AGM Information • Apr 6, 2016
AGM Information
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| These minutes have been prepared in both Norwegian and English. In case of any discrepancies between the versions, the Norwegian version shall prevail. |
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| Til aksjeeierne i Photocure ASA | To the shareholders of Photocure ASA | ||
| INNKALLING TIL ORDINÆR | NOTICE OF ANNUAL | ||
| GENERALFORSAMLING | GENERAL MEETING | ||
| Styret i Photocure ASA ("Selskapet") innkaller herved til | The board of directors of Photocure ASA (the "Company") | ||
| ordinær generalforsamling. | hereby convenes an annual general meeting. | ||
| Tid: 28. april 2016 kl. 17.00 Sted: Hoffsveien 4, 2. etasje, 0275 Oslo. |
Time: 28 April 2016 at 17:00 hours (CET) st floor, 0275 Oslo. Place: Hoffsveien 4, 1 |
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| Generalforsamlingen vil åpnes av styrets leder Bente-Lill Bjerkelund Romøren. Møteåpner vil opprette fortegnelse over møtende aksjeeiere og fullmakter. |
The general meeting will be opened by the chairperson of the board of directors Bente-Lill Bjerkelund Romøren. The person opening the meeting will register the attendance of shareholders present and proxies. |
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| Selskapets styre foreslår følgende dagsorden for | The board of directors of the Company proposes the | ||
| generalforsamlingen: | following agenda for the general meeting: | ||
| 1 | 1. | ||
| Åpning av generalforsamlingen ved styrets leder | Opening of the meeting by the chairperson of the | ||
| Bente-Lill Bjerkelund Romøren | board of directors Bente-Lill Bjerkelund Romøren | ||
| 2 | 2. | ||
| Fremleggelse av fortegnelse over møtende | Presentation of the record of shareholders and | ||
| aksjeeiere og fullmektiger | representatives present | ||
| 3 | 3. | ||
| Valg av møteleder og en person til å | Election of chairperson of the meeting and a person | ||
| medundertegne protokollen | to co-sign the minutes | ||
| 4 | 4. | ||
| Godkjennelse av innkalling og dagsorden | Approval of notice and agenda | ||
| 5 | 5. | ||
| Godkjennelse av årsregnskapet og årsberetningen | Approval of the annual accounts and annual report | ||
| for regnskapsåret 2015 | for the financial year 2015 | ||
| 6 | 6. | ||
| Godkjennelse av erklæring om fastsettelse av lønn | Approval of the declaration on salaries and other | ||
| og annen godtgjørelse til ledende ansatte | remuneration for senior management | ||
| 7 | 7. | ||
| Presentasjon av Selskapets status | Presentation of the Company's state of affairs | ||
| 8 | 8. | ||
| Godtgjørelse til styremedlemmer og | Remuneration to the board members and members | ||
| valgkomitémedlemmer | of the nomination committee | ||
| 9 | 9. | ||
| Godtgjørelse til revisor | Remuneration to the auditor | ||
| 10 Valg av styremedlemmer |
10. Election of board members | ||
| 11 Valg av medlemmer til valgkomiteen |
11. Election of members to the nomination committee | ||
| 12 Instruks til valgkomiteen |
12. Instructions to the nomination committee |
| 13 Endring av Selskapets vedtekter |
13. Amendment of the Company's articles of association |
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| 14 Frist for innkalling til ekstraordinær generalforsamling |
14. Notice period for calling extraordinary general meeting |
| 15 Styrefullmakt til erverv av egne aksjer |
15. Board authorisations to acquire own shares |
| 16 Styrefullmakter til å gjennomføre aksjekapitalforhøyelse |
16. Board authorisations to increase the share capital |
| Det er 21 476 295 aksjer i Selskapet, og hver aksje gir én stemme. Selskapet har per datoen for denne innkallingen 809 egne aksjer. Det kan ikke utøves stemmerett for slike aksjer. |
There are 21,476,295 shares in the Company, and each share carries one vote. As of the date of this notice, the Company holds 809 own shares. No votes may be exercised for such shares. |
| I henhold til Selskapets vedtekter skal aksjeeiere som ønsker å delta på generalforsamlingen varsle Selskapet om dette innen fem dager før generalforsamlingen. |
Pursuant to the Company's articles of association shareholders who want to participate at the general meeting shall notify the Company thereof within five days prior to the general meeting |
| Deltakelse på generalforsamlingen, enten personlig eller ved fullmakt, må registreres innen 25. april 2016 kl 16:00. |
Attendance at the general meeting, either in person or by proxy, must be registered within 25 April 2016 at 16:00 CET. |
| Påmelding kan registreres ved å fylle ut og sende inn vedlagte påmeldings- eller fullmaktsskjema til Nordea Bank Norge ASA, Issuer Services, PB 1166 Sentrum, 0107 Oslo, e post: [email protected], telefax 22 36 97 03, elektronisk via selskapets hjemmeside www.photocure.com eller via VPS Investortjenester for aksjeeiere som har tilgang til dette. Se vedlagte skjemaer for nærmere instruks. |
Attendance can be registered by completing and submitting the attached registration or proxy form to Nordea Bank Norge ASA, Issuer Services, PO. Box 1166 Sentrum, 0107 Oslo, Norway, e-mail: [email protected], telex + 47 22 36 97 03, online through the Company's web-site www.photocure.com or through the Norwegian Securities Depository's (VPS) Investor Services for shareholders having access to this. Please refer to the attached forms for further instructions. |
| Aksjeeiere som ikke har anledning til å møte selv på generalforsamlingen kan gi fullmakt til styrets leder (eller den hun utpeker) eller annen person til å stemme for sine aksjer. Fullmakt kan sendes inn elektronisk via VPS investortjenester eller ved å fylle ut og sende inn fullmaktsskjema vedlagt som vedlegg 1 i henhold til instruksene angitt i skjemaet. Fullmakten må være skriftlig, datert og underskrevet. Fullmakter bør være mottatt av Nordea innen 26. april 2016 kl. 16:00. Se vedlagte fullmaktsskjema for ytterligere informasjon om fullmakter. |
Shareholders who are unable to attend the general meeting may authorize the chairperson (or whomever she designates) or another person to vote for its shares. Proxies may be submitted electronically through VPS investor services or by completing and submitting the registration or proxy form attached as Appendix 1 in accordance with the instructions set out in the form. The proxy must be in writing, dated and signed. Proxy forms should be received by Nordea no later than 26 April 2016 at 16:00. See the enclosed proxy form for further information on proxies. |
