Committees

Nomination Committee

The Company shall have a nomination committee in accordance with its Articles of Association. The provisions regarding the nomination committee was implemented by the general meeting held 30 August 2011. The same general meeting adopted instructions for the nomination committee. The nomination committee shall consist of three persons, and be elected for a term of two years at a time.

Pursuant to the Articles of Association of the Company, the nomination committee shall give recommendation to the general meeting on election of and compensation to Board members. The proposal shall be justified. The general meeting elects the members of the nomination committee, including the chairman of the committee. The nomination committee shall give a recommendation on election of members to the nomination committee. The general meeting determines compensation to the members of the nomination committee.

The nomination committee comprise the following in the period 2014-2016:

  • Steinar Mejlænder-Larsen (chair)
  • Leiv Askvig
  • Helene Langlo Volle

Audit Committee

The Company has established an audit committee in accordance with the Norwegian Public Limited Companies Act that shall consist of two or three members elected by and amongst the members of the Board. The members of the audit committee are appointed by the Board for a period of two years, or until they resign their position as a member of the Board. The committee currently consists of the following three persons:

  • Gisele Marchand, chairman
  • Karsten Bomann Jonsen

The audit committee is a preparatory and advisory committee for the Board. The audit committee shall; (a) prepare the supervision of the Company’s financial reporting process for the Board, (b) monitor the systems for internal control and risk management, (c) have continuous contact with the Company’s auditor regarding the auditing of the Company’s annual accounts, and (d) review and monitor the independence of the Company’s auditor, including in particular to which extent other services than audit services having been rendered by the auditor or the audit firm represents a threat against the independence of the auditor.

The Company has adopted separate instructions for the audit committee setting out further details on the duties, composition and procedures of the committee.

Remuneration Committee

The Company has established a remuneration committee consisting of two members of the Board. The members of the remuneration committee are independent of the Company’s executive management. The members of the remuneration committee are appointed by the Board for a period of two years, or until they resign their position as a member of the Board.

The remuneration committee is a preparatory and advisory committee for the Board that shall prepare matters for the Board’s consideration and decisions regarding the remuneration of, and other matters pertaining to, the Company’s executive management. The remuneration committee shall assist the Board in resolving principles and strategies for remuneration of the Company’s executive management. The Company’s remuneration committee reports and makes recommendations to the Board, but the Board retains responsibility for implementing such recommendations.

The Company has adopted separate instructions for the remuneration committee setting out further details on the duties, composition and procedures of the committee.

The remuneration committee consists of:

  • Olav H. Selvaag
  • Peter Groth