Nomination Committee

The articles of association of Akastor ASA stipulate that the company shall have a nomination committee. The nomination committee shall have no less than three members, who shall normally serve for a term of two years. No members of the nomination committee shall be employed by, or board members of, Akastor ASA, and all members of the nomination committee shall be independent of both Akastor’s board of directors and the executive management of the company.

The committee’s recommendations (relating to particularly members of the board of directors and their remuneration) shall address how the new board candidates will attend to the interests of the shareholders in general and fill the requirements of the company, including with respect to competence, capacity and independence.

The composition of the nomination committee shall reflect the interests of all shareholders and ensure independence from the board of directors and the executive management. The members and the chairman of the nomination committee are appointed by the general meeting, which also determines the remuneration of the committee.

The annual general meeting 2010 adopted guidelines governing the duties of the nomination committee. According to these guidelines, the committee shall emphasize that candidates for the board have the necessary experience, competence, and capacity to perform their duties in a satisfactory manner. A reasonable representation with regard to gender and background should also be emphasized.

The current members of the nomination committee are Frank O. Reite (chairman), Georg F. L. Rabl, Ingebret Hisdal and Ove A. Taklo. The members Ingebret Hisdal and Ove A. Taklo are elected up until the annual general meeting 2022, while Frank Reite and Georg F. L. Rabl is elected up until the annual general meeting 2023.

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