A new committee was elected by the Annual General Meeting in 2009 and consists of:
- Karl Martin Stang (Chairman of the Nominating Committee)
- Carl Espen Wollebekk
- Ib Kunøe (Board Chairman)
At the annual General Meeting this year a new election of two representatives to the Nomination Committee will take place. Guidelines have been issued for the Nominating Committee and these will be presented for approval by the General Meeting this year.
The Norwegian Code of Practice for Corporate Governance (article 7) states that; "No more than one member of the nomination committee should be a member of the board of directors, and any such member should not offer himself for re-election to the board." The company deviates from the recommendation as the Board Chairman, pursuant to the Articles of Association, is member of the Nomina-ting Committee and may be re-elected as member of the Board. The deviation is justified by the regulation of the Articles of Association and further the company is of the opinion that it is an advantage to have continuity in the Nominating Committee and thus the Board Chairman should be entitled to be re-elected as member of the Board.
Further, the company deviates from the Norwegian Code of Practice for Corporate Governance where it is stated (article 7) that information should be provided with respect to possible deadlines for provi-ding proposal to the Nomination Committee. The company is of the opinion that the routines and guidelines that is in place with respect to election of candidates to the Board is satisfactory and those who would like to propose candidates are free to do so at any time.