| Aksjeeiere kan avgi stemme for hver enkelt sak på dagsorden på forhånd. Slike forhåndsstemmer må avgis ved å fylle ut og sende inn vedlagte skjema for forhåndsstemme til Nordea Bank Norge ASA, Issuer Services, PB 1166 Sentrum, 0107 Oslo, e-post: [email protected], telefax 22 36 97 03, elektronisk via selskapets hjemmeside www.photocure.com eller via VPS Investortjenester for aksjeeiere som har tilgang til dette. Se vedlagte skjemaer for nærmere instruks. Frist for å avgi forhåndsstemmes er 25. april 2016 kl. 16:00. Fram til |
Shareholders may cast votes for each matter on the agenda in advance. Such advance votes must be cast by completing and submitting the attached advance voting form to Nordea Bank Norge ASA, Issuer Services, PO. Box 1166 Sentrum, 0107 Oslo, Norway, e-mail: [email protected], telex +47 22 36 97 03, online through the Company's web-site www.photocure.com or through the Norwegian Securities Depository's (VPS) Investor Services for shareholders having access to this. Please refer to the attached forms for further |
| denne fristen kan stemmer som allerede er avgitt endres eller trekkes tilbake. Stemmer som er avgitt før generalforsamlingen er avholdt vil bli ansett som trukket tilbake dersom aksjeeieren deltar personlig på generalforsamlingen eller ved fullmakt. |
instructions. The deadline for casting advance votes is 25 April 2016 at 16:00 CET. Until the deadline, votes already cast may be changed or withdrawn. Votes already cast prior to the general meeting will be considered withdrawn if the shareholder attends the general meeting in person or by proxy. |
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| Selskapets vedtekter fastsetter at ved erverv av aksjer kan retten til å delta og stemme på generalforsamlingen kun utøves hvis ervervet er innført i aksjeeierboken fem virkedager før generalforsamlingen. Erverv må være registrert i VPS 21. april 2016. |
The Company's articles of association states that upon acquisition of shares, the right to participate and vote at the general meeting may only be exercised if the acquisition is recorded in the shareholder registry the fifth business day prior to the general meeting. Acquisitions must be registered in the VPS on 21 April 2016. |
| Etter Selskapets syn har verken den reelle aksjeeieren eller forvalteren rett til å stemme for aksjer som er registrert på forvalterkonto i VPS, jf. allmennaksjeloven § 4-10. Aksjeeiere som holder sine aksjer på en forvalterkonto i VPS og som ønsker å avgi stemmer for slike aksjer må etter selskapets vurdering overføre aksjene til en VPS-konto i eget navn før generalforsamlingen for å være sikret å kunne avgi stemmer for slike aksjer. Hvis aksjeeieren godtgjør at det er tatt nødvendige skritt for slik overføring, og aksjeeieren har reell aksjeeierinteresse i Selskapet, kan aksjeeieren etter Selskapets oppfatning stemme for aksjene, selv om aksjene ennå ikke er registrert på en separat VPS-konto. |
The Company is of the opinion that neither the beneficiary shareholder nor the nominee is entitled to vote for shares registered on a nominee account in the VPS, cf. the Norwegian Public Limited Act (Act) section 4-10. Shareholders, who hold their shares on a nominee account in the VPS, and who wish to vote for such shares must, based on the Company's assessment, transfer the shares to a securities account in the VPS held in their own name prior to the general meeting in order to be assured that it may vote for such shares at the general meeting. If the shareholder proves that the necessary steps for such transfer have been taken, and the shareholder has a real shareholder interest in the Company, the shareholder may in the Company's opinion vote for such shares even if the shares have not yet been registered on a separate VPS-account. |
| Beslutninger om stemmerett for aksjeeiere og fullmektiger treffes av møteåpner, hvis beslutning kan omgjøres av generalforsamlingen med alminnelig flertall. |
Decisions on voting rights for shareholders and representatives are made by the person opening the meeting, whose decision may be reversed by the general meeting by majority vote. |
| Aksjeeiere kan ikke kreve at nye saker settes på dagsordenen, da fristen for å kreve dette er utløpt, jf. allmennaksjeloven § 5-11 andre setning. Aksjeeiere har rett til å fremsette forslag til vedtak i de saker som er på dagsordenen. |
Shareholders cannot require that new matters are put on the agenda as the deadline for this has lapsed cf. the Act section 5-11 second sentence. Shareholders have the right to propose resolutions under the matters to be addressed by the general meeting. |
| En aksjeeier kan kreve at styremedlemmer og daglig leder på generalforsamlingen gir tilgjengelige opplysninger om forhold som kan innvirke på bedømmelsen av saker som er forelagt aksjeeierne til avgjørelse. Det samme gjelder opplysninger om Selskapets økonomiske stilling og andre saker som generalforsamlingen skal behandle, med mindre de opplysninger som kreves, ikke kan gis uten uforholdsmessig skade for Selskapet. Aksjeeiere har rett til å ta med rådgiver, og kan gi talerett til én rådgiver. |
A shareholder may demand that board members and the chief executive officer provide available information at the general meeting about matters which may affect the assessment of items which have been presented to the shareholders for decision. The same applies to information regarding the Company's financial position and other business to be transacted at the general meeting, unless the information demanded cannot be disclosed without causing disproportionate harm to the Company. Shareholders are entitled to bring advisors, and may grant the right of speech to one advisor. |
| Informasjon om generalforsamlingen og dokumenter som | Information about the general meeting and documents to be |
| skal behandles av generalforsamlingen eller inntas i innkallingen er gjort tilgjengelig på Selskapets nettside, herunder vedlegg til innkallingen og Selskapets vedtekter. Dokumenter som gjelder saker som skal behandles av generalforsamlingen kan sendes vederlagsfritt til aksjeeiere på forespørsel til Selskapets kontor. |
considered by the general meeting or incorporated in the notice is posted on the Company's website, including the appendices to this notice and the Company's articles of association. Documents relating to matters to be considered by the general meeting may be sent free of charge to shareholders upon request. |
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| Adresse til Selskapets nettside er: www.photocure.com. | The address to the Company's website is: www.photocure.com. |
| Oslo, 6. april 2016 | Oslo, 6 April 2016 |
| Med vennlig hilsen For styret i Photocure ASA |
Kind regards on behalf of the board of directors of Photocure ASA |
| Bente-Lill Bjerkelund Romøren Styrets leder |
Bente-Lill Bjerkelund Romøren Chairperson of the board of directors |
