About Corporate Governance

SalMar ASA aims to maintain a high standard of corporate governance. Good corporate governance strengthens public confidence in the company and contributes to long-term value creation by regulating the reciprocal roles and responsibilities of shareholders, the board of directors and the company’s management, over and above that which is stipulated in legislation and other regulations.

Corporate governance at SalMar shall be based on the following main principles:

  • All shareholders shall be treated equally
  • SalMar shall maintain open, relevant and reliable communication with its stakeholders, including its shareholders, governmental bodies and the public about the company’s activities
  • SalMar’s board of directors shall be autonomous and independent of company management
  • The majority of the members of the board of SalMar shall be independent of major shareholders
  • • SalMar shall have a clear division of roles and responsibilities between shareholders, the board and management


Compliance and regulations
SalMar’s board of directors has overall responsibility for ensuring that the company has adequate corporate governance. The company’s board and management perform a thorough annual assessment of its principles for corporate governance.

SalMar is a Norwegian public limited company listed on the Oslo Stock Exchange. The company is subject to Section 3-3b of the Norwegian Accounting Act, which requires the company to disclose certain corporate governance related information annually. In addition, Oslo Stock Exchange’s Continuing Obligations requires listed companies to publish an annual statement of its principles and practices with respect to corporate governance, covering every section of the latest version of the Norwegian Code of Practice for Corporate Governance (“the Code”). The Continuing Obligations also sets out an overview of information required to be included in the statement. The Norwegian Accounting Act is available at www.lovdata.no (in Norwegian), while the Continuing Obligations is available at www.oslobors.no

The Norwegian Corporate Governance Board (NUES) has drawn up the Code. SalMar complies with the current code of practice, issued on 17 October 2018. The Code may be found at www.nues.no. Application of the Code is based on the ‘comply or explain’ principle, which means that the company must provide an explanation if it has chosen an alternative approach to specific recommendations.

SalMar issues a comprehensive annual statement of its adherence to corporate governance in its annual report, and this information is also available from www.salmar.no. This statement describes how SalMar has conducted itself with respect to the Code in 2018.

Deviations from the Code: None


SalMar is one of the world’s largest producers of farmed salmon. As of 31 December 2018, the company owned 100 licences for marine production of Atlantic salmon in Norway. In addition, SalMar owned 50 per cent of Norskott Havbruk AS, which in turn owns 100 per cent of Scottish Sea Farms Ltd, the UK’s second largest producer of salmon, with a capacity of 30,000 tonnes of harvested fish. At the end of 2018, SalMar also owned 42 per cent of the Icelandic aquaculture company Arnarlax Ehf. During the first quarter of 2019, SalMar purchased further shares in this company and as of the end of the first quarter, the company had a controlling ownership in Arnarlax. Further, the company has a substantial secondary processing business, which is co-located with its headquarters in Frøya.

SalMar ASA’s objectives are defined in Article 2 of its articles of association:

“The objective of the company is fish farming, the processing and trading of all types of fish and shellfish, and other financial activities related thereto. The company may, in accordance with directives from the rele-vant authorities, undertake general investment activities, including participation in other companies with similar or related objectives.”

SalMar’s board of directors has drawn up clear objectives and strategies for the Group to secure optimal value creation for its shareholders and other stakeholders. Each business area has developed its own goals in line with these, and strategic priorities have been defined. Within the framework of the above article, SalMar is currently engaged in broodfish and smolt production, marine-phase farming, harvesting, processing and sale of farmed salmon. The board of directors also defines risk profiles for the Group and ensures that these support value creation for shareholders.

The company’s objectives and main strategies are further discussed in the annual report and can be found on the company’s website www.salmar.no.

Corporate values, code of conduct and social responsibility
SalMar’s corporate culture builds on the success factors that have been cultivated within the company since its inception in 1991. Although the company’s culture is affected by both external and internal framework conditions, it remains firmly anchored in a few overarching principles, in particular a strong focus on equality, quality, care for the environment, focus on work tasks and continuous improvement.

Overarching all business operations and actions at SalMar is the Group’s vision: “Passion for Salmon”, meaning all decisions relating to production will be made on the basis of its passion for salmon. The fish will be farmed in conditions most conducive to their wellbeing. SalMar believes that the best biological results will pave the way for the best financial results, and thus safeguard the company’s position as the most cost-effective producer of farmed salmon in the world.

