So good afternoon. My name is Nils Bastiansen, and I am Chair of the Corporate Assembly, and it is my pleasure to welcome you to this virtual Annual General Meeting where all shareholders participate digitally. Some are also following the AGM via webcast, and I would like to inform you that the webcast will be published on Telenor's website after today's Annual General Meeting.
Joining me on the panel today are Chair of the Board, Jens Petter Olsen; President and CEO, Benedicte Schilbred Fasmer; and EVP and CFO, Torbjørn Wist.
I'll start with some practical information. Shareholders will notice 4 clickable buttons at the top of the screen: Home, Messages, Voting and Documents. Pressing Home will take you to all the technical details of today's meeting. Shareholders who wish to ask questions or comment on any of the items on the agenda may do so in writing via chat or verbally.
When it comes to voting, we've chosen to keep all items open for voting throughout the end of the meeting and sum up accurate results at the end. During the meeting, we will concentrate on going through the issues and dealing with any comments and questions. Those of you who are logged in can then vote on all the issues whenever you wish and must then have cast your votes before we end today's meeting.
So with this, the meeting is deemed to be opened, and we move on to Item 2, which concerns the registration of represented shareholders and proxies. The DNB is in the process of counting attending shareholders and proxies. The numbers will be reported as soon as they are available and presented to the Chair of the meeting.
The general meeting will process the items and follow the agenda set out in the notice of the AGM and displayed on the screen. The Chair of the Board and I have received proxies with voting instructions and proxies where voting is entrusted to the proxy, respectively. Where voting is entrusted to the Chair of the Board or to me, we will vote in line with the recommendations of the Board and the Nomination Committee. The proxies will be reflected in the voting results, which will be available in the appendix to the minutes.
We have the following proportion of the share capital represented. 453,009,084 shares are represented in the form of advanced votes. 711,312 shares are represented by proxy to the Chair of the Board. 6,515 shares are represented by instructions to the Chair of the Board. We have 32 participants online, and these votes represent 738,477,831 shares. This adds up to a total of 1,192,272,008 shares being represented, which amounts to 87.13% of the share capital.
We now turn to the individual items on the agenda, and the votable items have been opened. The first item of business is the approval of the notice of the general meeting and the agenda. The notice of today's Annual General Meeting was sent to all shareholders with a known address on the 30th of April 2025. The notice of the meeting and the other documents referred to in the notice are made available on Telenor's website. We've not received any comments or questions regarding Item 3.
We will now then move to the next item of business, which is the election of a person to sign the minutes of the Annual General Meeting together with the Chairman of the meeting. According to the Public Limited Liability Companies Act, the Chair of the meeting and at least one other person elected by the general meeting shall sign the minutes. The representative of the Ministry of Trade, Industry and Fisheries, Bjørn Tore Sommer, is proposed as this person. I note that there are no questions.
We now move on to Item 5 of the agenda. Before the CEO gives his report, the Chair of the Board, Jens Petter Olsen, will give an introduction. Any questions regarding the presentations by the Chair of the Board and the CEO will be answered together after both have given their presentations.
I now give the floor to Jens Petter Olsen.
Thank you, Nils. Dear shareholders, we are now in our third year of delivering on the strategy presented by Telenor's Capital Markets Day in 2022. In 2024, the Board of Directors had a particular focus on supporting and following up on the management team in the fulfillment of the company's ambitious and strategic objectives. And it is with pleasure that the Board can conclude that we are well on track with our ambitions that we identified as critical to our future success. An important element of this is that we continue to see growth in our core business. In our opinion, this is the result of targeted efforts to deliver secure and reliable services to an increasing number of customers.
