REACH SUBSEA ASA

Reach Subsea ASA // Annual report 2012
Corporate governance and management
Reach Subsea ASA is committed to sound corporate governance principles and thereby contribute to optimal value creation over time.
The objective of corporate governance is to regulate the division of roles between shareholders, the Board and executive manage-
ment more comprehensively than is required by legislation.
// IMPLEMENTATION AND REPORTING ON CORPORATE GOVERNANCE
Implementation and regulations
Reach Subsea ASA’s (“Reach Subsea” or “the company”) Board of Directors (the “Board”) has the ultimate responsibility for ensuring
that the company practices good corporate governance and has thus prepared and approved the company’s policy for corporate
governance. The company, through its Board and executive management, carries out an annual review of its principles for corporate
governance.
Reach Subsea is a Norwegian public limited company listed on the Oslo Stock Exchange (Oslo Børs). The Norwegian Accounting
Act includes provisions on corporate governance at Section 3-3b which impose a duty on the company to issue an annual statement
on its principles and practice for corporate governance. These provisions also stipulate minimum requirements for the content of this
report.
The Norwegian Corporate Governance Board (NCGB) has issued the Norwegian Code of Practice for Corporate Governance (the
“Code”). Adherence to the Code is based on the “comply or explain” principle, which means that a company must comply with the
recommendations of the Code or explain why it has chosen an alternative approach to specific recommendations.
The Oslo Stock Exchange requires listed companies to publish an annual statement of their policy on corporate governance in
accordance with the Code in force at the time. The Continuing Obligations of listed companies are available on www.oslobors.no.
Reach Subsea complies with the above mentioned rules and regulations, and the current Code, issued on 21 October 2010 and
amended in October 2012, unless otherwise specifically stated. The company provides a statement on its principles for corporate
governance in its annual report, and this information is also available on the company website, www.reachsubsea.no.
Values, objectives and strategies
Confidence in Reach Subsea as a company and in its business activities as a whole is essential for the company’s continuing competitiveness.
The company aims to maintain high ethical standards in its business concept and relations with customers, suppliers and
employees.
The company has not established separate guidelines for corporate social responsibility (“CSR”) as recommended by the Code.
The company was restructured with new management and Board in 4th quarter 2012 is continuously evaluating the need for new
guidelines.
// Business activity
The company’s business objective is set out in its articles of association and the board establishes the group’s overall goals and
strategy. The strategic plan is revised annually.
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