DOCSLIB.ORG

Aker Solutions Asa – Board of Directors

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Aker Solutions Asa – Board of Directors AKER SOLUTIONS ASA – BOARD OF DIRECTORS Øyvind Eriksen Chairman Øyvind Eriksen is President & CEO of Aker ASA. He gained a law degree from Oslo University and, in 1990, joined Norwegian law firm BA-HR. In 1996 he became a partner there and, in 2003, a board member and chairman. At BA-HR, Eriksen worked closely with Aker and Aker‘s main shareholder, Kjell Inge Røkke. Eriksen is chairman of the board of Aker Holding AS and a board member of Reitangruppen AS, Aker Clean Carbon AS, The Resource Group TRG AS, TRG Holding AS and other companies. As of 31 December 2009 he holds no shares in the company and has no stock options. Eriksen is a Norwegian citizen. He has been elected for the period 2009-2011. Lone Fønss Schrøder Deputy Chairman Lone Fønss Schrøder is president of Sweden’s Wallenius Lines AB. She has a law degree from the University of Copenhagen and a Master of Economics from Handelshøjskolen, Copenhagen. Fønss Schrøder has broad international experience acquired during 21 years in senior management, including board positions at A.P. Møller-Maersk A/S. She is currently a nonexecutive director and member of the audit committee at Yara International ASA and Sweden’s Vattenfall AB, as well as non-executive director of Svenska Handelsbanken AB in Sweden. As of 31 December 2009 she holds no shares in the company and has no stock options. Fønss Schrøder is a Danish citizen. She has been elected for the period 2009-2011. Mikael Lilius Board member Mikael Lilius was President and CEO of Fortum Corporation from 2000 to May 2009. This Finnish company is one of the largest energy enterprises in the Nordic region, with substantial operations in Russia and the Baltic states. From 1990, Lilius was chief executive of Sweden’s Incentive AB, a pharmaceuticals company which changed its name to Gambro AB in 1998. Gambro is owned by Swedish the investment company Investor AB. Lilius is chairman of the board of Finnish Huhtamaki Corporation and a member of the board of Hafslund ASA, a Norwegian energy utility. He is a graduate of the Swedish School of Economics and Business Administration in Helsinki. As of 31 December 2009 he holds no shares in the company and has no stock options. Lilius is a Finnish citizen. He has been elected for the period 2009 - 2011. enterprises. She currently chairs the Board of Sandefjord Airport and is a member of the Boards of Norsk Hydro ASA, Nordea AB, Songa Floating Production ASA and Noreco ASA among others. She holds an MSc from the Norwegian University of Science and Technology. Petersen is a Norwegian citizen. Vibeke Hammer Madsen Board member Vibeke Hammer Madsen has been CEO of HSH (The Federation of Norwegian Commercial and Service Enterprises) since 2002. Prior to this, she was a partner in the PA Consulting Group. From 1993 to 1999 Hammer Madsen was a vice president holding various positions in Statoil. Today Hammer Madsen, a graduate of the Norwegian School of Radiography, holds a range of board positions. As of 31 December 2009, she holds no shares in the company, and has no stock options. Hammer Madsen is a Norwegian citizen. She has been elected for the period 2009–2011. Ida Helliesen Board member Ida Helliesen joined Norsk Hydro in 1980, where she held a number of leading positions including, for the last eight years before her retirement in 2007, chief financial officer. From 2007 until the spring of 2009, she assisted Hydro on a number of issues including the completion of the merger between Hydro’s oil and energy business and Statoil. Helliesen is a director of the executive board of Norway’s Central Bank, Statistics Norway and Skagerak Energi AS. She has an MSc in business economics from the Norwegian School of Economics and Business Administration. As of 31 December 2009, she holds no shares in the company, and has no stock options. Helliesen is a Norwegian citizen. She has been elected for the period 2009-2011. Kjell Inge Røkke Board member Entrepreneur and industrialist Kjell Inge Røkke, Aker ASA’s main owner, has been a driving force in the development