Item 8
Rationale
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. In this case, we note that the company has failed to implement a remuneration strategy that adequately aligns executive pay with performance, in particular there is no performance hurdles for LTI grants and poor disclosure of performance metrics as STI targets are not disclosed. For these reasons, Folketrygdfondet voted against item 8.