| *** | *** |
| Styrets forslag til vedtak: | The board of directors' proposal for resolutions: |
| Sak 3 – Valg av møteleder og en person til å medundertegne protokollen |
Item 3 – Election of chairperson of the meeting and a person to co-sign the minutes |
| Styret foreslår at Bente-Lill Bjerkelund Romøren velges til å lede generalforsamlingen, og at en av de fremmøtte aksjonærene velges til å medundertegne protokollen. |
The board of directors proposes that Bente-Lill Bjerkelund Romøren is elected as chairperson of the meeting, and that one of the present shareholders is elected to co-sign the minutes. |
| Sak 4 – Godkjennelse av innkalling og dagsorden | Item 4 – Approval of notice and agenda |
| Styret foreslår at generalforsamlingen godkjenner innkalling og dagsorden. |
The board of directors proposes that the notice and the agenda are approved. |
| Sak 5 – Godkjenning av årsregnskapet og årsberetningen for regnskapsåret 2015 |
Item 5 – Approval of the annual accounts and annual report for the financial year 2015 |
| Selskapets årsregnskap og årsberetning for 2015 er tilgjengelig på Selskapets internettside www.photocure.com senest 7. april 2016. |
The Company's annual accounts and annual report for the financial year 2015 are available on the Company's website www.photocure.com on 7 April 2016 at the latest. |
| Styret foreslår at generalforsamlingen treffer følgende vedtak: |
The board of directors proposes that the general meeting makes the following resolution: |
| "Generalforsamlingen godkjenner styrets forslag til årsregnskap og årsberetning for regnskapsåret 2015, herunder styrets redegjørelse for foretaksstyring i henhold til regnskapsloven § 3-3b" |
"The general meeting approves the board of director's proposal for annual accounts and annual report for the financial year 2015, including the board of directors' report on corporate governance pursuant to the Norwegian Accounting Act section 3-3b." |
| Sak 6 – Godkjennelse av erklæring om fastsettelse av lønn | Item 6 – Approval of the declaration on salaries and other |
| og annen godtgjørelse til ledende ansatte | remuneration for senior management |
|---|---|
| Selskapet viser til erklæringen inntatt i styrets årsberetning for 2015, og som eget vedlegg til innkallingen. |
The Company refers to the declaration included in the annual report for 2015, and as a separate attachment to the notice. |
| Retningslinjer for tildeling av aksjer, tegningsretter, opsjoner og andre former for godtgjørelse som er knyttet til aksjer eller utviklingen av aksjekursen i Selskapet eller i andre selskaper innenfor konsernet vil være bindende for styret ved generalforsamlingens godkjennelse. Slike retningslinjer er beskrevet i punkt 3.2 i styrets erklæring om fastsettelse av lønn og annen godtgjørelse til ledende ansatte. Øvrige retningslinjer i denne erklæringen er veiledende for styret. |
Guidelines for allocation of shares, subscription rights, options and any other form of remuneration stemming from shares or the development of the official share price in the Company or in other group companies are binding on the board of directors when approved by the general meeting. Such guidelines are described in section 3.2 of the board of director's declaration on salaries and other remuneration for senior management. Other guidelines are precatory for the board of directors. |
| Dersom styret i en avtale fraviker de veiledende retningslinjene, skal begrunnelsen for dette angis i styreprotokollen. |
If the board of directors in an agreement deviates from the precatory guidelines, the reasons for this shall be stated in the minutes of the board of directors' meeting. |
| Det skal avholdes en rådgivende avstemming for retningslinjer som er veiledende for styret. Bindende retningslinjer skal godkjennes av generalforsamlingen. |
An advisory vote shall be held for the guidelines that are precatory for the board of directors. Binding guidelines shall be approved by the general meeting. |
| Styret foreslår at det avholdes en rådgivende avstemning for veiledende retningslinjer. |
The board of directors proposes that an advisory vote is held for precatory guidelines. |
| Styret foreslår at generalforsamlingen treffer følgende vedtak med hensyn til punkt 3.2 i erklæringen: |
The board of directors proposes that the general meeting makes the following resolution with respect to section 3.2 of the declaration: |
| "Generalforsamlingen godkjenner punkt 3.2 i erklæringen om fastsettelse av lønn og annen godtgjørelse til ledende ansatte." |
"The general meeting approves section 3.2 of the board of director's declaration on salaries and other remuneration for senior management." |
| Sak 8 – Godtgjørelse til styremedlemmer og valgkomitémedlemmer |
Item 8 – Remuneration to the board members and members of the nomination committee |
| Valgkomiteens innstilling er vedlagt denne innkallingen, samt tilgjengelig på Selskapets internettside www.photocure.com. |
The nomination committee's recommendation is attached hereto and available on the Company's website www.photocure.com. |
| Styret foreslår at generalforsamlingen, i tråd med valgkomiteens innstilling, treffer følgende vedtak: |
The board of directors proposes that the general meeting, in accordance with the nomination committee's recommendation, makes the following resolution: |
| "Godtgjørelse til styrets medlemmer for siste år fastsettes til NOK 470 000 for styrets leder og NOK 270 000 for hvert av de øvrige styremedlemmene." |
"Remuneration to the members of the board for the last year is fixed to NOK 470,000 for the chairperson for the board and NOK 270,000 for each of the other board members." |
| Styret foreslår at generalforsamlingen, i tråd med valgkomiteens innstilling, treffer følgende vedtak: |
The board of directors proposes that the general meeting, in accordance with the nomination committee's recommendation, makes the following resolution : |
| "Godtgjørelse for hvert av medlemmene av valgkomiteen fastsettes til NOK 20 000 for siste år." |
"Remuneration for each member of the nomination committee for the last year is fixed to NOK 20,000." |
|
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| Sak 9 – Godtgjørelse til revisor | Item 9 – Remuneration to the auditor | |
| Påløpte honorarer til revisor for 2015 utgjør totalt NOK 771.434, hvorav NOK 331.937 er relatert til ordinær lovpålagt revisjon for regnskapsåret 2015, NOK 31.468 er relatert til attestasjonstjenester og andre revisjonsnære tjenester og NOK 408.569 for andre tjenester. Generalforsamlingen skal treffe vedtak om honorar relatert til lovpålagt revisjon. |
