Corporate Governance

The Pension Fund established its corporate governance policy for 2005 during the first quarter of 2005. The Pension Fund used its voting rights at two general meetings of shareholders, voting against proposed resolutions on one occasion.

The vote was cast against a proposal to delegate too broad an authority to issue shares to the board of management of the company in question.
14th April 2005.

During the second quarter of 2005, the Pension Fund used its voting rights at 21 general meetings of shareholders, voting against proposed resolutions or abstaining on several occasions. The Pension Fund’s own corporate governance policy dictated that the votes be cast against the proposed resolutions in question.

Discussions were held with companies in several cases. Limitation of voting rights and other shareholder rights, independence of members of the supervisory board and delegation of too broad an authority to issue shares to the board of management are a few of the subjects addressed during these discussions.
4th July 2005

During the third quarter of 2005, the Pension Fund used its voting rights at two general meetings of shareholders,  for which the Pension Fund’s corporate governance policy did not require

votes to be cast against any points on the agendas of these meetings or that the Pension Fund abstain from voting in these cases.
11th October 2005

During the fourth quarter van 2005 none of the companies being monitored in accordance with SSPF’s corporate governance policy held shareholders’ meetings and therefore no votes were cast by SSPF in this respect.

In a number of cases, SSPF did hold discussions with other institutional investors regarding corporate governance aspects.
9th January 2006