Introductions & Peer Exchange The meeting began with a warm welcome and introductions, setting the tone for a dynamic and engaging dialogue. A “round the table” session allowed participants to surface current challenges - from navigating investor expectations to balancing ESG-linked incentives - and share emerging practices across sectors and nature of company ownership types.

2025 CxO & Board Remuneration Survey – Presented by Michael Bendixen Michael unveiled key findings from the latest survey, sparking thoughtful discussion around trends in performance-based pay, board accountability, and the evolving role of long-term incentives. Participants voiced strong support for the continued development of the survey, recognizing its strategic value in benchmarking and decision making.

Governance in Executive Remuneration – Insights by Morten Broekner Morten led a compelling session on what constitutes “good governance” in today’s landscape. He emphasized the importance of transparency, board discretion, and aligning pay with long-term value creation. The conversation was rich with reflective questions and comments, underscoring the complexity and nuance of governance in 2026 and beyond.

Executive & Broad-Based Rewards – Perspective by Per Erik Sørensen Boards are under pressure like never before. Rising regulatory demands, personal liability risks, and shareholder activism are reshaping the landscape. Key themes discusses:

• No surprises: Boards expect continuous updates - don’t wait until the last minute.

• Malus & Claw-back: Once rare, now in sharp focus due to activist scrutiny.

• Discretion: Moving from protection to performance balancing - activists are watching.

• Public vs. Private Mandates: State ownership adds complexity to decision-making.

• Independent Advisors: A comeback - local expertise is regaining ground as RemCos seek alignment with Scandinavian governance culture.

EU Pay Transparency Directive – Update by Michael Bendixen With implementation deadlines approaching, Michael provided a timely update on the directive’s status. The group discussed readiness levels, compliance strategies, and how the directive could serve as a catalyst for broader pay equity initiatives.

Looking Ahead to April/May 2026 Participants proposed themes for the next roundtable, including:

• The evolving role of the RemCo Chair

• Company case studies on incentive redesign

• An external speaker on behavioral economics in pay

There was strong encouragement to continue this forum through both physical and virtual meetings in 2026.

AoB & Networking The session concluded with informal networking, reinforcing the value of peer learning and collaboration. A key request was raised to conduct a salary budget survey in January 2026, reflecting the need for timely data to support strategic planning.

Overall Reflections: The roundtable was marked by great involvement, thoughtful dialogue, and a shared commitment to advancing the executive remuneration agenda. The energy and engagement in the room reaffirmed the importance of this forum - and the collective ambition to shape governance with integrity and impact.