Genmab A/S

At the Genmab annual general meeting 26 March 2020, Folketrygdfondet, manager of the Government Pension Fund Norway, voted against items 6(a) and 6(b) for the following reasons:

Item 6(a): Adoption of the the Remuneration Principles for the Board of Directors and the Executive Management of Genmab A/S

Folketrygdfondet opposes the inclusion of board members in the company’s restricted share unit (RSU) program. To be clear, we encourage members of the board to own shares in the company. However, the remuneration of the board of directors should not be linked to the company’s performance. Instead, Folketrygdfondet supports board members’ investment of their remuneration in company shares at market price.
We are also critical of the executive remuneration principles’ inclusion of a clause providing for accelerated vesting in the event of a change in control.

Item 6(b): Approval of remuneration to the Board of Directors for 2020

Folketrygdfondet voted against this item, consistent with our voting on item 6(a).