of Aker since the 1990s. Røkke launched his business career with the purchase of a 69-foot trawler in the United States in 1982 and gradually built a leading worldwide fisheries business, harvesting white fish and processing it at sea. In 1996, Røkke purchased enough Aker shares to become Aker’s largest shareholder. As of 31 December 2009 he holds no shares in the company and has no stock options. Røkke is a Norwegian citizen. He has been elected for the period 2009-2011. Atle Teigland Board member Elected by the employees Atle Teigland was elected by the employees of Aker Solutions to the Board of Directors in October 2004. He also served on the boards of Aker and Aker RGI for several years. Teigland is a group union representative for Aker Solutions on a full-time basis and has been employed by Aker Elektro AS since 1978. Teigland is a certified electrician. As of 31 December 2009 he holds 1 806 shares in the company, and has no stock options. Teigland is a Norwegian citizen. He has been elected for the period 2009–2011. Åsmund Knutsen Board member Elected by the employees Åsmund Knutsen was elected by the employees of Aker Solutions to the Board of Directors in October 2004. Since 1991 he has held various positions in Aker Engineering & Technology AS and is now a group union representative for white-collar employees on a full-time basis. Knutsen holds an MSc in hydrodynamics. As of 31 December 2009, he holds 3 111 shares in the company, and has no stock options. Knutsen is a Norwegian citizen. He has been elected for the period 2009–2011. Arild Håvik Board member Elected by the employees Arild Håvik was elected by the employees of Aker Solutions to the Board of Directors in March 2009. Håvik has been employed by Aker Solutions since 1990 and has been a local union representative for Aker Offshore Partner AS on a full-time basis for the last 2 years. Håvik is a scaffolder and sheet metal worker and holds a certificate of apprenticeship in the two disciplines. As of 31 December 2009, he holds 206 shares in the company, and has no stock options. Håvik is a Norwegian citizen. He has been elected for the period 2009-2011. Arve Toft Board member Elected by the employees Arve Toft was elected by the employees of Aker Solutions to the Board of Directors in March 2007. Toft is a group union representative for Aker Solutions on a full-time basis and has been employed by the company since 1983. Toft is a certified mechanic and scaffolder and has been a main safety delegate at Aker Stord AS for 5 years. As of 31 December 2009, he holds 206 shares in the company, and has no stock options. Toft is a Norwegian citizen. He has been elected for the period 2009-2011. .
Load more

Recommended publications
  • Annual Report 2020.Pdf
    Annual Report 2020 The time for change is now. #PowerTheChange #PowerTheChange The time for change is now. In our common quest to create a cleaner, safer Content and more sustainable future, we must take ownership and accountability. Key figures 3 Where we are 6 Highlights 7 CEO Introduction 8 Board of Directors' Report 10 Consolidated Financial Statements 25 Parent Company Financial Statements 104 Independent Auditor's Report 121 Alternative Performance Measures 126 3 AKER SOLUTIONS ANNUAL REPORT 2020 KEY FIGURES MENU Key figures* 2020 2019 ORDERS AND RESULTS Order backlog December 31 NOK million 37,979 33,083 Order intake NOK million 34,163 26,155 Revenue NOK million 29,396 38,163 34,163 29,396 EBITDA NOK million 1,539 2,711 ORDER INTAKE REVENUE EBITDA margin Percent 5.2 7.1 NOK million NOK million EBITDA margin ex. special items Percent 4.3 7.3 EBIT NOK million -776 988 EBIT margin Percent -2.6 2.6 1,539 5.2 EBIT margin ex. special items Percent -0.2 3.6 Net income NOK million -1,520 283 EBITDA EBITDA MARGIN NOK million Percent CASHFLOW Cashflow from operational activities NOK million 501 360 BALANCE SHEET 4.3 -776 Net interest-bearing debt NOK million -456 -986 EBITDA MARGIN EBIT Equity ratio Percent 29.5 32.2 EXCL. SPECIAL ITEMS NOK million Percent Liquidity reserve NOK million 8,171 8,883 SHARE Share price December 31 NOK 16.45 n/a* Basic earnings per share NOK -3.13 0.49 -2.6 -0.2 EBIT MARGIN EBIT MARGIN EXCL.
