Corporate governance

Treasure ASA has a corporate governance regime which will comply with the Norwegian Code of Practice for Corporate Governance. The company is included in a corporate governance report, as part of Wilh. Wilhelmsen ASA’s annual report.

Treasure ASA is in compliance with the code, with the following exceptions:

  • The company is in deviation from section 6 of the code, as the Articles of Association stipulate that the chair of the company hosts the general meetings.
  • The company has a nomination committee. Such committee is however not provided for in the Articles of Association and the company is therefore in deviation with section 7 of the code. The general meeting of the company has not set out guidelines for the nomination committee.
  • The company has not developed opportunities for shareholders to submit proposals for candidates to the Nomination committee, deviating from the code section 7.
  • The whole board acts as a remuneration committee and the company therefore deviates from the requirements set out in section 9 of the code.
  • The board of directors has not determined guidelines for its response to possible takeover bids as recommended in section 14 of the code. However, the board would seek to treat all shareholders equally should such circumstances arise.

Nomination committee

The company has a nomination committee composed of Wilhelm Wilhelmsen (chair), Gunnar Frederik Selvaag and Jan Gunnar Hartvig. The nomination committee is governed by a separate policy covering its responsibilities.

Audit committee

The Company’s board of directors composes the audit committee. Members of the board have relevant qualifications within Finance/Audit.

Remuneration committee

Given the limited operational scale of the Company, no separate remuneration committee has been established.

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