Fastighets AB Balder
At the general meeting 08.05.2026, Folketrygdfondet abstained from voting or voted against the following items for the following reasons:
Item 11.f: Elect Anders Wennergren
Folketrygdfondet voted against this proposal due to concerns regarding related-party transactions and board independence. The nominee has received material fees from the company through a law firm for legal services, which raises questions about independence and potential conflicts of interest. In addition, we note concerns related to board composition and committee effectiveness, including limited audit committee expertise and lack of a designated lead independent director. Taken together, we do not consider the nominee sufficiently independent.
Item 13.00: Amendments to Articles (Introduction of a New Share Class)
Folketrygdfondet voted against this proposal as it introduces a multi-class share structure. We generally oppose changes that create unequal voting rights between shareholders, as this can weaken shareholder equality and reduce governance transparency. Such structures may entrench controlling shareholders and reduce accountability to minority shareholders.
Item 14.00: Authority to Issue Shares with or without Preemptive Rights
Folketrygdfondet voted against this proposal as it grants broad authority to issue shares without preemptive rights. Combined with the proposed changes to the capital structure, this increases the risk of shareholder dilution and reduces shareholder control over future equity issuance. We expect such authorities to be more narrowly defined and accompanied by stronger safeguards.