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AB Industrivärden

At the Industrivärden general meeting on April 21th,2021, Folketrygdfondet, manager of the Government Pension Fund Norway, voted against item 10.8 for the following reasons:

Item 10.8: Elect CEO Helena Stjernholm as a board member

Rationale:
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 10.8.