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Volvo AB

At the Volvo AB general meeting on June 18th, 2020, Folketrygdfondet, manager of theGovernment Pension Fund Norway, voted against item 12.6 for the following reasons:

Item 12.6: Election of Martin Lundstedt to the Board of Directors
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 12(6).