Nomination committee’s recommendation
Stavanger, 24 October 2014: In connection with the extraordinary general meeting of Norwegian Energy Company ASA (Noreco) on 27 October, the nomination committee’s recommendation is hereby announced.
The committee has had the following composition: Tom Henning Slethei (chair), Morten Garman and Ole Rettedal.
The majority of the committee recommends the election of five new directors to replace the existing board: Erik Henriksen (chair), Tone Bjørnov (deputy chair), Andreas Greve-Isdahl, Silje Christine Augustson and Ole Rettedal. Ole Rettedal abstained from participating in the consideration of the proposal concerning his own candidature.
A minority comprising Morten Garman voted against the nomination of Ole Rettedal, who was nominated as a new director by Tom Henning Slethei, and has only voted for the four other directors. These four have been nominated by Morten Garman.
The majority recommendation from the nomination committee has given emphasis to ensuring the representation of both the largest and the second-largest shareholders. Erik Henriksen and Andreas Greve-Isdahl are advisers to Sabaro Investments Limited, and Ole Rettedal is chief executive of IKM Industri-Invest AS.
The majority of the nomination committee cannot support the board composition in the minority’s proposal, with only four directors. The nomination committee’s recommendation with all five proposed directors was adopted with Tom Henning Slethei’s casting vote.
Additional information on the five proposed candidates follows below.
For further information, please contact:
Tom Henning Slethei, chair of the nomination committee. Tel: +47 997 00 635
Erik Henriksen is an advisor to Sabaro Investments Limited. He has a diploma in International Shipping from London School of Foreign Trade. Henriksen has been a founder, developer and investor in various companies over the last 30 years including Telecomputing ASA, Intelecom ASA, Discoverer ASA, Tanker Navigation ASA (all companies have been listed at the Oslo Stock Exchange) as well as many private companies including Trader Navigation (UK) Limited. Earlier in his career he worked for F.H. Lorentzen & Co., Oslo, Stolt-Nielsen Group (Oslo and the US), R.S. Platou (Oslo and Hawaii) and was in charge of a joint venture company between R.S.Platou and the Erling Lorentzen Group in Rio de Janeiro, Brazil.
Tone Bjørnov is an independent portfolio Non-Executive Director. She holds board directorships with Intex Resources ASA, ABG Sundal Collier ASA, Aqua Bio Technology ASA, BB Finans ASA, Bank1 AS, Storyline Studios AS and Serendex Pharmaceuticals A/S. Previous board directorships include SinOceanic Shipping ASA, Kongsberg Automotive ASA, Spectrum ASA, Marine Farms ASA, Fish Pool ASA and Bane Tele AS. Bjørnov has extensive experience from banking and finance with 20 years of diverse experience from DNB. Bjørnov holds a degree in Business Administration from the Norwegian School of Management plus university degrees in French and IT from the University of Oslo.
Andreas Greve-Isdahl holds an MBA from Hult, Shanghai and a bachelor in Innovation & Entrepreneurship from OMH, Oslo. Greve-Isdahl has extensive international business expertise after living/working in: U.K, China, UAE, USA, Vietnam and Norway. Previous roles include founder/ entrepreneur, consultant and most recently as advisor to Sabaro Investment Limited, where he is involved in all parts of Sabaro’s operations, from investments and portfolio management to exit.
Silje Augustson has significant experience from the capital markets and the financial services industries mainly based out of London. Her experience spans from roles within equity sales and research in investment banking, to business development, strategy and investor capital fundraising in the alternative asset management industry. Ms. Augustson has held positions with JP Morgan, The Brunswick Group, Theorema Asset Management, Belay Asset Management. Currently she works with Xynteo, a strategic advisory firm based in Oslo and London, with clients in the Oil and Gas industry. Augustson is a Non-Executive Director of Panoro Energy ASA, and serves on the board of the Storm Nordic Fund, the Storm Bond Fund, SurfSide Holding AS and Mikrofinans Norge AS. She holds a Deug in Economics from the University of Toulouse UT1 (1996), and a Master in European Management/Diplome de Grande Ecole from ESCP-EAP (1999).
Ole Rettedal is Chief Executive Officer in IKM Industri-Invest AS, Noreco’s second-largest owner.
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About Norwegian Energy Company ASA
Noreco is an independent Norwegian oil company. The company's focus is to explore, develop and produce oil and gas in the North Sea region. Since incorporation in 2005, the company has grown through licensing rounds, exploration and acquisitions. Noreco operates in Norway, Denmark and United Kingdom, and employs 53 oil and gas professionals. Noreco is listed on the Oslo Børs (ticker NOR). For further information, please visit: www.noreco.com.