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Volvo AB

At the Volvo AB general meeting on 31 March 2021, Folketrygdfondet, manager of the Government Pension Fund Norway, voted against item 12 for the following reason:

Item 12: Elect CEO Martin Lundstedt 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 12.