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Ericsson

At the Ericsson general meeting on 31 March 2020, Folketrygdfondet, manager of the Government Pension Fund Norway, voted against items 8.2 and 11.4 for the following reasons:

Item 8.2: Discharge of liability for the members of the Board of Directors and the President


Rationale:
Folketrygdfondet exercises particular caution in voting for a discharge of liability when a company has been involved in, or is accused of engaging in serious misconduct. As a matter of principle, we do not vote for a discharge of liability for any individuals who were members of the board or of the executive management team during the period in which the company was involved in the activity in question. In Ericsson’s case, we have looked to the time period indicated in the recently concluded deferred prosecution agreement with US authorities related to violations of the Foreign Corrupt Practices Act. As certain individuals covered under item 8.2 were members of the board or executive management during that period, Folketrygdfondet voted against discharge of liability for these individuals. 

Item 11.4: Election of the members and deputies of the Board of Directors - Börje Ekholm


Rationale:
Folketrygdfondet opposes the inclusion of the CEO on 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.