual board members. This is also in accordance with Section 7 of the Norwegian Code of Practice for Corporate Governance (NUES). The independence of the nomination committee is important to ensure that all shareholders have the required confidence in the nomination committee’s processes and recommendations. It is fundamental to the work of the nomination committee that there is a clear division of roles and responsibility between the board and the nomination committee. That is not the case here, as the deputy chair of the company’s board is standing for re-election as chair of the nomination committee. Folketrygdfondet will therefore vote against the election of Morten Bergesen to the nomination committee.

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