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2018

Annual report

Board of directors – composition and independence

The Company does not have a corporate assembly, and therefore the general meeting elects the Board. The Board shall consist of between three and nine members and up to three deputy members. The Board of Directors currently comprises five members. The Board of Directors elects its own chair, and Wallenius Wilhelmsen is therefore in deviation from section 8 of the Code.

The composition of the Board of Directors is considered to attend to the common interests of all shareholders and meet the Company’s need for expertise, capacity and diversity. The Board of Directors is also composed so that it can act independently of any special interests. Two of the directors are female. Three of the directors, Lars Håkan Larsson, Marianne Lie and Margareta Alestig are independent of the majority owners, the executive management and significant business relations. The Board does not include executive personnel.

Information on the background and experience of the directors is available on the Company’s website, which also lists the number of shares in the Company held by each Director. Members of the Board of Directors are encouraged to own shares in the Company.

All board members have attended a mandatory seminar hosted by the Oslo Stock Exchange. The objective of the course was to provide information on legislation, rules, regulations, and best practice that are relevant for board members of listed companies.

Board member Elected Period Up for election
Håkan Larsson April 2017 2 2019
Thomas Wilhelmsen April 2017 2 2019
Jonas Kleberg April 2017 2 2019
Marianne Lie April 2017 2 2019
Margareta Alestig April 2017 2 2019

Deviations from the Code: The Board elects its own chair as stated in the Company’s Articles of Association as the members of the Board have in depth knowledge of the underlying business; they are best equipped to nominate their own chair.