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General meeting of Arendals Fossekompani ASA

At the general meeting of Arendals Fossekompani ASA on 5 May 2022, Folketrygdfondet will vote against agenda item 15 for the following reasons:

Item 15: Election of nomination committee members

Folketrygdfondet is of the view that the nomination committee members should be independent of the individual board members. This is also in accordance with the Norwegian Code of Practice for Corporate Governance (NUES), section 7. For the nomination committee’s work, it is critical that there is a clear division of roles and responsibilities between the board and the nomination committee. This is not the case here, as the deputy board chair is standing for reelection as the nomination committee chair. The agenda item does not permit individual voting for candidates, and Folketrygdfondet will therefore vote against the nomination committee proposal as a whole.