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With reference to the Norwegian Code of Corporate Governance.
Section of the Code Deviations
Implementation and reporting on corporate governance None
Business The Company’s objectives are wider and more extensive.
Equity and dividends The Company’s issuance and purchase of its own shares are neither limited to a specific purpose nor to a specified period.
Equal treatment of shareholders and transactions with close associates None
Shares and negotiability The Company may decline to register the transfer of any share if the transfer results in the Company being deemed a “Controlled Foreign Company” in Norway.
General Meetings The Chairman of the Board also acts as the Chair of the General Meetings.
Nomination committee A member of the Nomination committee (who is also a member of the Board) may offer himself for re-election to the Board.
Board of Directors: composition and independence From 1 January 2020 to 20 May 2020, Mr. Onarheim acted as the Company’s CEO while serving as a member of the Board. The current composition of the Board is in compliance with the Code.
The work of the Board of Director One of the two members of the Remuneration Committee is not independent of the Company’s largest shareholder.
Risk management and internal control None
Remuneration of the Board of Directors None
Remuneration of the Executive Personnel The Annual General Meeting has not voted over the Guidelines for Executive Remuneration. Performance-related remuneration to Executive Personnel are not subject to an absolute limit.
Information and communications None
Take-overs None
Auditor None