Note 1 - Beerenberg

Management report
Organisational risks In order to retain key personnel,
we are investing heavily in personal development by offering
skills development opportunities. This helps ensure
that skilled staff stay with the company and that we all work
together. In a volatile market it is important that we recruit
reliable sub-contractors and ensure that our partners comply
with applicable laws and regulations.
IFRS In 2010 the group switched from the Norwegian accounting
standard NGAAP to IFRS and has since reported
in accordance with IFRS.
The management is maintaining its focus on processes and
is working on ongoing improvement processes. The finance
department has been strengthened, and training and professional
development in relation to IFRS, risk management,
internal controls and methods are taking place.
Corporate governance The board of directors ensures
that the corporate governance of the company is sound. The
company is undergoing a process to develop routines and
systems to be able to meet the Norwegian Code of Practice
for Corporate Governance.
The Beerenberg remuneration committee
The remuneration committee is a sub-committee of the
Beerenberg Corp. AS board of directors and consists of the
chairman of the board acting as chairman of the committee,
one representative of the owners and the CEO. The remuneration
committee held a total of six meetings in 2012. The
remuneration committee is an advisory body for the board
and CEO and addresses cases that concern remuneration for
the senior management of the company along with overarching
strategies for skills development.
The Beerenberg audit committee The audit committee is a
sub-committee of the Beerenberg Corp. AS board of directors
and consists of two board members with accounting
experience. Geir Sandvik is chairman of the audit committee.
The audit committee held six meetings during 2012. The
objectives of the audit committee are to assist the board in
its work to ensure that the accounting and financial information
being presented is reliable, that the group’s internal
controls and risk management systems are effective, that the
group complies with relevant laws, regulations and internal
standards and regulations, that the external auditor is
independent and holds adequate qualifications, and that the
quality of service delivered is of a sufficient quality.
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