SalMar has a set of tenets, describing desired behaviours and fostering a shared awareness among all employees of how they should act. The SalMar School and daily exposure to the Group’s performance-oriented corporate culture provides all members of the workforce with constant stimulation and opportunities to develop themselves. For more information on the SalMar culture, please see the annual report and the company’s website www.salmar.no.

SalMar has drawn up a Code of Conduct, whose purpose is to safeguard and develop the company’s values, create a healthy corporate culture and uphold the company’s integrity. The Code of Conduct is also meant to be a tool for self-assessment and for the further development of the company’s identity. All employees of the company are bound to comply with the ethical guidelines laid down in the code of conduct. The reporting of any wrongdoing or other causes for concern is covered by specific procedures, which also allow employees to report anonymously through an external channel. The code of conduct is available from the company’s website www.salmar.no.

SalMar has a presence in many local communities. The Group is therefore extremely aware of the diverse nature of its social responsibilities: as an employer, an industrial processor, a producer of healthy food, as a custodian of financial and intellectual capital, and – not least- as a user of the natural environment. Increased biological control is one of the company’s most important focus areas and is a material prerequisite for long-term success. The company is, among other things, working actively to safeguard fish welfare and prevent salmon from escaping.

One of the company’s most important tenets is ‘We care’. This permeates the SalMar culture, and ensures a high degree of awareness among employees, both internally and externally, in the areas in which the company operates.

Deviations from the Code: None


As at 31 December 2018, the company’s equity totalled NOK 9 139.8 million, which corresponds to an equity ratio of 60.4 per cent. The board considers SalMar’s capital structure to be appropriate to the company’s objectives, strategy and risk profile.

Dividend policy
SalMar intends to provide shareholders with a competitive return on invested capital, taking into consideration the company’s risk profile. Returns will be achieved through a combination of positive share price development and the payment of a dividend. The company plans to pay out surplus liquidity (funds not necessary for the company’s day-to-day operations) in the form of a dividend or by means of a capital reduction with distribution to the shareholders. The company will at all times consider whether the available liquidity should be used for new investments or the repayment of debt instead of being paid out as dividend. Provided the Annual General Meeting (AGM) approves, the aim is to make annual payments of dividend. The company will also consider the buyback of treasury shares within the authorisation limits granted to the board by the AGM.

Based on the year-end financial results for 2018, the board has proposed payment of a dividend of NOK 23 per share. In terms of its financial performance, 2018 was a very good year for SalMar. The board considers SalMar’s financial position to be extremely sound, and the company’s financial capacity for further growth is deemed to be strong.

Board authorisations
Authorisations granted to the board are normally time limited and are valid only up until the next AGM.

The AGM of 5 June 2018 granted the board three authorisations, one to increase the company’s share capital, one to buy back its own (treasury) shares, and one to issue a convertible loan. These were extensions of authorisations granted by the AGM in 2017. In line with the Norwegian code of practice, each of the authorisations was considered separately.

The first authorisation allowed the board to increase the company’s share capital by up to NOK 2,832,000, through the issue of up to 11,328,000 shares to finance investments and the acquisition of businesses through cash issues and contributions in kind.

The second authorisation allowed the board acquire treasury shares up to a maximum of 10 per cent of applicable share capital: in other words, up to 10,345,632 treasury shares, with a total face value of NOK 2,586,408. The authorisation may be used to purchase company shares in connection with the share-based incentive scheme for senior management and as a means of returning value to existing shareholders.

The third authorisation allows the board to issue convertible loans for up to NOK 2,000,000,000 for the purpose of enabling the company, at short notice, to use such financial instruments as part of its overall financing requirement. In connection with the conversion of loans raised pursuant to this authorisation, the company’s share capital may be increased by up to NOK 2,832,000, though with account taken of any capital increases undertaken pursuant to the authorisation to increase the company’s share capital, such that the total capital increase for both authorisations combined may not exceed 10 per cent of the share capital.

It follows from the purpose of the authorisations that the board may need to waive existing shareholders’ preference rights, which is permitted under the terms of the authorisations concerned.

Both board authorisations are valid up until the next AGM, which will be held on 5 June 2019.

Deviations from the Code: None


As at 31 December 2018, SalMar ASA owned 561,003 treasury shares, which accounts for 0.50 per cent of the company’s registered share capital. Transactions involving treasury shares are undertaken on the stock exchange or otherwise at the prevailing stock exchange prices.