    [Show full text]
  • Annual Report 2020 Contents
    ANNUAL REPORT 2020 CONTENTS LETTER FROM THE CEO 4 BOARD OF DIRECTORS 44 KEY FIGURES 2020 8 EXECUTIVE MANAGEMENT TEAM 48 HIGHLIGHTS 2020 10 BOARD OF DIRECTORS’ REPORT 52 THE VALHALL AREA 16 REPORTING OF PAYMENTS TO GOVERNMETS 72 IVAR AASEN 20 BOD’S REPORT ON CORPORATE GOVERNANCE 74 THE SKARV AREA 24 FINANCIAL STATEMENTS WITH NOTES 88 THE ULA AREA 28 THE ALVHEIM AREA 32 JOHAN SVERDRUP 36 THE NOAKA AREA 40 COMPANY PROFILE Aker BP is an independent exploration and production Aker BP is headquartered at Fornebu outside Oslo and has company conducting exploration, development and produ- offices in Stavanger, Trondheim, Harstad and Sandnessjøen. ction activities on the Norwegian continental shelf (NCS). Aker BP ASA is owned by Aker ASA (40%), bp p.l.c. (30%) Measured in production, Aker BP is one of the largest and other shareholders (30%). independent oil and gas companies in Europe. Aker BP is the operator of Alvheim, Ivar Aasen, Skarv, Valhall, Hod, Ula The company is listed on the Oslo Stock Exchange with and Tambar, a partner in the Johan Sverdrup field and holds ticker “AKRBP”. a total of 135 licences, including non-operated licences. As of 2020, all the company’s assets and activities are based in Norway and within the Norwegian offshore tax regime. OUR ASSETS arstad AND OFFICES andnessen ar Trondei lei orne taaner ar asen oan erdrp operated inor laTaar alallod · ESG IN AKER BP SUSTAINABILITY REPORT 2020 Aker BP’s Sustainability report 2020 describes the ESG in Aker BP company’s management approach and performance to environment, social and governance.
    [Show full text]
  • Aker Asa Fourth-Quarter and Preliminary Annual Results 2019
    Q4 2019 AKER ASA FOURTH-QUARTER AND PRELIMINARY ANNUAL RESULTS 2019 Aker ASA Fourth-quarter and preliminary annual results 2019 2 Highlights Key figures - Aker ASA and holding companies Key events The net asset value (“NAV”) of Aker ASA and holding companies The Johan Sverdrup field started production in the fourth quarter (“Aker”) ended at NOK 50.0 billion in the fourth quarter, up 16 per and has already ramped up production to well above 300,000 cent from NOK 43.1 billion at the end of the third quarter, and up barrels per day and is on track to reach 440,000 barrels per day 24 per cent dividend adjusted from NOK 41.7 billion at year-end by the summer. 2018. The per-share NAV amounted to NOK 673 as per 31 December 2019, compared to NOK 580 as per 30 September Aker BP moved into Phase 2 of the Ærfugl project, and first oil 2019 and NOK 562 as per 31 December 2018. was produced from the Valhall Flanke West, where Aker BP is the operator. Aker Solutions and Kvaerner are engaged in both The Aker share increased 12.3 per cent in the fourth quarter. This projects through the successful alliance model. compares to a 5.1 per cent increase in the Oslo Stock Exchange’s benchmark index (“OSEBX”). The Aker share Kvaerner signed a NOK 1.5 billion contract with Equinor for development of the Hywind Tampen project, the world’s largest increased 22.5 per cent in 2019, including dividend paid. This compares with a 16.5 per cent increase in the Oslo Stock floating offshore wind farm.
