In general, Industrivärden is in compliance with the Swedish regulations relating to the organisation and procedures of the Annual General Meeting.

Under ITEMS 12a-12h, the (re-)election of the board of directors is proposed.

In view of insufficient independent representation on the board of directors and/or concerns over aggregate time commitments, ECGS recommends to vote OPPOSE to the (re-)election of: Mr. Pär Boman (ITEM 12a), Ms. Marika Fredriksson (ITEM 12c), Mr. Bengt Kjell (ITEM 12d), Mr. Fredrik Lundberg (ITEM 12e) and Mr. Lars Pettersson (ITEM 12g).

Under ITEM 12i, the nomination committee proposes to re-appoint Mr. Fredrik Lundberg as Chairman of the board of directors. As already mentioned above, ECGS has concerns over his re-appointment and therefore does not support his re-election as board Chairman either. Accordingly, ECGS recommends to vote OPPOSE.

Under ITEM 16, the board of directors seeks approval of the Company's executive remuneration guidelines. The policy is substantially in line with the policy adopted in 2019, but more detailed due to new legislation under SRD II. However, ECGS considers the proposed remuneration structure not to be in line with its guidelines. Consequently, ECGS recommends to vote OPPOSE.

Finally, ITEMS 18a-18d are shareholder proposals. ECGS recommends to vote FOR ITEMS 18a, 18b and 18c, but does not support ITEM 18d.

There are no further peculiarities.