Accrued fees to the auditor for 2015 amount to NOK 771,434 for the Company, whereof NOK 331,937 is related to the statutory audit for the financial year 2015, NOK 31,468 is related to attestation services and other audit related services and NOK 408,569 to other services. The general meeting shall make a resolution regarding the remuneration related to the statutory audit. |
|
| Styret foreslår at generalforsamlingen treffer følgende vedtak: |
The board of directors proposes that the general meeting makes the following resolution: |
|
| "Godtgjørelse til revisor for 2015 på NOK 331.937 for lovpålagt revisjon godkjennes." |
"Remuneration to the auditor for 2015 of NOK 331,937 for statutory audit is approved." |
|
| Sak 10 – Valg av styremedlemmer | Item 10 – Election of board members | |
| Valgkomiteens innstilling er vedlagt denne innkallingen, samt tilgjengelig på Selskapets internettside www.photocure.com. |
The nomination committee's recommendation is attached hereto and available on the Company's website www.photocure.com. |
|
| Det nåværende styret ble valgt med en valgperiode frem til ordinær generalforsamling 2016. Følgelig skal generalforsamlingen velge et nytt styre. |
The current board of directors was elected with an election term until the ordinary general meeting 2016. Accordingly, the general meeting shall elect a new board of directors. |
|
| Styret foreslår at generalforsamlingen, i tråd med valgkomiteens innstilling, velger følgende styremedlemmer med valgperiode frem til ordinær generalforsamling i 2017, ved å fatte følgende vedtak: |
The board of directors proposes that the general meeting, in accordance with the nomination committee's recommendation, elects the following board members with an election period until the ordinary general meeting in 2017, by making the following resolution: |
|
| "Følgende personer velges som styremedlemmer: | "The following persons are elected as board members: | |
| Bente-Lill Romøren, styreleder Tom Pike, styremedlem Synne Røine, styremedlem Grannum R. Sant, styremedlem Xavier Yon, styremedlem |
Bente-Lill Romøren, chairperson Tom Pike, board member Synne Røine, board member Grannum R. Sant, board member Xavier Yon, board member |
|
| med en valgperiode frem til ordinær generalforsamling i 2017." |
with an election term until the ordinary general meeting in 2017." |
|
| Sak 11 – Valg av medlemmer til valgkomiteen | Item 11 – Election of members to the nomination committee |
|
| Valgkomiteens innstilling er vedlagt denne innkallingen, samt tilgjengelig på Selskapets internettside www.photocure.com. |
The nomination committee's recommendation is attached hereto and available on the Company's website www.photocure.com. |
| Alle medlemmer av valgkomiteen er, i henhold til Selskapets | Pursuant to the Company's articles of association, all |
|---|---|
| vedtekter, på valg hvert år. | members of the nomination committee shall be elected |
| annually by the general meeting. | |
| Styret foreslår at generalforsamlingen, i tråd med | The board of directors proposes that the general meeting, in |
| valgkomiteens innstilling, velger følgende medlemmer til | accordance with the nomination committee's |
| valgkomiteen, med valgperiode frem til ordinær | recommendation, elects the following members to the |
| generalforsamling i Selskapet i 2017, ved å fatte følgende | nomination committee, with an election period until the |
| vedtak: | ordinary general meeting in 2017 by making the following resolution: |
| "Følgende personer velges som medlemmer av | "The following persons are elected as members of the |
| valgkomiteen: | nomination committee: |
| Hans Peter Bøhn, leder |
Hans Peter Bøhn, chairperson |
| James McDonald, medlem |
James McDonald, member |
| Dan Mahoney, medlem. |
Dan Mahoney, member. |
| med en valgperiode frem til ordinær | with an election term until the ordinary general |
| generalforsamling i 2017." | meeting in 2017." |
| Sak 12 – Instruks til valgkomiteen | Item 12 – Instructions to the nomination committee |
| Valgkomiteen har gjennomgått og vurdert gjeldende instruks | The nomination committee has reviewed and evaluated the |
| for komiteen og har foreslått enkelte endringer. De foreslåtte | current instructions for the committee, and has proposed |
| endringene i instruksen er (i) valgperioden for medlemmer til | certain amendments. The proposed amendments to the |
| komiteen endres fra to til ett år for å samsvare med | instructions are (i) the term of election of members to the |
| vedtektene som fastsetter en periode på ett år, og (ii) | committee, being changed from two to one year to align |
| begrensningen om at medlemmer i komiteen kun kan | with the articles of association that sets out a term of one |
| gjenvelges én gang slettes. | year, and (ii) that the limitation that members of the |
| committee may only be re-elected is deleted. | |
| Valgkomiteens innstilling er vedlagt denne innkallingen, samt | The nomination committee's recommendation is attached |
| tilgjengelig på Selskapets internettside www.photocure.com. | hereto and available on the Company's website |
| www.photocure.com. | |
| Styret foreslår at generalforsamlingen, i tråd med | The board of directors proposes that the general meeting, in |
| valgkomiteens innstilling, fatter følgende vedtak: | accordance with the nomination committee's |
| recommendation, makes the following resolution: | |
| "Generalforsamlingen godkjenner endret instruks til valgkomiteen." |
"The general meeting approves the revised instructions to the nomination committee." |
| Sak 13 – Endring av Selskapets vedtekter | Item 13 – Amendment of the Company's articles of |
| association | |
| Sletting av begrensningen om at medlemmer i valgkomiteen | The deletion of the limitation on re-election of nomination |
| kun kan gjenvelges én gang som er foreslått av valgkomiteen | committee members in the instructions that is proposed by |
| er også regulert i vedtektene for Selskapet. For å | the nomination committee is also addressed in the articles of |
| implementere endringen er en tilsvarende endring foreslått i | association of the Company. Consequently, and in order to |
| vedtektene. | implement the amendment, a corresponding amendment is |
| proposed made in the articles of association. |
| valgkomiteens innstilling fatter følgende vedtak: | |||
|---|---|---|---|
| --------------------------------------------------- | -- | -- | -- |
"Vedtektenes paragraf 7 tredje avsnitt 3 endres fra å lyde:
Valgkomiteen skal bestå av to til tre medlemmer hvorav minst to skal være aksjeeiere eller representanter for aksjeeiere. Valgkomiteens medlemmer, herunder valgkomiteens leder, velges av generalforsamlingen for en periode på ett år. Medlemmene kan kun gjenvelges en gang. Godtgjørelse til valgkomiteens medlemmer fastsettes av generalforsamlingen.
