Industrivarden AB

At the Industrivärden annual general meeting 24 April 2020, Folketrygdfondet, manager of the Government Pension Fund Norway, voted against item 12(h) for the following reasons:

Item 12(h): Election of Helena Stjernholm to the board of directors

Folketrygdfondet opposes the election of the CEO to the board of directors as a matter of principle. One of the board’s main tasks is the supervision of company management, which includes appointment and dismissal of the CEO. Folketrygdfondet considers that board members can only supervise company management adequately if they are not recruited from among management. For this reason, we voted against item 12(h).