The Board of Directors has established three committees. The committees shall report and make relevant proposals to the Board of Directors. All decisions shall be made by the Board of Directors.
Audit Committee
Members of the committee are:
- Asbjørn Berge - chairman of the committee
- Pierre-Yves Jullien
- Anders C Karlsson
In 2011, the Audit Committee held five meetings. The committee has, amongst other, on an ongoing basis reviewed all controller reports and draft financial reports together with all auditors' reports as well as regularly reviewed the external auditors' scope and extent of non-audit related work for the company. The Audit Committee has also made annual reviews of various policies, manuals and procedures. Furthermore, the Audit Committee has made proposals to the Board of Directors on the audit strategy for the annual report 2011 as well as considered if there is a need for an internal audit function and a whistleblowing scheme. Finally, the Audit Committee has carried out a tender for four qualified audit firms to form the basis for the Board of Directors' decision on which audit firm to propose as the company's external auditor in relation to the financial year 2012.
Download Mandate for the Audit Committee as pdf: English
Nomination Committee
Members of the committe are:
- Anders C Karlsson - chairman of the committee
- Asbjørn Berge
- Henrik Lind
In 2011, the Nomination Committee held two meetings. the committee reviewed and proposed changes to the Board of Dirctors' public Competency Profile. The Nomination Committee also arranged for the self-evaluation procedure carried out for the Board of Directors.
Download Mandate for the Nomination Committee as pdf: English
Remuneration Committee
Members of the committee are:
- Anders C Karlsson - chairman of the committee
- Stewart A Baseley
- Asbjørn Berge
In 2011, the Remuneration Committee held two meetings. The committee has, amongst others, developed a new overall remuneration package, including incentive programmes for management and other key employees of the Group. The work also included the drafting of a new remuneration policy, including overall guidelines for incentive pay for the Executive Board, which subsequently were approved by the shareholders at the the annual general meeting in April 2011.
Download Mandate for the Remuneration Committee as pdf: English