Valgkomiteen skal bestå av to til tre medlemmer hvorav minst to skal være aksjeeiere eller representanter for aksjeeiere. Valgkomiteens medlemmer, herunder valgkomiteens leder, velges av generalforsamlingen for en periode på ett år. Godtgjørelse til valgkomiteens medlemmer fastsettes av generalforsamlingen. "
Etter allmennaksjeloven kan det i noterte selskaper når det legges til rette for at aksjeeierne kan stemme på generalforsamlingen elektronisk besluttes av generalforsamlingen, med virkning frem til den neste ordinære generalforsamlingen, at innkalling til ekstraordinær generalforsamling kan sendes senest to uker før møtet skal holdes. Styret anser det hensiktsmessig at generalforsamlingen treffer slikt vedtak for å legge til rette for effektiv saksbehandling ved behov.
Styret foreslår at generalforsamlingen treffer følgende vedtak:
"Fristen for innkalling til ekstraordinær generalforsamling kan settes til to uker for ekstraordinære generalforsamlinger i perioden frem til ordinær generalforsamling 2017."
Styret har fullmakt fra generalforsamlingen til erverv av aksjer i Selskapet som også omfatter erverv av avtalepant i egne aksjer. Styret foreslår at fullmakten fornyes.
accordance with the nomination committee's recommendation, makes the following resolution:
"The articles of association section 7 third paragraph is amended from reading:
The nomination committee shall consist of two to three members out of whom at least two shall be shareholders or representatives of shareholders. The members of the nomination committee, including the chairperson of the nomination committee, are elected by the general meeting for term of one year. The members may only be re-elected once. Remuneration to the members of the nomination committee is determined by the general meeting.
The nomination committee shall consist of two to three members out of whom at least two shall be shareholders or representatives of shareholders. The members of the nomination committee, including the chairperson of the nomination committee, are elected by the general meeting for term of one year. Remuneration to the members of the nomination committee is determined by the general meeting."
Pursuant to the Norwegian Public Limited Liability Companies Act it may in listed companies where it is facilitated for shareholders to vote at the general meeting online, be decided by the general meeting, with effect until the next annual general meeting, that the notice of extraordinary general meetings may be sent no later than two weeks prior to such meeting being held. The board finds it appropriate that the general meeting makes such resolution to facilitate expedient case handling if needed.
The board of directors proposes that the general meeting makes the following resolution:
"The notice period for the notice of extraordinary general meetings may be set to two weeks for extraordinary general meeting in the period until the annual general meeting 2017."
The board has authorisation from the general meeting to acquire own shares which also includes acquisition of charge by agreement in own shares. The board proposes that the authorization is renewed.
Selskapets styre mener at det er hensiktsmessig å ha en fullmakt til å kunne erverve egne aksjer, herunder å kunne inngå avtaler om pant i egne aksjer. Styret foreslår at generalforsamlingen tildeler slik fullmakt på de betingelser som fremgår nedenfor.
Fullmakten vil gi Styret mulighet til å utnytte de finansielle instrumenter og mekanismer som allmennaksjeloven gir anledning til. Tilbakekjøp av egne aksjer, med etterfølgende sletting, vil kunne være et viktig virkemiddel for optimalisering av Selskapets kapitalstruktur. Videre vil en slik fullmakt også medføre at Selskapet, etter eventuelt erverv av egne aksjer, kan benytte egne aksjer i forbindelse med incentivprogram og for helt eller delvis oppgjør i forbindelse med erverv av virksomheter.
Styrets forslag til vedtak innebærer en fullmakt til erverv av egne aksjer med samlet pålydende verdi tilsvarende tilnærmet 10 % av Selskapets aksjekapital. Aksjer ervervet av Selskapet skal kunne benyttes for eventuell senere nedskriving av aksjekapitalen med generalforsamlingens samtykke, godtgjørelse til styrets medlemmer, for incentivprogram eller som oppgjør i eventuelle oppkjøp av virksomheter.
Styret foreslår på denne bakgrunn at generalforsamlingen treffer følgende vedtak:
"I henhold til allmennaksjeloven §§ 9-4 og 9-5 gis styret fullmakt til å erverve Selskapets egne aksjer, på følgende vilkår:
The Company's board of directors believes it to be expedient to have an authorisation to acquire own shares, including to enter into agreements on charges in own shares. The board of directors proposes that the general meeting grants such authorisation on the terms set out below.
The authorisation would give the board of directors the opportunity to take advantage of the financial instruments and mechanisms provided by the Norwegian Public Limited Liability Companies Act. Buy-back of the Company's shares, with subsequent cancellation, may be an important aid for optimising the Company's capital structure. In addition, such authorisation will also enable the Company, following any acquisition of own shares, to use own shares as part of incentive schemes, and in full or in part, as consideration with regards to acquisition of businesses.
The board of directors' proposal entails that the general meeting gives the board of directors an authorisation to acquire shares in the Company, with a total nominal value corresponding to 10 % of the Company's share capital. Shares acquired by the Company can be used in a later reduction of the share capital with the general meeting's approval, remuneration to the members of the board, for incentive schemes or as consideration with regards to acquisition of businesses.
