The board has maintained the practice of allocating preparatory work related to compensation arrangements to a sub-committee. Conflicts of interest are a fixed item on the agenda at board meetings, and directors with such a conflict withdraw from the board’s consideration of the relevant issue. The board conducts an annual evaluation of its own work. That also includes the company’s guidelines on business ethics and CSR, and the instructions for the board.
Chief executive Kjell Pedersen retired on 11 June 2013. Grethe K Moen was appointed to succeed him as president and CEO, and took office on 12 June. Gunn Wærsted joined the board and Mari Thjømøe stepped down as a director during 2013.
Each director and the board as a collective body seek to strengthen their expertise in various ways. These include participation in courses and conferences and generally following developments in the area. The board conducted two strategy meetings in 2013.
Petoro’s board comprises Gunnar Berge as chair, Hilde Myrberg as deputy chair, Gunn Wærsted, Per Arvid Schøyen and Nils-Henrik M von der Fehr as the other shareholder-elected directors, and Anniken Teigen Gravem and Ragnar Sandvik as directors elected by and from among the employees.