Board of Directors – composition and independence
The company has no corporate assembly. The Board has the overall responsibility for the company's management. There are currently three board members (two men and one woman). All requirements for the number of directors, the composition of the Board with respect to independence, and the number of women (ref. Norwegian law with effect from 1 January 2008) are met. The Chairman was appointed for two years at the Annual General Meeting in 2014, and is up for re-election at the AGM in 2016. The company's two other board members were elected for a period of two years under the Annual General Meeting held on June 25, 2015, and is not up for election at the Annual General Meeting 2016. One board member own shares in the company. All three directors are considered independent and its composition are thus in line with the Norwegian recommendation for corporate governance section 8.