AGM Information • Mar 23, 2017
AGM Information
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The Annual General Meeting of Belships ASA will be held at Belships ASA, Lilleakerveien 4, Oslo on Tuesday 25 April 2017 at 1.00 p.m.
The agenda is as follows:
Belships ASA is a public limited liability company subject to the provisions of the Norwegian Public Limited Companies Act. There are in total 47,352,000 issued shares in the company, of which Belships ASA itself owns 548,000 shares without voting rights. Each share carries one vote at the General Meeting, and the shares also rank pari passu in other respects.
If shares are registered by a nominee in the VPS register, c.f. section 4-10 of the Norwegian Public Limited Companies Act, and the beneficial shareholder wishes to vote for his/her shares then the beneficial shareholder must transfer the shares to an account in their own name in order to attend and vote at the General Meeting. Shareholders are entitled to present alternatives to the Board's proposals under the various items on the agenda of the General Meeting, provided that the alternative proposals are within the scope of the matter under consideration. The shareholders are also entitled to request information from the members of the Board and the CEO pursuant to section 5-15 of the Norwegian Public Limited Companies Act. The shareholders are requested to give notice of their attendance at the Annual General Meeting within 24 April 2017 at 3.30 p.m. Shareholders who are prevented from participating may be represented by a legal representative or by proxy. The written proxy must be dated. If desired the proxy can be in the name of the Chairman of the Board, Sverre J. Tidemand, or the company's Chief Executive Officer, Ulrich Müller. Attached is notice of attendance and proxy form which may be used for these purposes.
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The notice has to be received by Belships ASA within 24 April 2017 at 3.30 p.m.
Styret foreslår følgende disponering av årets underskudd:
Overført fra annen opptjent egenkapital NOK 143.824.000 Sum overføringer og disponeringer NOK 143.824.000
Styrets og revisjonskomiteens honorarer for 2016 foreslås fastsatt som følger:
| Styre- godtgjørelse |
Godtgjørelse revisjonskomiteen |
Sum godtgjørelse |
|
|---|---|---|---|
| Sverre J. Tidemand, styrets leder | 166.000 | 166.000 | |
| Christian Rytter, styremedl., formann av rev.komite | 125.000 | 35.000 | 160.000 |
| Kjersti Ringdal, styremedl., medlem av rev. komite | 125.000 | 29.000 | 154.000 |
| Carl Erik Steen, styremedlem | 125.000 | 125.000 | |
| Sissel Grefsrud, styremedlem, medlem av rev. komite | 125.000 | 29.000 | 154.000 |
| Sum (NOK) | 666.000 | 93.000 | 759.000 |
Revisors honorarkrav for 2016 på NOK 220.000 for revisjon foreslås godkjent.
Good corporate governance is a prerequisite for cooperation based on trust between the company's owners, its Board and management, with a view to achieving the objective of long-term growth.
All relevant parties must be confident that the company is soundly operated and that the corporate governance is well defined, fit for purpose and carried out with integrity and independence. Belships competitiveness hinges on stakeholders and prospective customers trust in the company's integrity and ethical behavior. Board members, management and employees will therefore always strive to uphold and develop trust in the company. Belships' values and ethical guidelines are intended to safeguard good corporate ethics.
The company's business is operation, purchase and sale of ships as well as participation in companies with similar objectives. The company is listed on the Oslo Stock Exchange and is for the time being engaged in dry bulk and technical management of ships.
Belships aims to maximize the value for the company's share through an efficient and profitable management of the company's resources. A competitive return is to be obtained through growth in the value of the company's shares and the payment of competitive dividends. When increasing share capital through the issue of new shares for cash payment, the company's shareholders have normally a pre-emptive right of subscription.
The Board will propose private placements or the issue of shares as consideration in connection with investments only when this will safeguard the long-term interests of existing shareholders.
Until the coming General Meeting (GM), the Board is entitled to acquire on behalf of the company 200 000 own shares and to issue 4 700 000 new shares under conditions determined by the GM.
Equal rights for shareholders and transactions with related parties/ negotiability of shares The company has only one class of shares and the company's articles of association contain no limitations on voting rights. All shares carry equal rights and can be transferred freely.
In situations where the Board proposes that existing shareholders should waive their right to subscribe for shares, this will only be done where justified in light of the company's and the shareholders' interests. The justification shall be published in connection with the announcement of the increase in capital.
Belships provides limited management services to the company's principal shareholder. These services are provided at market terms. Any material transactions with closely related parties follow from sections 3-8 and 3-9 of the Norwegian Limited Liability Companies Act, and the agreements are adopted by the GM on the basis of a report submitted to the GM beforehand. The option programs are adopted by special authorization from the GM.
The GM is the company's supreme authority. The GM elects the Board and the auditor. Pursuant to the Limited Liability Companies Act, notice of GM must be sent to the shareholders no later than 21 days before the GM is to be held. The GM must be held by 30 June. Shareholders are registered in the Shareholders' Register with address. All shareholders are entitled to attend the GM and must give notice of attendance two days before the meeting is held. The Board, the company's management and the auditor attend GMs.
