Annual report 2012 - Comrod

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Annual report 2012 60/92Strategies and values | Group | Parent company | Corporate governance | ContactAnnual report Financial statement NotesCont. Note 25 - Related party transactionsNo loans have been made, or security provided for loans, to any member of group management, the board or other electedstanding committees.There were no option agreements to the Group Management as per the end of 2012.*The salary for the CEO Ole Gunnar Fjelde is paid on a monthly basis to his company OGF Technology AS.The amount paid includes the cost of social securities and benefits in kind.Shares owned by Management, Board members or related parties: 12.31.2012Habu Holding AS 6 223 120Tananger Enterprise AS 390 300Tananger Holding AS 292 200Brødrene Nordbø 3 477 081Comrod Communication ASA 1 312 220Ole Gunnar Fjelde 15 576Tore J. Fjell 64 104John Steinar Kvitvang 10 000Expensed costs to auditors are NOK 1.124.492 and the split relates to the following:NOK2012 2011Statutory auditing 760 496 674 663Other attestation services 22 426 7 793Tax advice 9 219 0Other audit related services 332 351 630 555VAT is not included in the fees specified above.Transactions with the subsidiary of related party Brødrene Nordbø; WestControl:2012 2011Purchase from WestControl 10 635 834 35 711 295Outstanding balance with WestControl as per 31.12 1 107 300 1 657 343Pursuant to section 6-16a of the Norwegian Act on Public Limited companies, the Board issue a declaration to the ordinary general meetingregarding salaries and other remuneraction for the CEO and other senior executives.The company’s policy is that the Salary of senior executives should find expression almost entirely in a fixed monthly salary which reflects alevel appropriate to the position held by the person concerned and normal practice.Pension schemes for senior executives will basically be the same as those provided generally for employees in the business.Bonus schemes for the executive management team will be linked in part to the company’s performance and in part to an assessmentbased on the board’s judgment.Such judgment will take account in part of the quality of work on health, safety and the environment in the company, and results measuredby the company’s HSE statistics.60
Annual report 2012 61/92Strategies and values | Group | Parent company | Corporate governance | ContactAnnual report Financial statement NotesCont. Note 25 - Related party transactionsThe board is able to offer option schemes to members of the executive management team. These options can be awarded to the peopleregarded by the board as playing a key role in the development of the company’s value.Senior executives are offered a company car to the extent considered to accord with normal practice.Salary guarantee schemes agreed when senior executives leave the company will be viewed in relation to clauses related to confidentialityand restrictions on competing activities in the contract of employment with the person concerned. Such schemes can only compensate forsuch restrictions imposed on the person concerned in taking a new job. Salary guarantee schemes will basically require the deduction ofincome from other sources.Compensation policy for the previous fiscal year (2012): The compensation policy applied for senior executives in the previous fiscal yearaccorded with the principles which also apply for 2013. These are specified above.Related Party transactions are treated in accordande with the arm-lenght principle.Note 26 - Events after the balance sheet dateNo substantial issues.Tau, 31 December 2012/26 February 2013The Board of Comrod Communication ASASturla SandChairman of the BoardMerete HaugliVice-Chairman of the BoardRasmus Nordbø Mariann V. Reite John Steinar KvitvangMember of the Board Member of the Board Member of the Board61
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Annual report 2012 - Comrod

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