In the event of not immaterial transactions with related parties, the company shall make use of valuations provided by an independent third party.

In the event of capital increases based on an authorisation issued by a general meeting of shareholders, where the existing shareholders’ rights will be waived, the reason for this will be provided in a public announcement in connection with the capital increase.

SalMar’s code of conduct sets out what is required of employees with respect to loyalty, conflicts of interest, confidentiality and guidelines for trading in the company’s shares. The code of conduct states that all employees must notify the board if they, directly or indirectly, have a material interest in any agreement entered into by the company. Board members also have a duty to comply with the company’s code of conduct.
Any transactions with related parties are discussed in Note 29 to the 2018 financial statements.

Deviations from the Code: None


SalMar has only one class of shares and all shares have equal rights. Each share has a face value of NOK 0.25 and carries one vote.

The company’s shares are freely transferable on the Oslo Stock Exchange, and its articles of association do not contain any restrictions on any party’s ability to own, trade or vote for shares in the company, as long as the regulations governing insider trading are complied with.

Deviations from the Code: None


The company’s highest decision-making body is the General Meeting of Shareholders.

General meetings of shareholders are open for participation by all shareholders. Pursuant to Article 7 of the company’s articles of association, the Annual General Meeting must be held by the end of June each year in Oslo, Trondheim or Kverva in the municipality of Frøya.

The 2019 AGM will be held on 5 June 2019 at the company’s head office in Frøya.

An invitation to attend the AGM or an EGM will be issued no later than 21 days prior to the date of the meeting.

In accordance with the company’s articles of association, documents relating to matters to be addressed at a general meeting of shareholders may be made available on SalMar ASA’s website. The same applies to documents which by law must be included in or attached to the invitation to attend the general meeting. If the documents are made available in this way, the statutory requirement with respect to distribution to shareholders is not applicable. A shareholder may nevertheless ask to be sent documents relating to matters to be discussed at a general meeting by post. Case documents must contain all the documentation necessary to enable shareholders to take a standpoint on all matters to be addressed. Pursuant to section 5-11 of the Public Limited Companies Act, shareholders are also entitled to table their own items for consideration by the general meeting.

The deadline for notification of shareholders’ intention to attend a general meeting is stipulated by the board of directors in the invitation thereto, no less than five days prior to the date of the meeting. Shareholders may send notification of their attendance, using the form provided, by post or email to the company’s account manager Nordea Bank Norge AS, or via the company’s website www.salmar.no.

Shareholders are entitled to make proposals and cast their votes either in person or through a proxy, including a proxy appointed by the company. The proxy form also enables shareholders to grant a proxy vote for each individual agenda item.

The board determines the agenda for the meeting, and the main issues to be dealt with by the AGM are regulated by Article 9 of the company’s articles of association and section 5-6 of the Public Limited Companies Act.

The board of directors, the Nomination Committee and the company’s auditor will be represented at the general meetings, which will normally be chaired by the Chair of the Board. The present Chair of the Board, Atle Eide, is a member of the board of Kverva AS, the majority shareholder of SalMar. Nevertheless, SalMar considers the Chair of the Board to be best suited to chair the general meeting. In the event of any disagreement on individual agenda items where the Chair of the Board belongs to one of the factions, or for some other reason is not deemed to be impartial, a different person will be selected to chair the meeting in order to ensure independence with respect to the matters concerned.

The company will publish the minutes of general meetings of shareholders in accordance with stock exchange regulations.

Deviations from the Code: None


Article 8 of the company’s articles of association stipulates that the Nomination Committee shall comprise a total of three people, who shall be shareholders or shareholders’ representatives. The Nomination Committee’s composition shall be such that the interests of shareholders as a community shall be upheld, and the majority of committee members shall be independent of management and the board. The members of the Nomination Committee, including its chair, are elected by the AGM for a term of two years. Members may be re-elected. To ensure continuity, members’ terms of office shall not coincide. The remuneration payable to members of the Nomination Committee is determined by the AGM. A set of regulations governing the work of the Nomination Committee was adopted at the board meeting of 21 March 2007 and updated at the AGM in 2014.