Considering the scope of the company's operations, the Board considers it reasonable and appropriate that the company should only have one board committee: the audit committee. The committee is made up of Christian Rytter (Chairman), Kjersti Ringdal and Sissel Grefsrud.
Members of the Board represent, directly and indirectly, more than 50 per cent of the shareholdings in Belships ASA. For this reason, no election committee has been established. The Board fulfills this role itself, and the work to review candidates for the Board is handled by ad hoc committees of the Board and chaired by the Chairman.
The Board shall consist of 3-7 members. The Board elects its chairman. Members may be re-elected every two years. Board appointments are communicated through the notice of GM and the members are elected by majority vote.
The Board is made up of directors with broad experience and knowledge of the sector. Four directors are independent of day-to-day management, the majority shareholder and major business connections. Three directors own shares in the company.
The Board supervise the work of the administration. This means that the Board must review and approve strategies and follow up the implementation of the resolutions adopted.
Strategic decisions or decisions of material importance must be approved by the Board. The Board also appoints the Chief Executive Officer and determines his/her remuneration and the general framework for the Group's wage level.
The Board has prepared rules of procedure for the Chief Executive Officer, which specify his responsibilities and the decisions that have to be approved by the Board. The Board's duties comprise the review and supervision of the Group's internal control procedures and risk management. The same applies to ensuring that the company's integrity is safeguarded.
Focus is on ensuring that the Board functions as a team of independent members. The Board has also prepared rules of procedure for the Board's audit committee, which is to support the Board in performing its duties relating to reporting, audit, internal control and overall risk management.
The Board has an overall responsibility for safety, security and the environment. Our subsidiary in Singapore, which is responsible for the technical operation of Belships own and other ships, concentrates in particular on these matters.
The Board meets at least six times a year and receives a monthly report on the company's operations. In addition, the Board is currently consulted on or informed about matters of special importance.
Remuneration of directors is approved by the company's GM. The remuneration is granted at the end of the year of service. Directors have no options to buy shares in the company, nor do they receive compensation other than the Board fees. The company endeavors to grant directors a remuneration based on market terms.
The Board prepares guidelines for the remuneration of officers, pursuant to the law, which are submitted to the GM. Remuneration to the Chief Executive Officer is approved by the Board on the Chairman's recommendations.
The company has a share option scheme that applies to all employees in Norway. In addition the Chief Executive Officer has a separate share option agreement with the company. Details concerning the remuneration of the company's officers are provided in a separate note to the accounts.
The company keeps Oslo Stock Exchange, the stock market and shareholders fully updated through interim reports, annual reports and press releases on important events. The company also has a website, which is regularly updated. Belships regards timely and accurate information as essential for obtaining a price for the share that will reflect the company's underlying value and prospects.
The Board has not prepared any principles for how to act in the event of a take-over bid. If such a bid should be made, the Board considers it important that shareholders are treated equally and that the company's operations are not unnecessarily disturbed. The Board's actions will take this into account in such a situation.
The company's auditor attends at least one Board meeting a year, normally in connection with the presentation of the annual accounts. In its meeting with the auditor, the Board focuses in particular on procedures relating to the company's internal control as well as current accounting issues.
The Board and the auditor meet at least once a year without the Chief Executive Officer or other executives being present. The auditor also attends the company's GM and has access to the company's minutes of board and GMs. The Board reviews the auditor's engagement on an annual basis.
The company's auditor is Ernst & Young. Besides ordinary audits, Belships receives assistance from Ernst & Young in connection with accounting and taxissues within the field in which the auditor can assist under the rules of independence. The auditing and counseling fees appear from the notes to the accounts.
The company's management meets the auditor regularly to discuss current tax and accounting issues.
The Board makes a running assessment of whether the audit is performed in a satisfactory manner.
Etter allmennaksjeloven §6-16a skal styret utarbeide en særskilt erklæring om fastsettelse av lønn og annen godtgjørelse til ledende ansatte. Det følger videre av allmennaksjeloven §5-6 (3) at det på generalforsamlingen skal avholdes en rådgivende avstemming over styrets retningslinjer for lederlønnsfastsettelsen for det kommende regnskapsår. Så langt retningslinjene er knyttet til aksjebaserte insentivordninger, skal disse også godkjennes av generalforsamlingen. Når det gjelder fastsettelse av lønn og annen godtgjørelse for ledende ansatte for det kommende regnskapsåret, legger styret frem følgende retningslinjer for rådgivende avstemming i generalforsamlingen den 25. april i 2017 dog slik at den del av retningslinjene som gjelder opsjonsordningene er bindende:
Belships vil ha en kompensasjonsordning som er konkurransedyktig for å sikre at selskapet har den nødvendige kapasitet og kompetanse.