The board of directors proposes that the general meeting makes the following resolution:
"In accordance with the Norwegian Public Limited Liability Companies Act sections 9-4 and 9-5, the board of directors is authorised to acquire the Company's own shares, on the following conditions:
godtgjørelse til styrets medlemmer, brukes i incentivprogram eller benyttes som vederlagsaksjer i forbindelse med erverv av virksomheter.
5 Fullmakten erstatter andre fullmakter til styret til å erverve egne aksjer i Selskapet fra tidspunktet for registrering i Foretaksregisteret."
Styrets eksisterende fullmakter fra generalforsamlingen til gjennomføring av aksjekapitalforhøyelse i Selskapet utløper på tidspunktet for den ordinære generalforsamlingen 2016. Styret foreslår at fullmaktene fornyes.
Den første fullmakten vil legge til rette for at styret ved behov kan sikre finansiering av Selskapets videre utvikling og/eller gjennomføre oppkjøp med oppgjør i aksjer. Den andre fullmakten kan benyttes til å utstede aksjer til ansatte under Selskapets incentivordning. Formålet tilsier at aksjeeiernes fortrinnsrett til å tegne aksjer kan settes til side ved bruk av fullmaktene.
Styret foreslår at generalforsamlingen treffer følgende vedtak:
(1)
reduction of the registered share capital, be applied as remuneration to the members of the board, for incentive schemes or as consideration shares with regards to acquisition of businesses.
5 The authorisation replaces any other authorisation to the board of directors to acquire own shares in the Company from registration in the Norwegian Register of Business Enterprises."
Item 16 – Board authorisations to increase the share capital
The board's current authorisations from the general meeting to implement share capital increase in the Company expire at the time of the annual general meeting 2016. The board proposes that the authorisations are renewed.
The first authorisation will allow the board to, if required, secure financing for the further development of the Company and/or carry out acquisitions by issuing shares as consideration. The second authorisation may be used to issue shares to employees under the Company's incentive scheme. The purpose of the authorisations indicates that the pre-emptive rights for existing shareholders to subscribe for new shares may be set aside if the authorisations are used.
The board proposes that the general meeting makes the following resolutions:
3. The board of directors is authorised to decide upon the subscription terms, including subscription price, date of payment and the right to sell shares to others in relation to an increase of share capital.
4. Fullmakten gjelder til ordinær generalforsamling i 2017, likevel senest til 30. juni 2017.
og
(2)
4. Eksisterende aksjeeieres fortrinnsrett til å tegne aksjer etter allmennaksjeloven § 10-4 kan settes til side.
4. This authorisation is valid until the ordinary general meeting in 2017, however at the latest until 30 June 2017.
and
| Companies Act may be set aside. | |
|---|---|
| 5. Fullmakten omfatter ikke beslutning om fusjon etter allmennaksjeloven § 13-5 eller kapitalforhøyelse ved tingsinnskudd. |
5. The authorisation does not include decision on merger according to Section 13-5 of the Norwegian Public Limited Companies Act or share capital increase with settlement against consideration in kind. |
| 6. Generalforsamlingen gir styret fullmakt til å endre Selskapets vedtekter vedrørende aksjekapitalen og antall aksjer når fullmakten brukes." |
6. The general meeting authorises the board of directors to amend the Company's articles of association concerning the share capital and number of shares when the authorisation is used." |
| *** | *** |
| Ingen andre saker foreligger til behandling. | No other matters are on the agenda. |
PIN: XXXXX REF: XXXXX
Annual general meeting in Photocure ASA is held Thursday 28 April 2016 at 17:00 (CET) in Hoffsveien 4, 1 st floor, 0275 Oslo
Notice of attendance can be sent to Nordea Bank Norge ASA, Issuer Services, P.O. Box 1166 Sentrum, 0107 Oslo, Norway, Email: [email protected] or telex +47 22 36 97 03. Attendance can also be registered electronically through the company's website www.photocure.com or through VPS Investor Services for shareholders with access to this. The reference code must be stated upon the registration of attendance.
The undersigned will attend the annual general meeting in Photocure ASA on 28 April 2016:
Representative for the shareholder (if a company)
Place Date Signature for the shareholder
If the shareholder is a company, the certificate of registration or other valid documentation (e.g. board resolution) showing that the undersigned may sign on behalf of the shareholder shall be attached. Shareholders which are granting proxy shall use the proxy form. Shareholders which provide an advance vote shall use the form on advance voting.
PIN: XXXXX REF: XXXXX
Annual general meeting in Photocure ASA is held Thursday 28 April 2016 at 17:00 (CET) in Hoffsveien 4, 1st floor, 0275 Oslo
This proxy form is to be used for a proxy without voting instructions. To grant a proxy with voting instructions, please use the proxy form with voting instructions.
Notice of attendance for the general meeting, either personally or by proxy, must be received by Nordea no later than 25 April 2016 at 16:00 (CET). Attendance will be registered when this proxy has been received within the said deadline.
The proxy form can be sent to Nordea Bank Norge ASA, Issuer Services, P.O. Box 1166 Sentrum, 0107 Oslo, Norway, Email: [email protected] or telex +47 22 36 97 03. Registration of proxy can also be made electronically through the company's website www.photocure.com or through VPS Investor Services for shareholders with access to this. The reference code must be stated upon the registration of attendance.
The undersigned shareholder hereby grants (tick off)
a proxy to attend and vote at Photocure ASA's annual general meeting on 28 April 2016 for my/our shares. If the proxy holder is not named, the proxy shall be deemed granted to the chairperson of the board of directors or the person who the chairperson authorises.
Neither the company nor the chairperson of the board (or whoever the chairperson of the board authorises) can be held responsible for any loss resulting from the proxy form not being received by the proxy in time. The company and the chairperson of the board (or whoever the chairperson of the board authorises) are not responsible for ensuring that votes will be cast in accordance with the proxy form and have no responsibility in connection with cast of votes pursuant to the proxy form.
Representative for the shareholder (if a company)
Place Date Signature for the shareholder
If the shareholder is a company, the certificate of registration or other valid documentation (e.g. board resolution) showing that the undersigned may sign on behalf of the shareholder shall be attached.
