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Corporate Governance

Thursday, 05 April 2012 08:55

The Board
The board consists of three executive and two non-executive directors, one of whom is independent. The board meets four to six times a year and is responsible for all aspects of the management and strategic goals of the company. The Board has established the following committees:

Audit Committee
The audit committee will be chaired by Mr. Trond Tostrup and will also comprise Mr. Jørn Longem and Mr. Kenneth “Buzz” West.   It is responsible for providing formal and transparent arrangements for considering how to apply suitable financial reporting and internal control principles having regard to good corporate governance and maintaining an appropriate relationship with the Group’s auditors.
 
Remuneration Committee
The remuneration committee will be chaired by Mr. Kenneth "Buzz" West and will also comprise Mr. Jørn Longem and Mr. Trond Tostrup. The remuneration committee is responsible for establishing a formal and transparent procedure for developing policy on executive remuneration and to set the remuneration packages of individual Directors. This includes agreeing with the Board the framework for remuneration of the Chief Executive, all other executive Directors, the Company Secretary and such other members of the executive management of the Company as it is designated to consider. It is furthermore responsible for determining the total individual remuneration packages of each Director including, where appropriate, bonuses, incentive payments and share options.