Belships søker å ha en markedstilpasset fastlønn. I tillegg kommer en variabel del (bonus og opsjoner) som vil være knyttet til resultatutvikling og verdiskapning.
Godtgjørelsen består av følgende elementer:
Belships foretar vurderinger mot selskaper i samme bransje og av samme størrelse for å finne "riktig" stillings- og fastlønnsnivå. Den enkeltes ansvarsområde, resultater og prestasjoner avgjør innplassering på lønnsskalaen. Godtgjørelse til administrerende direktør godkjennes av styret etter innstilling fra styrets formann.
De ansatte har innskuddsbasert pensjonsordning.
I tillegg til ovennevnte har selskapet to variable lønnselementer som beskrevet nedenfor, samt bil- og telefonordninger og andre begrensede naturalytelser.
Ved oppsigelse fra arbeidsgivers side har administrerende direktør rett til å motta etterlønn for 12 måneder etter oppsigelsestiden.
i) Bonuser
Det ble ikke utbetalt bonus i 2016 og det er ikke avtalt bonusordning for 2017.
Selskapet har en opsjonsordning for alle ansatte. Innenfor en totalramme på 200.000 aksjer blir selskapets ansatte tildelt en rett til å erverve aksjer til 105% av børskurs på dato for den generalforsamling som har vedtatt den aktuelle opsjonsordning. Opsjonen kan først erklæres etter ett år regnet fra dato for den generalforsamling som vedtok opsjonsordningen og løper frem til dato for neste ordinære generalforsamling. Styret beslutter etter vedtaket i generalforsamlingen tildelingen til administrerende direktør og omfanget av ordningen. Administrerende direktør beslutter tildeling av opsjoner til de øvrige ansatte. Omfanget av ordningen er svært begrenset med en tilsvarende effekt for selskapets aksjonærer. Styret foreslår å videreføre opsjonsordningen ved å gi de ansatte rett til å erverve ytterligere aksjer, slik det er angitt i innkallingens punkt 10 og vedlegg 5.
Administrerende direktør har en egen opsjonsavtale. Denne opsjonsavtalen inneholder følgende hovedelementer:
Styret ønsker å videreføre opsjonsordningen som er etablert for selskapets ansatte i Belships ASA ved å gi de ansatte rett til å erverve ytterligere aksjer i selskapet. Styret vil på et senere tidspunkt fordele aksjer og fastsette vilkår forøvrig. Selskapets forpliktelser etter ordningen oppfylles ved utstedelse av nye aksjer eller overdragelse av egne aksjer.
Styret foreslår derfor at generalforsamlingen fatter følgende vedtak:
1) I henhold til allmennaksjeloven § 10-14 gis styret fullmakt til å forhøye selskapets aksjekapital med inntil NOK 400.000,- (200.000 aksjer pålydende NOK 2,- pr. aksje) til 105% av sluttkurs 25. april 2017.
2) Fullmakten gjelder frem til 25. april 2018.
3) Aksjene kan tegnes av ansatte i selskapet og i selskap i samme konsern. Aksjeeiernes fortrinnsrett til de nye aksjene etter allmennaksjeloven kan fravikes i henhold til § 10-5 jfr. § 10-4.
4) Fullmakten omfatter ikke kapitalforhøyelse mot innskudd i andre eiendeler enn penger eller ved fusjon etter allmennaksjeloven § 13-5.
På generalforsamlingen i 2016 ble styret gitt fullmakt til å forhøye selskapets aksjekapital med inntil NOK 9.400.000 ved utstedelse av inntil 4.700.000 aksjer hver pålydende NOK 2,-. Fullmakten kan benyttes for å hente inn kontanter ved nytegning av aksjer eller i forbindelse med overtagelse av andre selskaper ved fusjon eller på annen måte og/eller til overtagelse av andel i skip, herunder andeler i kommandittselskaper og ansvarlige selskaper. Fullmakten utløper 30. juni 2017. Styret vurderer det som hensiktsmessig for selskapet å forlenge denne fullmakten til å utstede 4.700.000 aksjer. Antallet tilsvarer 9,93% av selskapets aksjekapital. Styret foreslår derfor at generalforsamlingen fatter følgende vedtak:
Styret gis fullmakt til å forhøye selskapets aksjekapital med inntil NOK 9.400.000 ved utstedelse av inntil 4.700.000 aksjer hver pålydende NOK. 2,-. Aksjonærenes fortrinnsrett fravikes tilsvarende i henhold til Allmennaksjeloven § 10-5 jfr. § 10-4. Fullmakten omfatter kapitalforhøyelse mot innskudd i andre eiendeler enn penger eller ved fusjon etter allmennaksjeloven § 13-5. Fullmakten gjelder frem til neste ordinære generalforsamling, likevel ikke lenger enn til 30. juni 2018.
Styret foreslår at generalforsamlingen gjør følgende vedtak:
Christian Rytter og Kjersti Ringdal er på valg som styremedlemmer. Det innstilles på gjenvalg.
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