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Kinnevik AB

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

Item 18: Resolution regarding guidelines for remuneration for Senior Executives

Folketrygdfondet’s decision to vote against the remuneration policy is based on a cumulative assessment of the following elements. The remuneration policy includes a retention award for two executives for an undisclosed amount. The proposal also opens for discretionary bonuses, with few disclosures on performance criteria. Lastly, we note that the policy does not provide for clawbacks or include performance measurements relative to peers.