    [Show full text]
  • Candidates Nominated to the Board of Directors in Gjensidige Forsikring ASA
    Office translation for information purpose only Appendix 18 Candidates nominated to the Board of Directors in Gjensidige Forsikring ASA Per Andersen Born in 1947, lives in Oslo Occupation/position: Managing Director, Det norske myntverket AS Education/background: Chartered engineer and Master of Science in Business and Economics, officer’s training school, Director of Marketing and Sales and other positions with IBM, CEO of Gjensidige, CEO of Posten Norge and Managing Director of ErgoGroup, senior consultant to the CEO of Posten Norge, CEO of Lindorff. Trond Vegard Andersen Born in 1960, lives in Fredrikstad Occupation/position: Managing Director of Fredrikstad Energi AS Education/background: Certified public accountant and Master of Science in Business and Economics from the Norwegian School of Business Economics and Administration (NHH) Offices for Gjensidige: Member of owner committee in East Norway Organisational experience: Chairman of the Board for all FEAS subsidiaries, board member for Værste AS (regional development in Fredrikstad) Hans-Erik Folke Andersson Born in 1950, Swedish, lives in Djursholm Occupation/position: Consultant, former Managing Director of insurance company Skandia, Nordic Director for Marsh & McLennan and Executive Director of Mercantile & General Re Education/background: Statistics, economy, business law and administration from Stockholm University Offices for Gjensidige: Board member since 2008 Organisational experience: Chairman of the Board of Semcon AB, Erik Penser Bankaktiebolag and Canvisa AB and a board member of Cision AB. Per Engebreth Askildsrud Born in 1950, lives in Jevnaker Occupation/position: Lawyer, own practice Education/background: Law Offices for Gjensidige: Chairman of the owner committee Laila S. Dahlen Born in 1968, lives in Oslo Occupation/position: Currently at home on maternity leave.
    [Show full text]
  • Mr. Thorleif Enger Elected New Telenor Chairman
    Mr. Thorleif Enger elected new Telenor Chairman The Corporate Assembly of Telenor ASA has elected Mr. Thorleif Enger (59) as new Chairman of the Board. Mr. Enger has been a member of the Board since October 2001. Thorleif Enger has a PhD in Structural Engineering from the University of Colorado, USA and today holds position as Executive Vice President and member of Norsk Hydro Corporate Management, in charge of Hydro Agri, the world's largest fertilizer company. Mr. Enger has been with Norsk Hydro since 1973 and has, among other things, been Project Director for the development of the Oseberg Field in the North Sea and has been responsible for Norsk Hydro's domestic and foreign oil and gas acitivities. From 1970 to 1973 he was employed by Shell Development Company in Houston, Texas. Mr. Thorleif Enger succeeds Mr. Tom Vidar Rygh, who resigned as Chairman in December 2002 when he accepted the position as head of the investment bank Enskilda Securities AB in Sweden. The Board of Telenor ASA after this consist of: Thorleif Enger, Chairman à shild Bendiktsen, Deputy Chairman Hanne de Mora Jørgen Lindegaard Bjørg Ven Einar Førde Per Gunnar Salomonsen (employee representative) Irma Ruth Tystad (employee representative) Harald Stavn (employee representative) A high resolution picture of Mr. Thorleif Enger is available at: http://www.telenor.no/pressesenter/_gfx/trykk_tenger.jpg Telenor Group is one of the world's major mobile operators. We keep our customers connected in our markets across Scandinavia and Asia. Our more than 30,000 employees are committed to responsible business conduct and being our customers' favourite partner in digital life.
