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William Demant Holding A/S

At the William Demant Holding general meeting, Folketrygdfondet, manager of the Government Pension Fund Norway, voted against item 7(d) for the following reasons:

Item 7(d): Approval of the Company's Remuneration Policy and General Guidelines on Incentive Pay

Folketrygdfondet voted against this item for two main reasons. First, the company does not provide a rationale for the significant increase in the CEO’s base salary in 2018. Additionally, the performance criteria for variable compensation are not disclosed.