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Volvo AB

At the Volvo AB general meeting on 6 April 2022, Folketrygdfondet, manager of the Government Pension Fund Norway, voted against item 9.18 for the following reason:

Item 9.18: 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 9.18.