Support for unbundled board elections at Boliden AB

Norges Bank Investment Management will vote in favour of board re-election, and all other resolutions put forth to shareholder approval at the Annual General Meeting of Boliden AB on 27 April 2018. This is in line with Boliden AB’s management recommendations.

20 April 2018

Our rationale

For the first time, the Board of Directors of Boliden AB will undertake board elections as separate agenda items for each board seat. In our view, individual vote count provides for enhanced board accountability by allowing shareholders to express support for each board candidate. The practice recognises that institutional investors commonly vote by proxy based on the information made available prior to the general meeting.

We appreciate the board’s willingness to expose itself to this higher degree of accountability by applying more demanding corporate governance practices.

Position paper on individual vote count in board elections