General meeting of Link Mobility ASA

At the general meeting of Link Mobility ASA on 31 May 2023, Folketrygdfondet will vote against items 8, 9 and 15 for the following reasons:

Item 8. Advisory vote on remuneration report
The report is based on a programme for the remuneration of executive personnel that does not set a maximum limit on option programmes and other share-based compensation. The lack of a maximum limit is not in line with Folketrygdfondet’s expectations of executive remuneration in the company. Folketrygdfondet also abides by the principle that options should not be issued to board members. This also follows from Section 11 of the Norwegian Code of Practice for Corporate Governance. It is clear from the executive pay report that the company has issued options to the chair of the board. For all the above reasons, Folketrygdfondet will vote against Item 8.
Item 9. Approval of amended guidelines for salary and remuneration to management 

Folketrygdfondet takes a positive view of the management and board owning shares in the companies because this can ensure aligned interests between the management and shareholders, as well as sound corporate governance and value creation over time. We expect boards to devise schemes that are simple and clear, have a maximum limit and a scope that is not unreasonable. The scheme lacks an upper limit and could lead to the issue of a further 10 per cent new shares. In Folketrygdfondet’s view, the scheme is too large in scope and can lead to an excessive transfer of value from shareholders to the company’s employees.
Item 15. Board authorisation – Incentive schemes

We refer to our voting rationale in Item 9. Folketrygdfondet will therefore vote against the proposal to grant the board authorisation to increase the share capital in connection with the incentive scheme.