As at 31 December 2018, the Nomination Committee comprised the following:

  • Bjørn Wiggen, Chair (up for election in 2019)
  • Endre Kolbjørnsen (up for election in 2020)
  • Anne Kathrine Slungård (up for election in 2019)

The Nomination Committee shall make a recommendation to the AGM with respect to candidates for election to the board of directors and Nomination Committee, as well as propose the remuneration payable to the members of the board and the Nomination Committee. In its work, the Nomination Committee shall take into consideration relevant statutory requirements with respect to the composition of the company’s governing bodies, as well as principles for corporate governance laid down in the Code. Proposals for members of the board and Nomination Committee should safeguard the shareholder community’s interests and the company’s need for competence, capacity and diversity. To achieve this the Nomination Committee may contact shareholders and company directors.

The Nomination Committee draws up criteria for the selection of candidates for the board and Nomination Committee, in which both sexes should be represented. The Nomination Committee should, over time, balance the requirements for continuity and renewal in the individual governing body. Relevant candidates must be asked whether they are willing to undertake the office of director or deputy director.

The committee should base its recommendations with respect to the remuneration payable on (a) information about the size of the remuneration paid to elected officers in other comparable companies, and (b) on the scope of work and the amount of effort the elected officers are expected to devote to the task on behalf of the company.

The Nomination Committee’s recommendation to the AGM must be published in good time, so that it can be communicated to the shareholders before the meeting takes place. The recommendation shall accompany the invitation to attend the AGM, no later than 21 days before the meeting takes place. The committee’s recommendation shall contain information about the candidates’ independence and competence, including age, education and work experience. If relevant, notice shall also be given about how long the candidate has been an elected officer of the company, any assignments for the company, as well as material assignments for other group companies that may be of significance.

Proposals to the Nomination Committee
All shareholders are entitled to propose candidates for the board or other elected offices to the Nomination Committee. Such proposals must be submitted to the Nomination Committee no less than six weeks prior to the company’s AGM. All proposals shall be sent by email to the Nomination Committee’s chair. Contact details are available from the company’s website www.salmar.no.

Deviations from the Code: None


Pursuant to Article 5 of SalMar’s articles of association, the board of directors shall comprise five to nine members, to be elected by the AGM. The Chair of the Board is elected by the AGM, while the Vice-Chair is elected by the board itself. The company’s current board is made up of seven members, including two employee representatives. Three of the company’s directors are women, including one female employee representative. Women therefore comprise 43 per cent of the board’s membership. The Public Limited Companies Act states that there should be at least three women on the board of directors when the board has between six and eight members.

The regulations governing the work of the Nomination Committee state that emphasis shall be placed on ensuring that members of the board have the necessary competence to carry out an independent assessment of the matters presented to it by management and of the company’s business activities. Emphasis shall also be placed on ensuring that there is a reasonable gender balance and that directors are independent with respect to the company. The Nomination Committee’s recommendation shall meet the requirements relating to board composition stipulated by applicable legislation and the regulations of the Oslo Stock Exchange. Board members are elected for a term of two years and may be re-elected. An overview of the individual directors’ competence and background is available from the company’s website www.salmar.no.

None of the board members held shares in SalMar as at 31 December 2018.

Independence of the board
SalMar’s board of directors is composed such that it is able to act independently of any special interests. The Chair of the Board, Atle Eide is also a member of the board of Kverva AS, the company’s majority shareholder, while Helge Moen is CEO at Kverva AS. These two are therefore not deemed to be independent. The remaining directors are deemed to be independent of senior executives, material business associates and the company’s largest shareholders. In matters of material importance in which the Chair of the Board is, or has been, actively engaged, another director is appointed to chair the board’s deliberations. No such matters have been addressed during 2018.

Deviations from the Code: None


The board has overall responsibility for the management of the Group and the supervision of its day-to-day management and business activities. The work of the board is governed by a set of regulations which describe the board’s responsibilities, tasks and administrative procedures. Furthermore, the board determines the Group’s overall objectives and strategy, including the overall composition of the Group’s portfolio and the business strategies of the individual business unit. The board has also prepared a set of instructions for the executive management team that clarifies its duties, lines of authority and responsibilities.

The regulations governing the board’s working practices includes guidelines for how individual directors and the CEO should conduct themselves with respect to matters in which they may have a personal interest. Among them is the stipulation that each director must make a conscious assessment of his/her own impartiality and inform the board of any possible conflict of interest.

