The corporate assembly and board of directors, composition and independence

Statkraft AS has entered into an agreement with its employees’ trade unions stipulating that the company will not have a corporate assembly, pursuant to the exception provisions of the Norwegian Companies’ Act.

The board consists of seven to nine members, as determined by the annual general meeting, and the term of office is two years. Two or three members are elected by and from among the company’s employees in accordance with the regulations of the Norwegian Companies’ Act. The other members are elected by the annual general meeting. The current board has nine members.  Of these members, three members have been elected by the employees based on the agreement that the company will not have a corporate assembly.

The Ministry of Trade and Industry reviews the composition of the board through an arrangement where the boards of Statkraft AS and Statkraft SF are identical. The objective is to achieve diversity in the board as regards expertise, industrial understanding, gender and geographical affiliation. Continuity is also sought on the board.

The board members are evaluated on the basis of their expertise and independence, which excludes, for example, employees of the owner ministry or individuals with commercial interests in the industry from being board members. The board shall furthermore be independent of the company’s executive employees. The current challenges facing the company are taken into consideration in establishing the composition of the board.