Board of directors

Description

Nine members. Six elected by the Corporate Assembly. Three elected by and among the company's employees in Norway, normally for a period of two years.
 
In accordance with Norwegian law, the Board of Directors assumes the overall governance of the company, ensures that appropriate steering and control systems are in place and supervises the day-to-day management as carried out by the President and CEO.
 
All shareholder-elected members are external. No members elected by employees belong to the company's executive management. Employee directors have no other service contractual agreements with the company outside of their employee contracts, though they are subject to their duties as Board members.

Developments and events in 2007

36 meetings. 93 percent meeting attendance by the board members.

Jan Reinås withdraw as chairperson of the Board of Directors in August. Elisabeth Grieg, who was then deputy chairperson, functioned as chairperson untill Terje Vareberg was elected in November. Finn Jebsen, Heidi M Petersen, Bente Rathe, Svein Rennemo, Billy Fredagsvik and Jørn B. Lillevik were elected to the Board of Directors. They replaced Elisabeth Grieg, Kurt Anker Nielsen, Lena Olving, Håkan Mogren, Terje Friestad and Geir Nilsen.

The Board has an annual plan for its work. This includes a review of its way of working, competency, priorities and of the cooperation between the Board and the Company's management. Following substantial changes in the composition of the Board, a broad program was initiated to give the new Board sufficient information about Hydro's organization, corporate governance and strategy.
 
All shareholder-elected members were deemed to be independent in accordance with Norwegian standards. Except as noted below, none of the company's non-employee Board members had any other service contractual agreements with the company.
 
Elisabeth Grieg partly owns the family company Grieg Maturitas AS, which indirectly holds 20 percent of the ownership of AON Grieg. AON Grieg acted as a broker for Hydro in relation to off-shore insurance in 2007 and received NOK 8 280 000 in fees from Hydro. Her husband, Stig Grimsgaard Andersen, was a Board member in AON Grieg in 2007. In addition, Grieg Maturitas AS and other family companies hold directly and indirectly 75 percent of the ownership of Grieg Logistics. Her husband, Stig Grimsgaard Andersen, is a board member in Grieg Logistics. Grieg Logistics has provided logistics/transportation services to Hydro entities, mainly offshore operations and the Ormen Lange project from January 1 til October 1, 2007 at the total amount of NOK 67.673.197. For the period after October 1, 2007, Grieg Logistics has provided logistics/transportation services to Hydro entities at the total amount of NOK 2.086.011. In 2007 the total amount for transactions to Hydro was NOK 69.759.208. In 2006 the total amount for transactions from Grieg Logistics to Hydro was NOK 123.222.009. Of the total income (NOK 67.673.197) received from Norsk Hydro from January 1 till October 1 2007, NOK 63.098.587 is related to the activities transferred to StatoilHydro ASA through the demerger.

Developments in 2008

Svein Rennemo stepped down from the Board on March 12th, and Inge K. Hansen was elected new member of the Board.