Austevoll Seafood ASA

Part Item 7 a) Determination of remuneration for the Board members

According to the Public Limited Liability Companies Act, the General Meeting must vote on the remuneration for the Chair and members of the Board. In item 7 a), the Nomination Committee has proposed fees for the Board members, including a fee of NOK 575,000 for the Chair for the 2025/26 General Meeting season. However, the company's report on remuneration for senior executives reveals that the Chair receives a consultancy fee from Laco AS of NOK 3,236,000 and a Board fee of NOK 513,000 for 2024, which is invoiced to Austevoll Seafood ASA. The consultancy fee is related to the work as Chair of Austevoll Seafood ASA. There is a significant discrepancy between the Nomination Committee's proposed fee for the Chair and the information presented in the Board's report on remuneration for senior executives.

The notice for the General Meeting item 7 a) appears misleading, as the proposed fee does not represent the actual remuneration the Chair receives. This is in violation of the Public Limited Liability Companies Act § 6-10. The Chair receives remuneration beyond what the Nomination Committee proposes, and must therefore be considered in conflict with good corporate governance and common practice in listed companies, cf. NUES item 7. On this basis, Folketrygdfondet votes against item 7 a).

Item 11 Remuneration report for senior executives

Folketrygdfondet votes against item 11 on the remuneration report for senior executives. The remuneration report reveals that the Chair has received NOK 3,749,000 for work as Chair and consultancy fees. This refers to our reasoning for voting against item 7 a) and that the Chair's remuneration is not anchored in the Nomination Committee's recommendation.