Board committees

The Board has established a Remuneration Committee and an Audit Committee. Each comprises two shareholder elected and one employee elected Board member.

This helps to ensure thorough and independent attention to matters such as financial reporting and the remuneration of senior employees. The committees assist the Board by preparing matters for consideration, but decisions are taken by the entire Board. Both committees are able to hold meetings and consider matters without involvement from the company's management.

The Remuneration Committee
monitors the remuneration of the group's senior managers, and assists the Board in setting terms and conditions for the group's CEO.

The Audit Committee
assists the Board by reviewing, evaluating and where necessary proposing appropriate measures in respect of the group's overall controls, financial and operational reporting, risk management and internal and external auditing. The external and internal auditors participate in the meetings.

Deviations from section 9 of the Code of Practice: There is no requirement in legislation or the company's Articles of Association for the appointment of a Deputy Chairman to the Board of Storebrand ASA. The Board may elect a Deputy Chairman if it so requires. The question of electing a Deputy Chairman was considered in 2006, but was not considered necessary. The Board considers that such an appointment could cause undesirable differentiation between members of the Board. When necessary, for example due to the absence of the elected Chairman or because the Chairman is unable to participate in a particular matter, the Board considers it sensible and appropriate to elect one of its members as chairman of the meeting in question as required.