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Royal Unibrew A/S

At the Royal Unibrew annual general meeting, Folketrygdfondet, manager of the Government Pension Fund Norway, voted against item 6.4 for the following reasons:

Item 6.4: Approval of Remuneration Policy 

Rationale:
Folketrygdfondet’s decision to vote against this item is based on a cumulative assessment of the following elements. The company provides disclosure of executive remuneration as a lump sum for the entire senior management team, rather than on an individual basis, the plan permits the award of discretionary bonuses, and the company does not disclose performance targets or the relative weight of performance metrics for the short-term or long-term incentive plans.