Lifco AB

Item 15.04: Elect Eric Gabrielson as a board member  
In Folketrygdfondet’s view, board members should not undertake assignments for the company outside of their duties to the board. Folketrygdfondet’s concern is that such assignments may negatively affect the board member’s independence and ability to perform his or her supervisory functions properly. Eric Gabrielson is a lawyer and partner of a law firm, that received SEK 5.0 million in the past fiscal year. For this reason, we voted against item 15.04.  

Item 15.08: Elect CEO Per Waldemarson as a board member 
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 15.08.

Item 17.00: Remuneration Report
Folketrygdfondet’s decision to vote against the Remuneration report is based on a cumulative assessment. Folketrygdfondet’s expectations related to board and executive remuneration is that the total amount of remuneration should not entail an unreasonable transfer of value from shareholders to executives. Furthermore, the incentive programs should secure value creation for shareholders over the long term. In this case, we note that the company has failed to implement a long-term remuneration strategy that adequately aligns executive pay with performance. For this reason, we voted against item 17.00.