Item 12(b): Election of Håkan Buskhe to the board of directors
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 12(b).
Item 14: Resolution on the Board’s proposal on guidelines for remuneration and other terms of employment for senior executives
The long-term incentive plan is based on performance over a single year. Folketrygdfondet is concerned that such a short performance period risks misaligning incentives for long-term sustainable value creation.
Item 15(a)-(c): Resolution on the Board’s proposal on a Long-term Incentive Program 2020 and acquisition and transfer of own shares
Folketrygdfondet voted against the above items, consistent with our voting for item 14.