20
A S E TE K A /S - A N N U A L R EPOR T 2017
// The Audit Committee is elected among the
A comprehensive list of other management positions
At the general meeting held on April 30, 2015, the
the Company’s shares as of July 7, 2017. The warrants
members of the Board of Directors and has
held by the Board members can be found in Note 24.
Board authorization to issue new shares under the
were issued to employees.
responsibilities related to financial reporting, the independent auditor, internal reporting and risk management. The Committee consists of two shareholder-elected Board members. The other Board members are entitled to attend if they so
Risk management. Refer to the Risk Exposure and Management section of the Management Report as
during 2017. // The Compensation Committee has responsibilities
At the Board Meeting on August 11, 2015, warrants
ments.
permitting subscription of up to 700,000 shares of a nominal value of DKK 0.10 and at an exercise price of
REMUNERATION OF THE BOARD OF DIRECTORS Board members representing their Company’s ownership interests are not compensated for their services.
At the general meeting held on August 13, 2013 the
the Company’s share as of August 12, 2015. The war-
Independent board members received a combination
Board was authorized to issue shares with a nominal val-
rants were issued to employees and Board members.
of cash compensation and long termed stock option
applicable remuneration policy and execution of
2018 in connection with employee warrant programs.
Smidt. The Committee met three times during 2017.
buy and sell Company shares to treasury.
was established as the share price (“closing price”) for
ue of up to DKK 80,000 for the period until August 14,
Szteinbaum (Chairman), Jim McDonnell and Jørgen
In addition to the above, the Board is authorized to
NOK 10.50 per share were issued. The exercise price
THE BOARD’S AUTHORIZATION TO ISSUE SHARES
related to developing proposals for the the Management Board. Members: Samuel
of DKK 200,000 through April 30, 2020.
well as Note 3 of the consolidated financial state-
desire. Members: Knut Øversjøen (Chairman) and Chris Christopher. The Committee met four times
warrant program was changed to a nominal value
At the Board Meeting on April 29, 2016, warrants permitting subscription of up to 600,000 shares of a
At the Board of Directors meeting on April 23, 2014
nominal value of DKK 0.10 and at an exercise price of
warrants permitting subscription of up to 118,210
NOK 19.50 per share were issued. The exercise price
shares of a nominal value of DKK 0.10 and at an
was established as the share price (“closing price”) for
The Board’s self-evaluation. The Board’s composition,
exercise price of NOK 40.10 per share were issued.
the Company’s share as of April 28, 2016. The warrants
competencies, working methods and interaction are
The exercise price was established as the share price
were issued to employees and Board members.
discussed on an ongoing basis and evaluated formally
(“closing price”) for the Company’s share as of the
on an annual basis. In this connection, the Board also
prior day. The warrants were issued to employees and
evaluates its efforts in terms of corporate governance.
Board members.
The composition of the Board is considered appropri-
based incentives during 2017. At the Board meeting in April 2017, it was decided that, beginning in 2018, the Board will no longer receive warrants as a component of its remuneration. Please see Note 24 for further details.
REMUNERATION OF THE EXECUTIVE STAFF The Remuneration Committee recommends to the
At the Board Meeting on April 25, 2017, warrants
Board, and the Board sets, the terms of employment
permitting subscription of up to 509,687 shares of a
of the members of the Management Board. Each year,
nominal value of DKK 0.10 and at an exercise price of
the Remuneration Committee undertakes a review of
At the Board of Directors meeting on August 12, 2014
NOK 76.25 per share were issued. The exercise price
salary and other remuneration to the CEO as well as
ate in terms of professional experience and relevant
warrants permitting subscription of up to 32,970
was established as the share price (“closing price”) for
for other members of the Management Board.
special competences to perform the tasks of the Board
shares of a nominal value of DKK 0.10 and at an
the Company’s shares as of April 25, 2017. The war-
of Directors. The Board of Directors regularly assesses
exercise price of NOK 33.90 per share were issued.
rants were issued to employees and Board members.
whether the competences and expertise of members
The exercise price was established as the share price
need to be updated. At least half of the members
(“closing price”) for the Company’s share as of the
elected by the general meeting are independent
prior day. The warrants were issued to employees and
persons, and none of the Board members participates
Board members.
in the day-to-day operation of the Company. L I Q U I D C O O LI N G D ON E R IG H T
At the Board Meeting on July 7, 2017, warrants permitting subscription of up to 106,999 shares of a nominal value of DKK 0.10 and at an exercise price of NOK 113.00 per share were issued. The exercise price was established as the share price (“closing price”) for
A summary of the agreements between the Company and its management board members pertaining to termination can be found in Note 6. The option program and the allocation of options to the employees and Board members are decided upon by the Board of Directors.