The past year was also eventful for the Board of Directors in the sense that the Board went through a thorough and successful reprocess to search for the company's next CEO. In December 2024, Benedicte Schilbred Fasmer took over as the new CEO of Telenor Group. We have since then also seen a new leadership team taking shape. Torbjørn Wist, who sits by my side, started as the new CFO from 1st of January this year. Together, management and the Board will continue to work closely together to ensure that Telenor remains a forward-looking company. I'd also like to take this opportunity to thank Sigve Brekke, who was CEO for more than 9 years until he stepped down last year, for his significant contribution to Telenor's solid performance over many years.
As we enter the final year of the current strategy period, the Board of Directors will continue to follow up and support the management in the work to fulfill the company's goals for 2025. At the same time, the Board has started the work of identifying a new strategy for the period 2026 to 2028, aiming for a Capital Markets Day towards the end of this year. The strategic work will focus on identifying the best possible path for Telenor's further growth while safeguarding the interest of customers, employees, partners, investors and society. The Board also notes the current geopolitical climate characterized by increased turmoil and risk, which will be important to take into account in the strategic work to ensure a robust and forward-looking strategy.
And finally and in conclusion, I would like to thank Telenor's employees who made an extraordinary effort in 2024 to ensure that the company is well positioned for continued growth and value creation in the Nordic region and the Nordic companies and to further develop the market-leading positions in Asia.
So thanks to the Chair of the Board. Now President and CEO, Benedicte Schilbred Fasmer, will give an account of the company's operations, strategy and priorities.
The floor is yours, Benedicte.
Thank you. Dear shareholders, I've now had the pleasure of being President and CEO of Telenor for almost 0.5 year, and it's been an intense and educational 6 months. At a time of heightened geopolitical unrest and rapid technological change, there's no doubt that the services we provide are more important than ever.
Stable, secure and accessible digital infrastructure is a prerequisite for both value creation and emergency preparedness, and Telenor is at the center of this responsibility. And it motivates me to work with something that means so much to so many people. Leading a company with such an important social mission, in addition to the business aspect, is a great privilege.
One of the very first things I tackled even before I started in December was to put in place a strong and coordinated corporate management team. Now everyone is in place, and this is the team that will lead Telenor forward together with our many talented employees across the company. And it was important for me to put together a team that combines valuable continuity with new expertise. It provides both stability and new perspectives. The management team has extensive experience from areas that will be critically important for Telenor going forward and from the markets in which we operate.
And as Jens Petter mentioned earlier, 2025 is the third and final year of the period in which we are focused on delivering on Telenor's current strategy. This also means that we've now started the work of drawing up the strategic lines for the next phase in good collaboration with the Board of Directors. We have a strong starting point for this work in terms of operations, expertise and financial position. And we will share the results of the strategy process at our next Capital Markets Day on the 11th of November.
In the meantime, we continue to create value customized for each of our business areas. In the Nordics, as a leading player, we will continue to pursue our more-for-more strategy and transformation program that has delivered a solid EBITDA growth. Our assets in Asia remain important for cash flow and growth in the medium term. Here, we will be active owners, aiming to maximize cash flows and values while reducing risk over time. As the market is aware, we have entered into an agreement to sell our operations in Pakistan. The regulatory approvals have taken longer than expected, but are still in process.
In 2024, Grameenphone demonstrated an impressive ability to deliver despite considerable unrest and demanding social conditions in Bangladesh. This is a testament to resilience and local implementation capacity. In Thailand, Malaysia, through True and CelcomDigi, we work closely with our co-owners and partners to realize synergies and strengthen our dividend capacity.
In addition to the Nordics and Asia, our 2 business areas of Infrastructure and Amp have their own value-creation strategies. In Infrastructure, it's about further developing our portfolio of towers and data centers and operating them as efficiently as possible. Amp manages the buying and selling in the portfolio of Telenor's investments in a number of companies. The focus is to invest in areas of exciting technology and opportunity for future growth outside but close to our core areas, especially within cybersecurity and IoT or the Internet of Things.
The geopolitical situation we are in is marked by increased uncertainty and new threats, both to physical infrastructure and digital services. And as a multi-market player, we recognize that the climate is different than it was just a few years ago. And in this reality, Telenor will be the digital backbone of society with security at its core.