PIN: XXXXX REF: XXXXX Annual general meeting in Photocure ASA is held Thursday 28 April 2016 at 17:00 (CET) in Hoffsveien 4, 1st floor, 0275 Oslo
This proxy form is to be used for a proxy with voting instructions.
The proxy form can be sent to Nordea Bank Norge ASA, Issuer Services, P.O. Box 1166 Sentrum, 0107 Oslo, Norway, Email: [email protected] or telex +47 22 36 97 03. Registration of proxy can also be made electronically through the company's website www.photocure.com or through VPS Investor Services for shareholders with access to this. The reference code must be stated upon the registration of attendance.
The undersigned shareholder hereby grants (tick off)
a proxy to attend and vote at Photocure ASA's annual general meeting on 28 April 2016 for my/our shares. If the proxy holder is not named, the proxy shall be deemed granted to the chairperson of the board of directors or the person who the chairperson authorises.
Neither the company nor the chairperson of the board (or whoever the chairperson of the board authorises) can be held responsible for any loss resulting from the proxy form not being received by the proxy in time. The company and the chairperson of the board (or whoever the chairperson of the board authorises) are not responsible for ensuring that votes will be cast in accordance with the proxy form and have no responsibility in connection with cast of votes pursuant to the proxy form.
Please note that if any items below are not voted on (not ticked off); this will be deemed to be an instruction to vote "for" the proposals in the notice. However, if any motions are made from the floor in addition to or in replacement of the proposals in the notice, the proxy holder may vote or abstain from voting at his discretion. If the voting instruction is unclear, the proxy holder will vote on the basis of his reasonable understanding of the instruction. Where no such reasonable interpretation is possible, the proxy holder may abstain from voting.
| Agenda annual general meeting 2016 | For | Against | Abstain |
|---|---|---|---|
| 1. Opening of the meeting by the chairperson of the board of directors | No vote | ||
| 2. Presentation of the record of shareholders and representatives present | No vote | ||
| 3. Election of a chairperson of the meeting and a person to co-sign the minutes |
| | |
| 4. Approval of notice and agenda | | | |
| 5. Approval of the annual accounts and the annual report for the financial year 2015 |
| | |
| 6. Approval of the declaration on salaries and other remuneration for senior management |
|||
| a. Advisory vote is held for precatory guidelines b. Approval of binding guidelines |
|
|
|
| 7. Presentation of the company's state of affairs | No vote |
| 8. Remuneration to the board members and members of the nomination committee |
| | |
|---|---|---|---|
| 9. Remuneration to the auditor | | | |
| 10. Election of board members | |||
| The nomination committee's proposal in its entirety, | | | |
| or individual vote: | |||
| - Bente-Lill Romøren, chairperson |
| | |
| - Tom Pike, board member |
| | |
| - Synne Røine, board member |
| | |
| Grannum R. Sant,board member - |
| | |
| - Xavier Yon, board member |
| | |
| 11. Election of members to the nomination committee | |||
| The nomination committee's proposal in its entirety, | | | |
| or individual vote: | |||
| - Hans Peter Bøhn, chairperson |
| | |
| - James McDonald, member |
| | |
| - Dan Mahoney, member |
| | |
| 12. Instructions to the nomination committee | | | |
| 13. Amendment of the company's articles of association | | | |
| 14. Notice period for calling extraordinary general meeting | | | |
| 15. Board authorisations to acquire own shares | | | |
| 16. Board authorisations to increase the share capital | | | |
Representative for the shareholder (if a company)
Place Date Signature for the shareholder
If the shareholder is a company, the certificate of registration or other valid documentation (e.g. board resolution) showing that the undersigned may sign on behalf of the shareholder shall be attached.
PIN: XXXXX REF: XXXXX
Annual general meeting in Photocure ASA is held Thursday 28 April 2016 at 17:00 (CET) in Hoffsveien 4, 1st floor, 0275 Oslo
This form is used to provide advance votes. Advance votes must be received by Nordea not later than 25 April 2016 at 16:00 (CET). Neither the company nor the chairperson of the board (or whoever the chairperson of the board authorises) can be held responsible for any loss resulting from advance votes not being received in time.
The form for advance voting can be sent to Nordea Bank Norge ASA, Issuer Services, P.O. Box 1166 Sentrum, 0107 Oslo, Norway, Email: [email protected] or telex +47 22 36 97 03. Registration of advance votes can also be made electronically through the company's website www.photocure.com or through VPS Investor Services for shareholders with access to this. The reference code must be stated upon the registration of attendance.
Until the deadline stated above votes already cast can be changed or withdrawn. Votes cast prior to the general meeting being held will be deemed withdrawn if the shareholder attends in person at the general meeting or by proxy. Shareholders which cast advance votes will not have the possibility to consider or vote over motions made from the floor, proposals in addition to or as replacement of the proposals in the notice. If the tick-off in the form is unclear the chairperson of the meeting may register that the shareholder abstains from voting. Please note that if a vote is not cast for or against by tick-off of the items below in a matter on the agenda, this will be deemed as the shareholder abstains from voting in the particular matter.
| Agenda annual general meeting 2016 | For | Against | Abstain |
|---|---|---|---|
| 1. Opening of the meeting by the chairperson of the board of directors | No vote | ||
| 2. Presentation of the record of shareholders and representatives present | No vote | ||
| 3. Election of a chairperson of the meeting and a person to co-sign the minutes |
| | |
| 4. Approval of notice and agenda | | | |
| 5. Approval of the annual accounts and the annual report for the financial year 2015 |
| | |
| 6. Approval of the declaration on salaries and other remuneration for senior management |
|||
| c. Advisory vote is held for precatory guidelines |
| | |
| d. Approval of binding guidelines |
| | |
| 7. Presentation of the company's state of affairs | No vote | ||
| 8. Remuneration to the board members and members of the nomination committee |
| | |
| 9. Remuneration to the auditor | | | |
| 10. Election of board members | |||
| The nomination committee's proposal in its entirety, | | | |
| or individual vote: | |||
| - Bente-Lill Romøren, chairperson |
| | |
| - Tom Pike, board member |
| | |
| - Synne Røine, board member |
| | |
| Grannum R. Sant,board member - |
| | |
| 11. Election of members to the nomination committee | |||
|---|---|---|---|
| The nomination committee's proposal in its entirety, | | | |
| or individual vote: | |||
| - Hans Peter Bøhn, chairperson |
| | |
| - James McDonald, member |
| | |
| - Dan Mahoney, member |
| | |
| 12. Instructions to the nomination committee | | | |
| 13. Amendment of the company's articles of association | | | |
| 14. Notice period for calling extraordinary general meeting | | | |
| 15. Board authorisations to acquire own shares | | | |
| 16. Board authorisations to increase the share capital | |||
| Board authorisation no. 1 | | | |
| Board authorisation no. 2 | | | |
Representative for the shareholder (if a company)
Place Date Signature for the shareholder
If the shareholder is a company, the certificate of registration or other valid documentation (e.g. board resolution) showing that the undersigned may sign on behalf of the shareholder shall be attached.
