Item 15: Remuneration Report
Rationale:
Folketrygdfondet expects firms to fully disclose and explain all aspects of their executives'
remuneration in such a way that shareholders can comprehend and analyse the company's
policies and procedures. Furthermore, we also evaluate the extent to which the Company links
executive pay with performance. During 2020, the board has decided to adjust the target levels in
VSP 2020, LTIP 2018 and LTIP 2019 due to the impact of the ongoing Covid-19 pandemic. In
Folketrygdfondet’s view, discretionary adjustments indicate a lack of resolve on the part of the
board to put incentive awards truly "at risk", especially when a compelling discussion of the
adjustments is not provided. For this reason, we voted against item 15.