Hydro's governance model

Hydro's governance model is shown in the figure below.

General Meeting of shareholders

Company shareholders exercise ultimate authority through the general meeting. Shareholders registered in VPS, the Norwegian Central Securities Depository, can vote in person or by proxy.

Corporate Assembly

Eighteen members. Twelve are elected by the General Meeting of Shareholders, six are elected by and among the group's employees in Norway.

Board of Directors

In accordance with Norwegian law, the Board of Directors assumes the overall governance of the company, ensures that appropriate management and control systems are in place and supervises the day-to-day management as carried out by the President and CEO.

President and CEO and Corporate management board

According to Norwegian corporate law, the President & CEO constitutes a formal governing body that is responsible for the daily management of the company.

Nomination committee

The nomination committee shall consist of a minimum of three and a maximum of four members who are shareholders or representatives of shareholders.

Audit committee

Consists of four of the board of directors' nine members. The audit committee meets Norwegian requirements regarding independence and competence.

Compensation committee

Consists of three of the Board of Directors' nine members.