This declaration is prepared by the board of directors in Photocure ASA ("Photocure") in accordance with the Norwegian Public Limited Liability Companies Act (the "Companies Act") section 6-16a, for consideration at the annual general meeting on 28 April 2016.
Principles in this declaration regarding allocation of shares, subscription rights, options and any other form of remuneration stemming from shares or the development of the official share price in the company are binding on the board of directors when approved by the general meeting. Such guidelines are described in section 3.2. Other guidelines are precatory for the board of directors. If the board of directors in an agreement deviates from these guidelines, the reasons for this shall be stated in the minutes of the board of directors' meeting.
The principles set out for determination of salaries and other remuneration for the senior management in this declaration shall apply for the financial year 2016 and until new principles are resolved by the general meeting in accordance with the Companies Act. The annual general meeting in 2017 will review how the principles set out in this declaration have been pursued in 2016 and deal with the principles for 2017 in accordance with the Companies Act.
Senior management remuneration in Photocure and group companies shall be determined based on the following main principles:
Senior management remuneration shall, as a general guideline, be suited to attract and retain skilled leaders in order to enhance value creation in the company and contribute to aligned interests between management and the shareholders. Total remuneration should as a general rule be at level with remuneration for senior management in comparable industries, businesses and positions in the country in which the individual manager resides.
Senior management remuneration shall be structured to drive motivation and encourage improvements in results and shareholder value. In general, the remuneration consists of five elements: base salary, short term incentives (bonus), long term incentives (options), benefits in kind and pension benefits.
The variable remuneration, short term and long term, is linked to value generation for shareholders over time. The variable remuneration is determined both by achievement of individual and company wide key performance indicators and goals. Instrumental is that the senior manager both individually and as a team can influence achievement of the key performance indicators and goals.
The long term incentives are option based and in accordance with section 3.2 of this declaration.
The remuneration system shall not be unduly difficult to explain to the general public and should not involve disproportional complexity for the administration.
To be able to offer competitive remuneration the company must have a flexible system that can accommodate changes as company and markets evolve.
The base salary is the main element of the senior manager's remuneration. Additional and variable remuneration elements are, at time of grant, subject to determination of specific maximum amounts depending on position.
The following refer to the individual benefits which are granted in addition to base salary. Unless specifically mentioned, no special terms, conditions or allocation criteria apply to the benefits mentioned.
The company has established a bonus scheme for senior management. These schemes are reviewed at least annually. Bonus schemes are tied to achievement of operational and financial goals for the company laid down by the Board of directors and achievement of personal goals. Personal goals for senior management are approved by the Board of directors at the start of the year.
The Chief Executive Officer of the company has a bonus agreement of up to 40% of base salary, while other members of the senior management team have bonus agreements from 20% to 35% of their base salary.
Senior managers participate in the company's pension scheme, which is a contribution scheme that involves payment of between 5% and 8% of the employee's salary, up to a maximum of 12 times the basic amount (G) of the Norwegian National Social Security Scheme (Folketrygden). Photocure has established pension coverage for management for salary above 12 G. The scheme is a contribution-based operating pension with provisions corresponding to 16% of salary above 12 G. In the event of resignation, full pension rights are conditional upon at least five years' employment, while less than 3-years' employment carries no rights. The pension schemes also cover in the event of disability.
The company compensates the senior management for health and life insurance plans in line with standard conditions for senior positions, in addition to mandatory occupational injury insurance required under Norwegian Law.
In accordance with detailed regulations, the current Chief Executive Officer is entitled to continue to receive his salary for up to 24 months after the end of his period of notice. Should the Chief Executive Officer receive other income from employment in this period, any such income will be offset in full against his continued salary during the last 12 months of the period in which he continues to receive salary. Other senior management have a period of notice between 3 and 12 months.
Senior managers will normally be given the benefits in kind that are common market practice, i.e., telephone expenses, a laptop, free broadband connection and use, newspapers and car allowance. There are no special restrictions on the type of other benefits that can be agreed on.
No loans are granted, nor any security provided for members of the senior management team, the Board of directors, employees or other persons in elected corporate bodies.
It may be used other variable elements in the remuneration or awarded other special benefits than those mentioned above, provided that this is considered expedient for attracting and/or retaining a manager. No special limitations have been placed on the type of benefits that can be agreed.
Senior managers participate in the company's incentive program with allocation of subscription rights for the company's shares. Options are allocated to the Company's management according to the Board's discretion, considering including achievement of company as well as personal goals. The limits for the allocation of share options to senior managers is determined by the Board within the Board mandates adopted by the General Assembly.
Stock options granted from and including 2013 have (i) an exercise price 10% above the stock price at the time of grant, and (ii) a cap on the size of remuneration which the stock option can bring, which shall equal seven times the stock price at the time of grant.
Stock options granted from and including 2014 have as a requirement on exercise that one share should be acquired for each ten subscription rights exercised, and that such shares should be held two years before sold.
All companies in the Photocure group are to follow the main principles for the determining of executive management salaries and remuneration as set out in this declaration. Photocure aims at coordinating management remuneration policy and the schemes used for variable benefits throughout the group.
Remuneration, including pension and insurances, severance schemes, benefits in kind and other benefits granted to executive management are discussed note 22 to the annual accounts for the financial year 2015. