Board Committees

Under Norwegian law, a board of directors can establish committees to assist it in discharging its responsibilities.

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Committees assist the Board in carrying out its duties, however, decision-making authority remains with the Board of Directors.

The Audit Committee helps to oversee the integrity of the financial statements. It also reviews the qualifications and performance of both the independent and the internal audit functions and the Company's compliance with legal and regulatory requirements.

The Remuneration and Corporate Governance Committee (Remco) assists with matters relating to the compensation and benefits of the CEO and other senior executives and provides oversight of the corporate governance policies and procedures.

The Nomination Committee evaluates and recommends candidates for new directors as well as directors' remuneration.