The board shall approve the Group’s plans and budgets and shall. Proposals relating to targets, strategies and budgets are drawn up and presented by management. Strategy is normally discussed during the autumn, ahead of the Group’s budget process. Within the area of strategy, the board shall play an active role in setting management’s course, particularly with regard to organisational restructuring and/or operational changes.

The board meets as often as necessary to perform its duties. In 2018, the board held 14 meetings, of which 5 were by telephone. The overall attendance rate at board meetings was 99 per cent.

The board makes an annual assessment of its own work and competence. An evaluation of this kind was last conducted in February 2019.

Audit Committee
Pursuant to the Public Limited Companies Act, SalMar has a board-appointed Audit Committee. The committee’s main tasks are to prepare the board’s follow-up of the financial reporting process, monitor the Group’s internal control and risk management systems, and maintain an ongoing dialogue with the auditor. The Audit Committee held 5 meetings in 2018, with an overall attendance rate of 100 per cent.

As at 31 December 2018, the Audit Committee comprised the following:

  • Kjell A. Storeide – leader
  • Helge Moen

Deviations from the Code: None


The board is responsible for ensuring that the company’s risk management and internal control systems are adequate in relation to the regulations governing the business. The company’s systems and procedures for risk management and internal control are intended to ensure efficient operations, timely and correct financial reporting, as well as compliance with the legislation and regulations to which the company is subject. Specific targets for the internal control effort within the company are drawn up and are revised annually by SalMar’s executive management.

The most important risk factors for the company are biological risk associated with the biological situation in its hatcheries and sea farms, as well as the risk of fish escaping therefrom, and financial risk (foreign exchange, credit and interest rate risk). These risks are monitored and addressed by managers at all levels in the organisation. For further information, please see the board of directors’ report and note 2 to the financial accounts in the 2018 annual report.

It is the CEO’s responsibility to ensure that the company operates in accordance with all relevant statutes and guidelines associated with operation of the Group’s divisions. This also includes acquisition, operation and maintenance of fish farming equipment, as well as the handling of the company’s biomass.

Internal control of financial reporting is achieved through day-to-day follow-up by management and process owners, and supervision by the Audit Committee. Non-conformances and improvement opportunities are followed up and corrective measures implemented. Financial risk is managed by a central unit at head office, and, where appropriate, consideration is given to the use of financial hedging instruments.

Follow-up and control of compliance with the company’s values, code of conduct and guidelines for social responsibility is carried out by the line organisation and is part of day-to-day operations. Material risks and any changes in them are discussed at fortnightly management meetings.

The largest risk facing SalMar relates to the biological development of its smolt and marine-phase fish stocks. The company has internal controls which encompass systematic planning, organisation, performance and evaluation of the Group’s activities in accordance with both public regulations and its own ambitions for continuous improvement. The Group has, for example, drawn up shared objectives for its internal control activities relating to the working environment and personal safety, escape prevention, fish welfare, pollution, food safety and water resources. Please see the annual report for further details.

Deviations from the Code: None


The Nomination Committee’s proposal for the remuneration payable to the board of directors is approved by the AGM. Directors’ fees shall reflect the board’s responsibilities, competence, time spent and the complexity of the business.

Directors’ fees are not performance-related and contain no share option element. Additional information relating to directors’ fees can be found in Note 24 to the financial statements included in the 2018 annual report.

Deviations from the Code: None


Pursuant to Section 6-16a of the Public Limited Companies Act, the board of directors prepares a statement relating to the determination of salaries and other benefits payable to senior executives. This statement will, in line with the said statutory provision, be laid before the company’s AGM each year.

The company’s senior executive remuneration policy is based primarily on the principle that executive pay should be competitive and motivating, in order to attract and retain key personnel with the necessary competence.

The statement refers to the fact that the board of directors shall determine the salary and other benefits payable to the CEO. The salary and benefits payable to other senior executives are determined by the CEO in accordance with the guidelines laid down in the statement. The current compensation scheme is divided into three and comprises a fixed salary, a performance-related bonus and a share-based incentive scheme in line with the board’s authorisation.

