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Sandvik AB

At the Sandvik annual general meeting, Folketrygdfondet, manager of the Government Pension Fund Norway, voted against items 14.6, 17 and 18 for the following reasons:

Item 14.6: Election of Björn Rosengren to the board of directors

Folketrygdfondet opposes the inclusion of the CEO on 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.

Item 17: Resolution on guidelines for the remuneration of senior executives

Folketrygdfondet’s decision to vote against item 17 is based on a cumulative assessment of the following elements. The long-term incentive program is based on a performance period of only one year and is based on absolute, rather than relative metrics. Additionally, there is no disclosure of the performance criteria for short-term bonuses.

Item 18: Resolution on a long-term incentive program (LTI 2019)

Folketrygdfondet voted against this item, consistent with our voting on item 17.