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Annual Report 2012

Annual Report 2012

Note 2 - Salaries and

Note 2 - Salaries and remuneration(NOK '000)The average number of employees in 2012 was 7 (2011: 8).Board membersAage Rasmus Bjelland Figenschou 1) 301 - - 301Carl Erik Steen 252 - - 252Helene Jebsen Anker 252 - - 252Helene Marie Petersen 252 - - 252Bjørn Johan Sjaastad 1 & 2) 236 - - 236Total remunerations 6 141 332 - 6 473In addition to ordinary board fee, Aage R. B. Figenschou and Bjørn J. Sjaastad received fees for consultancy services.Bjørn J. Sjaastad withdrew from the Board of Directors on 5 September 2012.1)2)Figures in NOK '000 2012 2011Wage and salaries 14 218 17 962Social security contributions 2 876 1 682Other 562 259Total salaries 17 656 19 904Remuneration Pension Bonus TotalExecutive ManagementAndreas Reklev, CFO 1 693 66 - 1 759Geir Frode Abelsen, CTO 1 853 159 - 2 011Martin D. Solberg, SVP 1 301 107 - 1 408The Company purchases CEO services from its subsidiary Eitzen Chemical (USA) L.L.C. Refer to note 12 forfurther information.Currently the Chairman of the Board receives an annual remuneration of NOK 450,000 and the other boardmembers will receive an annual remuneration of NOK 300,000. The Chairman of the Audit Committee receivesan annual remuneration of NOK 50,000 and other members receive NOK 35,000. The Chairman of theCompensation Committee receives an annual remuneration of NOK 10,000 and other members receive NOK7,500.The Board of Directors’ statement of guidelines for the remuneration of the Executive Management Pursuantto section 6-16a if the Public Limited Companies Act, the board of directors must draw up a statement ofguidelines for the payment and other remuneration of Executive management. Furthermore, section 5-6 (3) ofthe same Act prescribes that an advisory vote must be held at the AGM on the board’s guidelines for theremuneration of the Executive Management for the next financial year. To the extent the guidelines concernshare-based incentive arrangements theses must also be approved by the AGM.Regarding guidelines for remuneration to the Executive Management for the next financial year, the board willpresent the following guidelines to the AGM in 2013 for an advisory note.- Remuneration to the CEO shall be decided by the Board in a Board meeting.- Remuneration to other members of the Executive Management will be decided by the CEO onrelevant directions approved by the Board. The remuneration shall be on market terms.- The remuneration shall encourage value creation for the Company and all bonus agreements shall belinked to value creation for the Company.62

Share-based payment planEitzen Chemical has a share option program for the Company's key management personnel. No share optionprogram has been set up for the Board of Directors. See note 8 in the financial statement for the Group forfurther information.Expenses arising from equity-settled share-based payment2012 2011Expenses included in the salaries in the income statement - 2 498Total - 2 498For further information regarding the share-based payment plan refer to note 8 in the consolidated financialstatements for the Group.Remuneration to the auditor (ex VAT)2012 2011Statutory audit 825 825Other assurance services - 99Tax assistance - 5Other non-assurance services - -Attestation services 147 35Total 972 964Note 3 – Property, plant and equipment(NOK '000)Figures in NOK '000 2012 2011At 1 January, net of accumulated depreciation 857 999Additions 189 -Disposals -857 -Depreciation for the year -26 -142At 31 December, net of accumulated depreciation 163 857At 31 DecemberCost 738 1 974Accumulated depreciation -575 -1 117Net carrying amount 163 857Fixed assets are depreciated on a straight-line basis. The useful life of the assets is estimated to be 3-10 years.Note 4 - Financial income and expenses(NOK '000)Interest income2012 2011Interest income on intercompany receivables 39 475 28 830Bank interest 502 1 734Total interest income 39 977 30 56463

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