Elisa Oyj
At the Elisa Oyj general meeting 2 April 2025, Folketrygdfondet, voted against item 10.00 and 11.00 for the following reasons:
Item 10.00: Remuneration Report
Folketrygdfondet’s decision to vote against the Remuneration Report is based on a cumulative assessment of the following elements. Folketrygdfondet is concerned that the replacement awards will not be subject to performance/time-vesting conditions and were granted in the form of cash. While cognizant of the relative moderate amount of the award, Folketrygdfondet is troubled that the company used such a discretion, immediately after explicit shareholder concerns related to its remuneration policy. For this reason, we voted against this item.
Item 11.00: Remuneration Policy
Folketrygdfondet’s decision to vote against the Remuneration Policy is based on a cumulative assessment of the following elements. Folketrygdfondet expects companies to fully disclose and explain all aspects of their executives' remuneration in such a way that shareholders can comprehend and analyze the company's policies and procedures. The company's remuneration policy proposal was rejected at its 2024 AGM. Folketrygdfondet notes that the company applied most of the suggested changes, but that the shareholder feedback will be presented at the 2025 AGM. Folketrygdfondet questions the decision to delay such disclosures when it is known that there will be shareholders who are going to choose to vote in advance. The Remuneration Policy has potential for excessive payouts. For this reason, we voted against this item.