Our customers' security is central to us, and that's why we've developed a range of security services for the consumer market as well as establishing Telenor Cyberdefence for the business market. And it's why we are also developing new solutions that meet ever higher security requirements such as AI Factory and the new Shieldguard (sic) [ Skygard ] partnership.
New technologies, especially artificial intelligence, will have a major impact on both security and customer experiences in the years to come. And through Telenor AI Factory, we make AI available to Norwegian companies. And in addition, Telenor will utilize AI for its own transformation. We will use AI in a wise, responsible and forward-looking way and continue to develop Telenor as a safe and modern technology company.
Shieldguard -- or Skygard will deliver the data center technology of the future with the first center now being built in the Oslo region and scheduled to open towards the end of the year. This provides customers with nationally rooted and sustainable cloud solutions and strengthens our independence in a world characterized by international unrest.
At the same time, we are strengthening our role in the provision of critical services and societal preparedness, including through the 10-year contract that our subsidiary, KNL in Finland, has signed with both the Finnish and the Swedish defense forces. And it's -- I'm happy to be able to tell you that now we're working on the exercise called the BuckLeap, where we are training with other companies and the defense forces to practice good total preparedness in Norway.
So we are well on our way to achieving our financial ambitions set at the Capital Markets Day in 2022. The strategy of being a leading Nordic telecoms company with profitable growth has worked well. We have demonstrated our ability to deliver, as communicated in 2022, low to medium single-digit top line growth and medium single-digit EBITDA growth. With our 2025 outlook, we are well on our way to achieving these goals also this year.
And we continue to focus our -- on strengthening our core connectivity business, developing improved services for both consumer and business markets and making Telenor more efficient through our technology-driven transformation program. Looking at free cash flow before mergers and acquisitions, we have delivered in line with or better than the ambitions set at the last Capital Markets Day in 2022. And we confirm our outlook or prospects for 2025, where dividends will be covered by free cash flow before mergers and acquisitions of approximately NOK 13 billion.
At Telenor, corporate social responsibility is a natural part of how we create value. I've barely touched on this previously in my presentation. It's also about building a business that is both profitable and which makes a positive difference. And it's about thinking long term with a focus on people, society and the future. And we have set clear targets for cutting emissions in our own operations. We invest in energy-efficient and reliable technologies that form the backbone of a robust network.
And we make demands also on ourselves when it comes to responsibility throughout our supply chain. Digital inclusion is an area we are working actively on, especially in reaching out to vulnerable groups. We also work systematically to ensure that we have clear ethical principles in the use of artificial intelligence because we thrive on trust every single day. And these are not just important measures in themselves. They are, in fact, part of the foundation for the trust we build and manage with the stakeholders around us, customers, the society, partners, et cetera, and not least investors. So sustainable solutions will, therefore, remain central to our work going forward.
So at the very end, I would like to conclude by saying thank you very much for your confidence in us. We are in a rapidly changing market, but we're also standing firm with a strong culture, skilled employees and a clear direction. And together, we will continue to create value for our customers, for the society and for you as owners.
And with that, I'll hand over to Torbjørn to take us through the results for the financial year 2024. The floor is yours, Torbjørn.
I'd like to thank CEO, Benedicte Schilbred Fasmer, for her contribution here.
The next item on the agenda is the approval of the financial statements and the Board of Directors' report for Telenor ASA and for the group for the financial year 2024, including the Board of Directors' proposal for distribution of dividend. Following briefings will be provided under this item. CFO, Torbjørn Wist, will provide a more detailed briefing on selected key points in the financial statements. And the Chair of the Board of Directors, Jens Petter Olsen, will provide another update on the Board's proposed allocation of the annual profit. Auditor, Anders Gøbel, is present and can answer any questions. Any questions will be answered at the end of all the presentations.
And I'd now like to hand over to CFO, Torbjørn Wist.
