Following substantial changes in the Board in 2007, the working program for 2008 commenced with a thorough review of Hydro’s business to develop and secure the Board’s knowledge and understanding of the company’s organization, governance and strategy. The Board held 17 meetings in 2008, with attendance of 96 percent.
The Board has an annual plan for its work. In addition to recurring topics such as a review of board procedures, competency, priorities, collaboration with the company’s management, strategy review and business planning, risk exposure and risk mitigation, the Board used significant time monitoring the handling of the Libya investigation as well as other important issues. Toward the end of the year, the Board was involved in evaluating Hydro’s production curtailments and other initiatives in response to the dramatic market developments occurring in the final quarter. In January the Board regretfully accepted the resignation of the President and CEO, Eivind Reiten, and appointed his successor, Svein Richard Brandtzæg.
During 2008, the Board’s Compensation Committee held four meetings and the Audit Committee nine meetings.
Svein Rennemo stepped down from the Board on March 12, 2008, and Inge K. Hansen was elected as a new member of the Board.
