Since July 1, 2019, companies listed on Nasdaq First North Premier Growth Market are required to apply the Swedish Corporate Governance Code, in the same way as larger listed companies. The Code is based on the "comply or explain" principle and is therefore not a new law to be applied in its entirety. For Drillcon, it is reasonable to follow the Code in certain respects, but as this is a small company with a clear main owner, it is less appropriate to allocate resources to fully adopt the framework. Drillcon has chosen to propose a deviation from the Code regarding the nomination committee, and as before, let the main owner carry out this task, which is proposed for the 2025 Annual General Meeting.

The company has a clear main owner in AB Traction, which has so far managed the election of the Board of Directors. In Swedish society, there is a positive view of larger shareholders taking special responsibility for companies by actively participating in the management of the company from board positions. As AB Traction is by far the largest shareholder and has a clear focus on governing and developing companies, the 2025 Annual General Meeting is therefore proposed to decide not to apply the Code rules on the nomination committee, but instead, for the time being, let the main owner alone constitute the nomination committee. Proposals for changes to the Board of Directors are welcome by AB Traction’s CEO, Petter Stillström, at petter.stillstrom@traction.se

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