Good afternoon to all shareholders. Let me begin my review with the income statement. Profit after tax to shareholders in Telenor ASA in 2024 was NOK 18.3 billion, which is up from NOK 13.7 billion in the previous year.
I'd like to highlight the following major changes in the income statement compared with the previous year. EBITDA improved by NOK 2 billion in 2024 compared with 2023. Growth in the Nordics is the biggest contributor to the good results we see in 2024, but the other business areas also contributed to our good growth. Sale of Telenor Satellite to Space Norway with a gain of NOK 1.4 billion further strengthened EBITDA. The results from associated companies changed significantly from the previous year. True Corporation in Thailand experienced a large share price increase in 2024, which reversed almost the entire impairment we made in 2023.
On the line for net financial income and expenses, we find shareholder loans. Part of Telenor's ownership interest in True is through a jointly owned company, and the shareholder loans are recognized at fair value based on the share price. In 2023, a fall in the share price led to a reduction in the value of the shareholder loan with a net change of NOK 1.2 billion. In 2024, the value of the shareholder loan was reversed with an increase of NOK 2 billion.
On the line for discontinued operations, we had a gain in 2023 of NOK 18.6 billion as a result of the deconsolidation of dtac in connection with the True merger. And in 2024, there was only a small negative amount on this line from remaining liabilities related to the business in India that was divested in 2018. And to sum of all, this meant -- the sum of all, this meant that profit after tax for 2024 totaled NOK 20.1 billion, of which NOK 18.3 billion went to the shareholders of Telenor ASA, an increase of NOK 4.6 billion from previous year.
We've now reviewed the main features of Telenor Group's consolidated results. And I'd also like to take you through Telenor ASA, that is the parent company's results for 2024. Telenor ASA is a holding company, which includes the group management, corporate functions, research and development and Telenor's internal bank. ASA's operating revenues mainly consist of shares of sales of group services to other group companies, sales of research and development services and sales of other consulting services. Telenor ASA carries out a large part of the external financing of the group and provides loans to and receives investments from group companies.
Net financial items for 2024 totaled NOK 20.4 billion compared with NOK 13.5 billion in the previous year. The high financial income is mainly due to group contributions and dividends received from subsidiaries. Profit for the year was, therefore, NOK 20.3 billion compared with NOK 13.6 billion the year before.
And let's take a quick look at the parent company's financial position. Telenor ASA's balance sheet shows a book value of assets totaling NOK 212 billion. Parent company's equity was solid at NOK 109 billion. Finally, let's take a look at the yield. We continue our long-standing tradition of steady nominal growth in dividend per share, and we have a clear focus on maintaining that dividend policy.
In line with the dividend policy, which ensures an increase in dividend per share, the Board of Directors has proposed a dividend for the 2024 financial year of NOK 9.6 per share, representing a total payout to shareholders of approximately NOK 13.1 billion. At present, the administration has no plans to buy back any shares. But as last year, it has requested a buyback authorization based on the desire to have a room for maneuver if necessary. The authorization is limited to 41 million shares, representing around 3% of the company's share capital.
And with that, I thank you. I'll give the floor back to the Chairman of the meeting.
I thank CFO, Torbjørn Wist, for his presentation. And I give the floor to the Chair of the Board, Jens Petter Olsen, who will present the Board's proposal for the appropriation of -- or the allocation of profit for the year.
Thank you. Telenor ASA's profit for 2024 was approximately NOK 20.3 billion after receiving group contributions and dividends of NOK 27.6 billion. The Board proposes the following allocation of the profit after tax: NOK 20.283 billion will be allocated to retained earnings. And after this distribution, after deduction of share capital, Telenor ASA has an equity of NOK 109,129 million. And the Board of Directors proposes a total dividend of NOK 9.6 per share, totaling approximately NOK 13.1 billion. The dividend is proposed to be paid in 2 installments of NOK 5 per share and NOK 4.6 per share in May and October 2025, respectively.
