They have nothing to do with the protection of the file to which a link refers. When an entry appears in both columns, it means that the entry on the directory overrides the entry on a link. For example, a user with R access to the directory can read a link even if denied r access to the link. If a link permission is stored in a directory access control list, then that permission indicates the default protection associated with links in the directory that do not specify their own access control lists. The administer permission allows the changing of the access control list.
View allows it to be viewed.
List allows one to see a directory entry using wildcard searches. If one is allowed read, but not list, then one can only retrieve the link if its exact name is specified. Modify allows one to change the binding of a link, but it does not allow one to add or delete links. Insert allows links to be added, and delete allows them to be deleted. The add and remove rights are a restricted form of administer.