Nomination committees
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Folketrygdfondet is continuously working to further develop the work of the companies' nomination committees. To ensure high long-term value creation, it is important that the companies have boards with the right expertise and composition.
| Company | Representative | Position |
|---|---|---|
| Telenor ASA (Bedriftsforsamling) | Kjetil Houg, Chief Executive Officer | Member |
| AF Gruppen ASA | Christina Stray, Chief Legal Officer | Member |
| Europris ASA | Tine Fossland, Portfolio Manager | Member |
| Gjensidige Forsikring ASA | Pernille Moen Masdal, Portfolio Manager | Member |
| Kongsberg Gruppen ASA | Bjarte Espedal, Portfolio Manager | Member |
| Mowi ASA | Ann Kristin Brautaset, Deputy Director Equities | Member |
| Nordic Semiconductor ASA | Eivind Lotsberg, Portfolio Manager | Member |
| Norsk Hydro ASA | Karl Mathisen, Chief Investment Officer Equities | Member |
| Orkla ASA | Kjetil Houg, Chief Executive Officer | Member |
| Schibsted ASA | Ann Kristin Brautaset, Deputy Director Equities | Member |
| SpareBank 1 SR-Bank ASA | Kjetil Houg, Chief Executive Officer | Member |
| TGS-NOPEC ASA | Ole Jakob Hunstad, Portfolio Manager | Member |
| TOMRA Systems ASA | Tine Fossland, Portfolio Manager | Member |
| Veidekke ASA | Karl Mathisen, Chief Investment Officer Equities | Member |
| Yara ASA | Ann Kristin Brautaset, Deputy Director Equities | Member |
Why the nomination committee is important
Board work is becoming professionalized, and companies depend on having boards where the members have the right expertise. The role of nomination committees has therefore increased in importance in recent years. We have played a role in promoting this development, not least through our participation in the Institutional Investment Forum and the Norwegian Corporate Governance Board (NUES).
We primarily wish to ensure that the companies have sound processes for putting together competent boards. We prioritize this by partic¬ipating in the nomination committees in some of the companies we have invested in, but we have to limit this because it is time-consuming work. Folketrygdfondet is not represented on the companies’ boards, but in addition to being represented on nomination committees, we also attend corporate assemblies.
Our representatives meet regularly to discuss common issues relating to the work of the nomination committee. We have also introduced a systematic evaluation process whereby each representative evaluates the individual committee’s work towards adopted goals. Several portfolio managers take on this role, which also helps to increase our experience of active ownership across the organization. We believe that this helps to strengthen our active investment approach.