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Saab AB

At the Saab AB annual general meeting, Folketrygdfondet, manager of the Government Pension Fund Norway, voted against items 12(b), 14 and 15(a)-(c) for the following reasons:

Item 12(b): Election of HÃ¥kan Buskhe to the board of directors

Rationale:
Folketrygdfondet opposes the election of the CEO to 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. For this reason, we voted against item 12(b).

Item 14: Resolution on the Board’s proposal on guidelines for remuneration and other terms of employment for senior executives

Rationale:
The long-term incentive plan is based on performance over a single year. Folketrygdfondet is concerned that such a short performance period risks misaligning incentives for long-term sustainable value creation.

Item 15(a)-(c): Resolution on the Board’s proposal on a Long-term Incentive Program 2020 and acquisition and transfer of own shares

Rationale:
Folketrygdfondet voted against the above items, consistent with our voting for item 14.
 

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