Board Committees

The Board of Directors has established an Audit Committee and a Remuneration Committee.

Both committees consist of members of the Board of Directors of the Company.

The primary purposes of the Audit Committee are to:

  • assist the Board of Directors in discharging its duties relating to the safeguarding of assets; the operation of adequate system and internal controls; control processes and the preparation of accurate financial reporting and statements in compliance with all applicable legal requirements, corporate governance and accounting standards; and
  • provide support to the Board of Directors on the risk profile and risk management of the Company.

The audit committee reports and makes recommendations to the Board of Directors, but the Board of Directors retains responsibility for implementing such recommendations. At least one of the members of the committee will have relevant qualifications within accounting/auditing and all the members are independent of the Group’s operations.

The Audit Committee has the following member:

  • Lone Fønss Schrøder
  • Thorhild Widvey
  • Rune Rafdal

The primary purpose of the Remuneration Committee is to assist the Board of Directors in discharging its duty relating to determining the Company’s Management compensation. The Company’s Remuneration Committee reports and makes recommendations to the Board of Directors, but the Board of Directors retains responsibility for implementing such recommendations.

The Remuneration Committee has the following members:

  • Leif-Arne Langøy (Chairman)
  • Thorhild Widvey
  • Kjell Inge Røkke