At the 2018 AGM, the statement on executive remuneration was set forth as a separate case document, which is available from the company’s website www.salmar.no. The AGM approved the establishment of a new share-based incentive programme for senior executive. The AGM held a consultative vote on the Board’s guidelines for the determination of salary and other benefits to senior executives for the 2018 financial year, and on a separate vote, the AGM approved the part of the guidelines for remuneration and other benefits payable to senior executives relating to shares or the developments in the Company’s share price or that of other companies in the Group.

The board’s statement, as well as further details relating to the salary and benefits payable to the CEO and other senior executives, can be found in Note 24 to the financial statements included in the 2018 annual report.

Deviations from the Code: None


Investor relations
Communication with shareholders, investors and analysts is a high priority for SalMar. The objective is to ensure that the financial markets and shareholders receive correct and timely information, thus providing the soundest possible foundation for a valuation of the company. All market players shall have access to the same information, and all information is published in both Norwegian and English. All notices sent to the stock exchange are made available on the company’s website and at www.newsweb.no.

SalMar seeks to comply with the Oslo Børs IR code, including recommendations on the reporting of information to investors on companies’ websites, last updated on 1 June 2017. The company has, in line with the Code, also adopted an ‘IR Policy’, which is available from the company’s website. The CEO and CFO are responsible for communications with shareholders in the period between general meetings.

Financial information
The company holds investor presentations in association with the publication of its year-end and interim results. These presentations are open to all and provide an overview of the Group’s operational and financial performance in the previous quarter, as well as an overview of the general market outlook and company’s own future prospects. These presentations are also made available on the company’s website.

The company will continue to publish quarterly interim reports in line with the Oslo Stock Exchange’s recommendation. Such interim results will be published no more than 60 days after the close of each quarter.

Quiet period
SalMar will minimise its contacts with analysts, investors and journalists in the final three weeks before publication of its results. During this period, the company will hold no meetings with investors or analysts and will give no comments to the media or other parties about the Group’s results and future outlook. This is to ensure that all interested parties in the market are treated equally.

Financial calendar
Each year SalMar publishes a financial calendar indicating the dates of publication of the Group’s interim reports, as well as the date for when the company expects to publish its annual report and the date of its AGM. The calendar is available from the Group’s website www. salmar.no. It is also distributed as a stock market notice and updated on the Oslo Stock Exchange’s website www.newsweb.no. The calendar is published before 31 December each year.

Deviations from the Code: None


The board of directors has drawn up guidelines with respect to takeover bids, in line with the Code. The guidelines were adopted by the board at a meeting on 29 March 2011, and the board undertakes to act in a professional manner and in accordance with applicable legislation and regulations.

The guidelines shall ensure that the interests of shareholders are safeguarded, and that all shareholders are treated equally. Furthermore, the guidelines shall help ensure that company operations are not unnecessarily disturbed. The board will strive to provide shareholders will sufficient information to enable them to make up their minds with respect to the specific bid.

If a takeover bid has been made, the board will make a statement and at the same time assess whether to obtain a valuation from an independent expert. The board will obtain an independent valuation if a major shareholder, board member, member of the management team, related party or any collaborator of such a related party, or anyone who has recently held one or more of the above-mentioned positions, is either the bidder or has a particular interest in the takeover bid.

The board will not seek to prevent any takeover bid, unless the board is of the opinion that such action is justified out of consideration for the company and the company’s shareholders. The board will not exercise any authorisations or adopt other measures for the purpose of preventing the takeover bid. This stipulation may be waived with the approval of a general meeting of shareholders after a bid has been announced.

Transactions which, in reality, involve the sale of the company’s business shall be laid before a general meeting of shareholders for approval.

Deviations from the Code: None


The company’s auditor is appointed by the AGM and is independent of SalMar ASA. Each year the board of directors shall receive written confirmation from the auditor that the requirements with respect to independence and objectivity have been met.

Each year, the auditor shall draw up a plan for the execution of their auditing activities, and the plan shall be made known to the board of directors and the Audit Committee. The auditor shall meet with the audit committee annually to review and evaluate the company’s internal control activities.

The auditor shall hold at least one meeting each year with the board of directors, at which no representatives of the company’s management is present. The auditor attends the board meeting at which the year-end financial statements are considered. The auditor attends the company’s AGM.

The board shall inform the AGM of the remuneration payable to the auditor, broken down into an auditing and other services component. The AGM shall approve the auditor’s fees.

The company has drawn up guidelines for any work other than auditing to be carried out by the auditor or persons associated with the auditor.

Deviations from the Code: None