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Extraordinary General Meeting of Link Mobility ASA

At the Link Mobility ASA extraordinary general meeting December 7th, 2021, Folketrygdfondet will vote against agenda items 4 and 5 for the following reasons:

Item 4. Board authorization – Incentive schemes

Folketrygdfondet takes a positive view of executive and board share ownership schemes that align the interests of executives and shareholders, ensure good corporate governance and secure value creation over time. Folketrygdfondet also expects boards of directors to adopt schemes that are simple and clear, include a cap on allocations and are reasonable in scope.

Link Mobility already has an authorization to issue up to 5% new equity in connection with its executive remuneration scheme. Under this voting item, the maximum issuance would be increased to 10%. The remuneration scheme does not contain a cap and can lead to the issuance of an additional five percent new share capital. Folketrygdfondet is of the view that the scheme is too broad in scope and could therefore entail an excessive transfer of value from shareholders to the company’s employees.  

Folketrygdfondet will therefore vote against the proposed resolution to authorize the board to increase the share capital in connection with the incentive program.

Item 5. Approval of amended guidelines for salary and remuneration to management

Reference is made to the voting statement relating to agenda item 4. Folketrygdfondet is of the view that Link Mobility’s executive remuneration scheme is too large in scope. Folketrygdfondet will therefore vote against the proposed resolution to amend the guidelines for salary and remuneration to management. 
 

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