Board of Directors

The Board of Directors is responsible for the administration, development and supervision of the business activities of the Company.

The Board of Directors currently consists of seven shareholder representatives. Neither the CEO nor any other member of the executive management is a director of the Board.

In accordance with Norwegian corporate law, the Board of Directors has overall responsibility for management of the Company, while the CEO is responsible for day-to-day management. The Board supervises the CEO’s day-to-day management and the activities of the Company in general. It is also responsible for ensuring that appropriate steering and control systems are in place. 

 The Board of Directors has adopted internal rules of procedures that establish in more detail its role and responsibilities in relation to the management and supervision of the Company, including: 

  • Directors’ qualifications.
  • Qualification of a majority of the Board of Directors and the Remuneration and Corporate Governance Committee and all of the members of the Audit Committee as “independent directors”.
  • Annual review and determination of the independence of each Director.
  • Directors’ access to the management of the Company and right to consult and retain independent legal and other advisors.
  • Directors’ orientation program to familiarize new representatives with the Company, its management structure and operations, its industries, key legal, financial, and operational issues facing the Company, its compliance programs, its Code of Conduct, its internal and independent auditors, the structure and procedures of the Board, and the committees on which the Directors will serve.
  • Establishment of policies and procedures for CEO selection and succession, and review of CEO performance with respect to established goals and objectives.
  • An annual self-evaluation, under the oversight of the Remuneration and Corporate Governance Committee, to determine whether the Board and its committees are functioning effectively.