The Board of Directors works in accordance with the rules laid down by Norwegian law.
Annually, in connection with the first board meeting in each calendar year, the Board evaluates its performance in the previous year. The evaluation includes its own performance, the performance of the sub-committees and the performance of the individual directors. In order for the evaluation to be effective, the Board sets objectives, on both a collective and individual level, against which their performance can be measured. The results of this evaluation are not made available to the public, but only to the Nomination Committee.
In order to ensure a more independent consideration of matters of a material character in which the chairman of the Board is, or has been, personally involved, the Board’s consideration of such matters will be chaired by some other member of the Board. The division of responsibilities between the Board and the CEO has been set out in writing and agreed by the Board.
The Company has established an audit committee, the duties of which are to carry out preparatory work for the Board with respect to monitoring the financial reporting, monitor the Company’s systems for internal control and risk management, maintain regular contact with the Company’s elected auditor, and review the independence of the statutory auditor.