I would then like to thank the Chair of the Board for his report. And the auditing firm, EY, led by the responsible auditor, Anders Gøbel, has audited financial statements of Telenor and issued an unqualified auditor's report.
At its meeting on 19th of March 2025, the Corporate Assembly considered the Board's proposed annual accounts and proposed allocation of the annual profit. The Corporate Assembly's statement is included in the Norwegian version of the annual report on Page 275 and is now shown on screen. In its recommendation, the Corporate Assembly supports the Board of Directors' proposal.
We then return to the formal resolution to approve the annual accounts, the annual report and the payment of dividends. The proposal is now being shown on screen. If there are no questions, and it appears to be no questions, we move on to the next item.
The next item is the approval of group contribution to the subsidiary, Telenor Asia Holding AS. In order to achieve effective coordination of taxable profits against taxable losses among Norwegian group companies, it is proposed that a decision be made concerning group contributions. The wording of the resolution is now being shown on screen. We've not received any comments or questions regarding Item 7.
The next item of business is the approval of the auditor's remuneration for the audit of the company. I give the floor to CFO, Torbjørn Wist, who will provide information about the auditor's remuneration.
The auditor's remuneration from Telenor is divided into statutory audit and other remuneration. As in previous years, an overview of the auditor's remuneration is included in the company's annual report in Note 38 to the consolidated financial statements.
The auditor's remuneration for the audit of Telenor ASA in 2024 was NOK 7,524,689. The audit fee normally includes fees for the statutory audit and a limited review of the quarterly reports. Remuneration for assurance services totaled NOK 1.7 million, and the fees primarily related to attestations as a result of legislation. For tax-related services, the auditor's remuneration was NOK 1.4 million. The fees mainly related to tax-related assistance and explanations of tax rules and consequences.
The auditor's remuneration for other services was NOK 1.7 million. Other services primarily related to reviews of processes, projects and suppliers as well as financial due diligence in connection with acquisitions, sales and other transactions.
I would like to thank CFO, Torbjørn Wist, for the briefing and remind you that the Annual General Meeting will only approve remuneration for the audit of the parent company, Telenor ASA, and no subsidiary group companies. The wording of the resolution can be seen on the screen now. I've noted that there are no questions on this item.
I now give the floor to Chair of the Board of Directors, Jens Petter Olsen, who will present the Board's report on corporate governance. There will be no vote on the report. And unless there are any objections that are provided, it will be recorded in the minutes after the Chair of the Board of Directors' briefing that the general meeting takes note of the report.
Thank you. The Board of Directors considers good corporate governance to be essential to ensure the greatest possible value creation over time for the benefit of Telenor's shareholders, customers, employees and other stakeholders. The Board of Directors has given an account of the group's corporate governance principles and practices in accordance with the Norwegian Accounting Act and the Norwegian Code of Practice for Corporate Governance, NUES.
The statement is provided as part of the Board of Directors' annual report available on the company's website and as Appendix 1 to the notice of the Annual General Meeting, to which I refer for full details of Telenor's corporate governance. Board of Directors has reviewed and adopted the corporate governance statement in its meeting on 19th of March 2025.
Thank you to the Chairman for the briefing. We have not received any objections to the report. It is then proposed that the general meeting notes in the minutes under Item 9 as proposed in the notice. The wording is now also being shown on the screen.
So for this item on the agenda, we address Item 10.1, which is the Board's guidelines for executive management remuneration presented for the approval by the general meeting; and Item 12.2, which is the Board's executive management remuneration report presented for the general meeting's advisory vote. I now give the floor to the Chair of the Board and the Chair of the Board's People and Compensation Committee, who will give the briefing on the executive management remuneration of Telenor.
Thank you. The Board presents updated guidelines for executive management remuneration with effect from 1st of January 2025 to reflect the introduction of a new compensation element, salary substitute for selected members of the group management. These will replace the current guidelines that were approved at the AGM in 2023.
