The Company does not have a corporate assembly.
According to the Company's articles of association, the Company shall have a Board consisting of a minimum of 6 and a maximum of 12 members. The Chairman of the Board and the Deputy Chairman of the Board are both elected by the general meeting based on a proposal from the Nomination Committee, as are the other members representing shareholders. The members are elected for a period of one or two years at a time. In order to ensure continuity, not all members are up for election the same year
At present, the Board consists of 10 members, of which 7 are elected by the general meeting and 3 are representatives of the employees in Norway. Furthermore, an alternate director for the directors elected by the shareholders has been elected by the general meeting. All Board members are considered independent of the Company’s executive management and material business partners. The majority of the Board members elected by the shareholders are independent of the Company's largest shareholder. No executives are members of the Board.
The members of the Board, including their CV's, are presented on the company website. The Board members are encouraged to own shares in the Company, and their respective shareholdings are listed in note 21 in the Annual Report.
The Board is of the opinion that it has sufficient expertise and capacity to carry out its duties in a satisfactory manner.