Item 14: Resolution on the principles for salary and other remuneration to senior executives.
Folketrygdfondet’s decision to vote against the remuneration policy is based on a cumulative assessment of the following elements. The resolution provides information on CEO remuneration, but not the other members of executive management covered by the proposal.
Although the resolution notes the existence of a cap on short-term bonus payments, the level is not disclosed. The proposal also does not identify any claw back provisions, and the vesting period for share-based remuneration is less than three years. Lastly, we note that the program measures CEO performance over a single year based on group-level earnings per share, and does not include any comparison to peers.
Items 17(a)-(c): Resolution on a long-term employee ownership program for the financial years 2020, 2021 and 2022 (“Seop 5”).
Folketrygdfondet voted against these items consistent with our rationale for item 14.