The new policy is largely unchanged, except for the introduction of the compensation element related to share purchases, which ensures that Telenor in specific situations can achieve competitive and sustainable levels of total compensation and a stronger alignment with shareholders' interest by replacing a salary with restricted Telenor shares. This is to be used in specific cases and is not part of the general remuneration package for group executives. These shares are locked in for the duration of the executive's employment.
The Board has also prepared the executive remuneration report, the ERR for 2024, detailing the remuneration of the group executive management and the CEO. The purpose of the report is to provide an open, comprehensive and transparent overview of remuneration to the executive management of Telenor.
In 2024, the changes to the compensation structure described in the Board's executive remuneration guidelines for 2024 were implemented, including changes to the short-term incentive bonus to fulfill the government's executive remuneration guidelines issued in 2022. As a consequence of the lower incentive opportunities and in line with Telenor's main principles for executive remuneration, the Board decided to adjust the base salary of the relevant executives to ensure that the total compensation is kept in line with the market and remains competitive. This has not changed -- has not increased total compensation, but affected the ratio between fixed and variable compensation.
Telenor operates in several markets internationally with different remuneration systems, and the Board must continuously address challenges related to remuneration of executives. The Board's objective is not to be a pay leader, but to ensure competitive conditions for attracting, engaging and retaining executives in Telenor in a highly competitive and global labor market while, at the same time, complying with the government's guidelines for executive remuneration.
As per the requirements in the Norwegian PLLC Act, the report has been submitted to the auditors, checked that the report is in accordance with the law and regulations. As in previous years, the Board has cooperated closely with the Board's People and Compensation Committee. I'm of the opinion that the Board of Directors has carried out its assessment in this area in a satisfactory manner.
Thank you to the Chair for the briefing. The resolution in Item 10.1 as proposed in the notice is now shown on the screen. Here, too, we've not received any questions or comments.
It is proposed that the general meeting adopts the following resolution Item 10.2. The Annual General Meeting endorsed the Board of Directors' compensation report for executive management. I note that there have not been any questions here either.
The next item concerns authorization to acquire treasury shares for use in Telenor's incentive program for employees in the group. The Board of Directors of Telenor ASA proposes that the Annual General Meeting authorizes the Board of Directors to acquire shares in the market in order to fulfill the company's obligations to employees who participate in the group's share programs: the employee share purchase plan, ESP; the long-term incentive plan, LTI; and the executive compensation element, salary substitute in the form of restricted shares for certain executives.
The share purchase plan is described in the notice of the Annual General Meeting, while the LTI program and the executive remuneration element are described in Telenor's guidelines for executive remuneration. This authorization will be valid until the next Annual General Meeting in 2026, but no longer than until 30th of June 2026. A decision to authorize a repurchase requires the approval of at least 2/3 of both the votes cast and of the share capital represented at the general meeting. The proposed resolution on Item 11 is now being shown on screen. Since there are no questions, let's move on to the next item.
The Board of Telenor ASA proposes that the Annual General Meeting authorizes the Board to repurchase up to 41,000 -- 41 million, rather, own shares in the company. Repurchase and cancellation of own shares can be a good tool to optimize the capital structure of the company. Shares acquired under this authorization shall be canceled through a resolution at a subsequent general meeting.
Furthermore, the buyback or repurchase shall be subject to an agreement entered into on the 8th of April 2025 with the Norwegian State represented by the Ministry of Trade, Industry and Fisheries, whereby the Norwegian state participates in a repurchase on a pro rata basis through the redemption of such part of its shares and the Norwegian state's ownership interest in the company remains unchanged.
The proposed resolution in Item 12 is now being shown on screen. In this case, the approval of at least 2/3 of the votes cast of the share capital represented at the general meeting is required. I cannot see that there are any questions either on this matter, and we will move on to the next item.
