Item 8. Election of chair of the board
We believe that the board should contribute more to highlighting the company’s assets and safeguard the interests of the minority in a good way. We therefore vote against the board members who are up for election.
Item 9. Election of board members
We refer to our explanation for Item 8.
Item 12. Proposal to the general meeting to reduce the share capital by deleting own shares and amending the articles of association
The proposal to delete own shares is a consequence of the company’s buy-back programme. Folketrygdfondet votes against authorising the board to acquire own shares in Item 13 and thus against the proposal to delete own shares in Item 12.
Item 13. Authorisation of the board to acquire own shares
We refer to our explanation for Item 12. Buying back shares can be a good supplement to paying dividends. However, Treasure is a very illiquid share with a limited trading volume in the market and inefficient pricing. Buying back shares at these discount levels also favours those who are not selling, and we therefore believe it is a poorer alternative than dividends that would have treated all shareholders equally. At the same time, it also further reduces free flow.