The board of directors has an annual plan for its work. It includes recurring topics such as strategy review, business planning, risk and compliance oversight, financial reporting, people strategy, succession planning as well as HSE and CSR. The board of directors is closely following the market and macro-economic developments relevant for the aluminium industry. In 2012 the board used significant time on the transaction with Sapa. This included strategic positioning and risk oversight, valuation and agreeing on negotiation mandates. The board of directors visited Hydro's Sunndal plant in Norway to learn more about the operations, the progress of the USD 300 per ton aluminium improvement program in Primary Metal, and to learn more about technology development in Hydro.
The board of directors conducts an annual self-assessment of its work, competence and cooperation with management and a separate assessment of the chairperson of the board. Both assessments are submitted to the nomination committee, which in turn assesses the board's composition and competence.
The board of directors held 15 meetings in 2012 with an attendance of 92 percent. The compensation committee and the audit committee both held seven meetings.
Dag Mejdell joined the board of directors on May 8, 2012, Pedro Rodrigues on September 21 and Victoire de Margerie on October 1. Tito Botelho Martins Jr. stepped down from the board of directors on 13 August 2012 and Bente Rathe on 30 September. The three new board members went through an introduction program to learn about Hydro, its organization and management systems including HSE and CSR, and the aluminium industry in general.
