Governance

Acona is headquartered in Stavanger and will display good corporate governance in order to strengthen confidence and maximize value creation to the best of all stakeholders.

The guidelines for corporate governance are intended to clarify the overall responsibilities between shareholders, the board of directors and senior management. The company business is clearly defines in the Articles of Association which in more detail outlines some of the governance rules for Acona. The Company vision and our core values defines as “brave – determined - humble and energic” are indented to serve as a guideline in the way we conduct our business through all our employees.
Code of Conduct
Acona demands high ethical standards for everyone who is working for the company. Such standards include compliance with rules of free competition and rejection of any kind of bribery and corruption. All Acona staff must conform to such business standards and to the relevant laws and regulations of the country in which they operate and fulfill their obligations in a reliable manner. Violation of sound business behavior could result in disciplinary action including termination of employment.
General Meeting
The general meeting secures the participation of all shareholders in the company’s highest level of decision making. The company articles of association are decided and approved by the general meeting. All shareholders are entitled to submit matters for the agenda of the general meeting as well as to attend, speak, and vote at the meeting. Shareholders who cannot attend the meeting are encouraged to appoint a proxy. The agenda is determined by the board. The board chairman opens the meeting after which a chairman for the meeting is elected. The general meeting will take place in Q2 every year. Minutes from the meeting will be published on the company website.

Composition and independence of the board		Operational Management
The composition of the board comprises of six members. The company Articles of Association allows up to eight members. All directors are elected for two years. The greatest shareholder with more than 20% of the shares has the right to appoint one member of the board. Work of the board The operation and strategic direction of Acona are regularly reviewed through periodic board meetings, annual strategy and budgetary processes. The board is responsible for reaching decisions which form the basis for improving and executing investments and structural measures in close cooperation with senior management. Schedules board meeting are as a minimum held six to eight times a year. The board has defines a job description for the chief executive officer specifying his duties, authority and responsibilities. Furthermore, the board of directors will ensure that instructions are outlines for the executive management with particular emphasis on clear internal allocation of responsibilities and duties. The chief executive officer has a particular responsibility for ensuring that the board receives precise, relevant and timely information enabling the board to maintain its duties.		The primary function of the company CEO is to manage the operations in line with guidelines and instructions of the board of directors. Company management consists of nine members including CEO, CFO, VP Corporate Services, VP Business Development and Contracts, VP QHSE and four Business Area Heads. The company management meets regularly. The heads of the business areas are responsible for goals, strategies, robust development, growth and earnings. Further details on roles and responsibilities for company management are clearly outlined in the company Management Manual. Auditor Erga Revisjon as is the company auditor. The auditor always attends board meetings where the annual accounts are reviewed. The auditor also attend the general meeting when annual accounts are presented. As part of the plan for the annual audit, the auditor may be asked to comment on internal control procedures. Board Members Per Terje Vold - Chairman of the Board Aina M. Berg - Director Martin Sigmundstad - Director Ole Rettedal - Director Bernt Gjellestad - Employee Representative Per Atle Flytlie - Employee Representative