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Volvo AB

At the Volvo AB annual general meeting, Folketrygdfondet, manager of the Government Pension Fund Norway, voted against item 18 for the following reasons:

Item 18: Resolution regarding remuneration policy for senior executives

Rationale:
Folketrygdfondet’s overriding concern regarding executive remuneration is that the policy creates an incentive structure aligned with the company’s strategy for long-term value creation.
We are concerned that the Volvo AB executive remuneration policy does not contain a performance period longer than one year. Additionally, the performance targets are described as related to EBIT and cash flow, without further disclosure. For these reasons, Folketrygdfondet voted against item 18.