    [Show full text]
  • The Supervisory Board of Gjensidige Forsikring ASA
    The Supervisory Board of Gjensidige Forsikring ASA Name Office Born Address Occupation/position Education/background Organisational experience Bjørn Iversen Member 1948 Reinsvoll Farmer Agricultural economics, Agricultural Head of Oppland county branch of the Norwegian University of Norway in 1972. Landbrukets Farmers' Union 1986-1989, head of the Norwegian sentralforbund 1972-1974, Norges Kjøtt- og Farmers' Union 1991-1997, chair of the supervisory Fleskesentral 1974-1981, state secretary in board of Hed-Opp 1985-89, chair/member of the board the Ministry of Agriculture 1989-1990 of several companies. Chair of the Supervisory Board and Chair of the Nomination Committee of Gjensidige Forsikring ASA. Hilde Myrberg Member 1957 Oslo Senior Vice President MBA Insead, law degree. Chair of the board of Orkla Asia Holding AS, deputy Corporate Governance, chair of the board of Petoro AS, member of the board of Orkla ASA Renewable Energy Corporation ASA, deputy board member of Stålhammar Pro Logo AS, deputy chair of the board of Chr. Salvesen & Chr Thams's Communications Aktieselskap, member of the boards of Industriinvesteringer AS and CGGVeritas SA. Randi Dille Member 1962 Namsos Self-employed, and Economies subjects. Case officer/executive Chair of the boards of Namsskogan Familiepark, Nesset general manager of officer in the agricultural department of the fiskemottak and Namdal Skogselskap, member of the Namdal Bomveiselskap, County Governor of Nord-Trøndelag, boards of several other companies. Sits on Nord- Namsos national recruitment project manager for Trøndelag County Council and the municipal Industribyggeselskap and the Norwegian Fur Breeders' Association, council/municipal executive board of Namsos Nordisk Reinskinn own company NTN AS from 1999.
    [Show full text]
  • 0 STATOIL Den Norske Stats Oljeselskap A.S - Statoil - Was Founded in 1972
    DEN NORSKE STATS O L J ESE [S K A P A.S ANNUAL REPORT AND ACCOUNTS NINETEEN HUNDRED AND NINETY-FIVE 0 STATOIL Den norske stats oljeselskap a.s - Statoil - was founded in 1972. All its shares are owned by the Norwegian state. The company’s object is, either by itself or through participation in or together with other companies, to car,y out exploration, production, trans portation, refining and marketing of petroleum and petroleum-derived products, as well as other business. Net operating revenue for the group in 1995 totalled NOK 87 billion. At 3’l December, it had some 14 000 employees. Statoil is the leading player on the Norwegian continental shelfand the biggest petrol retail er in Scandinavia. It also ranks as one of the world’s largest net sellers ofcrude oil and is a substantial supplier II of natural gas to continental Europe. The group has pur sued a gradual expansion outside Scandinavia in recent years. Statoil is responsible for managing the govern I ment’s directfinancial interest in partnerships engaged in exploration for as well as development, production and fransport ofpefroleum on the Norwegian continental shelf ‘p. Statoil operates in the following countries: Norway • Sweden • Denmark • Germany • Poland • Estonia Latvia • Lithuania • UK • Ireland • Belgium • Russia • Thailand Vietnam • Malaysia • Singapore • Azerbaijan • Kazakhstan Angola • Namibia • Nigeria • USA • Venezuela • China ______L 1995 Statoil made the biggest oil discovery off Denmark for 18 years as operator on the Sin structure, which is estimated to hold 145 million barrels of commercially-recoverable oil. Statoil took over as production operator on the Heidrun field, which has a daily output of 220 000 barrels of oil.