The Board of Directors proposes that the company's Articles of Association be amended to concur with the Norwegian PLLC Act. The current Articles of Association do not specify the security center in which the company's shares are registered as required by the PLLC Act. The current Articles of Associations for Telenor ASA and the proposal for updated Articles of Association were attached to the notice and are now shown on the screen. There are no questions or comments, and we now move on to the next item.
The next item is election of a new auditor, and I will present the proposal of the Corporate Assembly. The proposal is in line with the recommendations from Telenor ASA's Risk and Audit Committee and the Board of Directors. The proposal is also in accordance with legal requirements in the Norwegian Public Limited Liability Companies Act and relevant EU regulations regarding the election of a new auditor.
Due to rotation rules under EU regulations and the Norwegian Auditor Act, Telenor must replace its current external auditor, EY, by 2027. To meet these requirements, Telenor conducted a thorough procurement process in 2024. Three audit firms were prequalified for the project, Deloitte, PwC and KPMG. Based on evaluation, the Audit Committee considered Deloitte and PwC as the preferred candidates, and Deloitte AS was considered the preferred firm among the 2.
The Board of Directors supported the Audit Committee's recommendation and preference as did the Corporate Assembly in its meeting on the 19th of March of 2025. As a result, Deloitte AS is proposed as the external auditor with effect from January 1, 2026, with PwC as a second choice. The proposed resolutions are now shown on the screen. And if there are no comments or questions, we will move on to the next item.
The next item on the agenda is the election of shareholder-elected members and deputies on the -- of the Corporate Assembly. All the shareholder-elected members of the Corporate Assembly are up for election. The Corporate Assembly has a total of 15 members, of which 10 members and 3 deputies are elected by the general meeting. 5 members and 2 deputies are elected by and among employees.
The members of the Corporate Assembly are elected for a period of 2 years, cf. Article 9 of the Articles of Association. The Nomination Committee's recommendation is available as Appendix 5 to the notice and is thus deemed to be known to the shareholders. The wording of the resolution is now visible on the screen. If there are no questions regarding the recommendation or proposed resolution, we will move on.
The next item on the agenda is the election of members to the Nomination Committee. The Nomination Committee consists of 4 members who are elected for a term of up to 2 years. Pursuant to the company's Articles of Association, the Chair of the Corporate Assembly shall be elected as Chair of the Nomination Committee. The other 3 members shall be elected by the Annual General Meeting, of which at least one shall be a shareholder-elected member or deputy of the Corporate Assembly. Two members elected by the general meeting in 2023 are up for election. The Nomination Committee's recommendation is enclosed as Appendix 5 to the notice and is thus deemed to be known to the shareholders. The wording of the resolution is also being shown on the screen. I note there are no questions on this case.
And before we move on to the last item on the agenda for today's Annual General Meeting, if there are any shareholders who have not yet voted or who wish to change their vote on any items that have already been dealt with, I ask that you please do so now.
[Voting]
The Nomination Committee's proposal for remuneration of the Corporate Assembly and the Nomination Committee follows from the Nomination Committee's recommendation. The recommendation is attached to the notice and available on Telenor's website. Recommendation is considered to be known to the shareholders. Proposed resolutions are now being shown on the screen. And here, we haven't received any questions or comments either.
As mentioned, we are now -- we will shortly be closing the voting on all matters. If anyone still wishes to vote, they must do so now.
[Voting]
This takes us now through the formal part of this year's Annual General Meeting. The voting is now closed. We have received confirmation that all matters have received a sufficient majority and have been adopted. Exact voting results will be published together with the minutes of the meeting. The minutes will be signed by Bjørn Tore Sommer, who was elected at the beginning of this meeting; and by myself as Chair of the meeting. The minutes, including the list of shareholders represented at the Annual General Meeting, voting results and the webcast will be made available on Telenor's website.
I would like to thank our shareholders for attending Telenor's Annual General Meeting today. The Annual General Meeting is therefore now concluded, and the meeting is adjourned.
