At the Fortum annual general meeting on 13 April, 2023, Folketrygdfondet, manager of the Government Pension Fund Norway, voted against item 9 for the following reasons:

Item 9: Resolution on the discharge from liability of the members of the Board of Directors and the President and CEO


Folketrygdfondet exercises particular caution in voting for a discharge of liability when a company has been involved in, or is accused of engaging in controversial activities. Fortum suffered a significant financial loss as a consequence of investments in Russia and the company’s exit from that market. The episode raises questions about the board’s risk management and oversight of Fortum’s Russian investments. For this reason, Folketrygdfondet voted against discharge of liability for the board and CEO.