Corporate Governance

GENERAL MEETING OF SHAREHOLDERS

The Annual General Meeting (AGM) is held annually before the end of June. The General Meeting of Shareholders’ is the Company’s supreme decision making body. The following items, among others, are decided by the AGM:

  • Amendments to the Articles of Association
  • Elections of the Board of Directors
  • Issue of new shares and acquisitions of own shares
  • Adoption of the Accounts
  • Payment of dividend
  • Election of the Company’s auditors and their fees
The right to attend a General Meeting of the Shareholders shall apply to any shareholder who is registered as a shareholder of the Company at the day of the AGM.

BOARD OF DIRECTORS

The Board of Directors is responsible for the governance of the Company and for the proper organisation of its activities in accordance with the legislation and the Articles of Association. The Board of Directors established the principles of the strategy, organisation, accounting and control of the Company and appoints the Managing Director and CEO, who acts in accordance with the orders of the Board of Directors and is responsible for the day-to-day management of the company's affairs. The Board of Directors held five full meetings and one telephone meeting in 2011.

COMPANY SIGNATURE AND PROKURA

The Company is signed by the Chairman and one Director. Prokura is held by the Chairman.

MANAGING DIRECTOR AND CEO

The Board of Directors employs a Managing Director and CEO for the Company. The Managing Director and CEO are responsible for the day-to-day management of the Company’s affairs.

AUDITORS

The Annual General Meeting elects an auditor to scrutinize the Company’s Accounts. The AGM elected PricewaterhouseCoopers to act as the Company’s Auditor. The fees paid to the auditor in the holding company were NOK 332,249.