The work of the board of directors

The board has established rules of procedure for the board of Statkraft AS that lay down guidelines for the board’s work and decision-making procedures. The board’s tasks are described in general by Norwegian company law and the company’s Articles of Association. The rules of procedure also define the tasks and obligations of the President and CEO in relation to the board. The board evaluates the work and expertise of the CEO annually. The board evaluates its own performance and expertise annually.

The board’s Audit Committee comprises three of the board’s members. The Committee shall perform preparatory work in respect of the board’s administration and supervision tasks in the following areas:

• Quality in external financial reporting

• Internal control in connection with financial reporting and asset management

• The external auditor’s qualifications, the quality of external audits and the external auditor’s independence

• The Group auditors' qualifications and the quality of internal audit work

At least one member of the Audit Committee shall have experience of accounts management, financial management or auditing. The committee has meetings with the external auditor to review the quarterly reporting and otherwise as required.

The board’s Compensation Committee comprises the chair of the board and two other board members which make recommendations to the board with regard to the salary and other benefits paid to the President and CEO as well as on matters of principle related to salary levels, bonus systems and pension terms, employment contracts and similar benefits for the company’s executive managers.   Under certain conditions this also applies to other Statkraft employees.

See Report from the Board of Directors for more information about the work of the board of directors.