    [Show full text]
  • Aker ASA ESG Report 2019 3
    ESG REPORT 2019 E Environmental We are committed to being part of the solution § Using our role as an active, responsible owner § Being a driving force to reduce negative environmental impact from operations of our portfolio companies § Making the Norwegian Continental Shelf a benchmark for safe, sustainable and profitable oil and ESG gas production S Social We are committed to our employees and communities § Investing in health and wellness of our employees § We are committed to supporting and having a positive impact on our local communities, e.g. through Aker Scholarship and Stiftelsen VI § Zero tolerance for discrimination, harassment and degrading treatment of employees G Governance We are committed to good governance Contents § Based on best practice recommendations from Oslo Stock This ESG report provides an account of the Exchange and NUES processes and structures Aker has in place § Code of Conduct as governing to support our commitment to ESG issues. document with expected alignment throughout the portfolio § Regular risk reviews by the Board, Message from our CEO 3 including environmental and climate-related risks Our company 4 § Ensuring employee representation in Aker’s boardroom and in Our Approach to ESG 6 the boardrooms of all portfolio Commitment to environmental companies responsibility 8 Commitment to social responsibility 1 1 Commitment to good governance 14 Portfolio overview 18 TCFD report 24 Aker ASA ESG report 2019 3 ESG considerations are core premises for our business and investment decisions. We are simultaneously respectful about the fact that when the world is back to normal it will need more energy going forward. A question we ask ourselves is how oil and gas are being produced.
    [Show full text]
  • Download Bios of Tone H Bachke and Jørgen C. Arentz Rostrup
    Tone H. Bachke Tone H. Bachke, born 1972, has more than 20 years of business experience in an international context. In Telenor, she has held the position as SVP and Head of Group Treasury upon joining the company in September 2018. She has a broad range of management positions in several companies and across industries, including CEO of Implenia Norge AS, CFO of Kistefos AS, as well as various management positions in Aker Solutions, including SVP and CFO of Aker Process Systems. She also serves on the Board of Directors for Veidekke ASA. Education: Bachke holds a degree in economics and business administration from Norwegian School of Economics (NHH). Jørgen C. Arentz Rostrup Jørgen Rostrup, born 1966, has more than 20 years’ business experience in an international context. For the past years as CFO for Telenor Group, Jørgen has been instrumental in setting a solid course for the company of growth and modernisation. Through Telenor’s operational excellence measures, a sharper focus on what creates value, and a dedication to uncovering efficiencies over time, the company is today one of the best-positioned global telcos. Prior to joining Telenor Group in 2016 as CFO, he served as President of Yara North America, Inc. Rostrup has held a broad range of management positions in two of Norway’s leading companies, including Country Manager for Yara Ghana Ltd., CFO in Norsk Hydro AS, Executive Vice President Energy in Hydro and CFO for Hydro’s Norwegian oil and gas activity. Rostrup has also served on several boards, including positions within the private equity and investment banking area.
    [Show full text]
  • Prospectus Aker Solutions
    Aker Solutions ASA, Prospectus of 22. December 2009 Registration Document_____________________________________________________ Prospectus Aker Solutions ASA 8.70% Aker Solutions ASA FRN Aker Solutions ASA Open Bond Issue 2009/2014 Registration Document Joint bookrunners: Oslo, 22. December 2009 1 Aker Solutions ASA, Prospectus of 22. December 2009 Registration Document_____________________________________________________ Important information The Registration Document is based on sources such as annual reports and publicly available information and forward looking information based on current expectations, estimates and projections about global economic conditions, the economic conditions of the regions and industries that are major markets for the Company's (including subsidiaries and affiliates) lines of business. Important factors that could cause actual results to differ materially from those expectations include, among others, economic and market conditions in the geographic areas and industries that are or will be major markets for the company's businesses, market acceptance of new products and services, changes in governmental regulations, interest rates, fluctuations in currency exchange rates and such other factors as may be discussed from time to time in the Registration Document. Although it is believed that the expectations are based upon reasonable assumptions, the Borrower can give no assurance that those expectations will be achieved or that the actual results will be as set out in the presentation. Neither the Arrangers and Co-Arranger nor the Borrower are making any representations or warranty, expressed or implied, as to the accuracy, reliability or completeness of the Registration Document, and neither the Arrangers and Co-Arranger the Borrower, nor any of its directors, officers or employees will have any liability to you or any other persons resulting from your use.
    [Show full text]
  • Aker ASA Third-Quarter Results 2019
    Proud ownership Aker ASA Q3 Third-quarter results 2019 2019 1 November 2019 Highlights Third quarter: ▪ Net asset value: NOK 43.1 billion, down from NOK 44.8 billion in second quarter ▪ Return: Aker share down 1.4 per cent to NOK 484 ▪ Liquidity reserve: NOK 5.2 billion, cash amounted to NOK 2.7 billion Key events: ▪ Kværner: Established two new business areas; FPSO and Renewables, to grow operations ▪ Ocean Yield: Successfully completed a perpetual hybrid bond issue of USD 125 million, carrying coupon of 3-month LIBOR + 6.50 per cent p.a. ▪ Aker: Launched the Centre for the Fourth Industrial Revolution (C4IR) Norway together with the World Economic Forum ▪ Aker BP: In October, the Johan Sverdrup field came on stream more than two months ahead of schedule and NOK 40 billion below budget ▪ Aker Solutions: In October, launched its "20-25-30" strategy whereby revenue from renewables is targeted to represent as much as 20 per cent of revenues, and low-carbon solutions as much as 25 per cent of revenues by 2030 ▪ Aker: In October, signed a Memorandum of Understanding with Saudi Aramco for a strategic partnership on industrial digitalization and sustainability initiatives ▪ Aker Energy: In October, changed its strategy in Ghana to de-risk the Pecan development within the frames of the current petroleum agreement and only with tie-ins already identified 1 November 2019 AKER ASA | Third-quarter results 2019 2 Aker ASA and holding companies 7.3% return on NAV YTD including paid dividend, -3.8% return in 3Q Net asset value change YTD 2019 Net asset value change in 3Q 2019 NOK billion NOK billion 4Q18 41.7 2Q19 44.8 Aker BP 5.6 Aker BP 0.5 Ocean Yield (0.3) Ocean Yield (0.4) Aker Solutions (1.4) Aker Solutions (1.0) Kvaerner 0.0 +3% Kvaerner (0.2) -4% Akastor (0.2) Akastor (0.1) Dividend paid (1.7) Dividend paid 0.0 Other (0.7) Other (0.5) 3Q19 43.1 3Q19 43.1 1 November 2019 AKER ASA | Third-quarter results 2019 3 Aker ASA and holding companies Share price up 9.6% Q3-YTD dividend adjusted - strong balance sheet NAV per share vs.
    [Show full text]
  • Storebrand Livsforsikring AS Annual Report 2011
    Annual report 2011 Storebrand Livsforsikring AS ANNUAL REPORT 2011 2 | ANNUAL REPORT STOREBRAND LIVSFORSIKRING AS Contents Page 4 | Report of the board of directors Page 22 | Profit and loss account Page 24 | Statement of financial position Page 27 | Reconsiliation of change in equity Page 28 | Cash flow analysis Page 29 | Notes Page 114 | Actuary report Page 115 | Declaration by the members of the board and the CEO Page 116 | Audit report Page 118 | Control committee’s statement Page 119 | Board of representatives statement Page 120 | Terms and expressions ANNUAL REPORT STOREBRAND LIVSFORSIKRING AS | 3 ANNUAL REPORT 2011 Report of the board of directors Storebrand Livsforsikring primarily operates in Norway and its head office is in Lysaker Park in the Municipality of Bærum. Storebrand’s position as a leading player in the Nordic occupational pension market strengt- hened through 2011. In addition, several strategic and organisational adjustments were im- plemented in order to increase focus on the retail market. The reason for this initiative is the transition from defined benefit to defined contribution occupational pension schemes, where the individual employees have a greater involvement. Business relationships give the Group a strategic advantage in the relationships established with company employees. OUTLOOK Fusion of corporate and retail markets The shift from defined benefit to defined contribution occupational pension schemes has led to both risks and investment options being transferred from employer to employee. In addi- tion, the pensions reform will lead to lower future pension payments for many employees. In sum, this increases both the need and interest in pensions and private savings significantly.
    [Show full text]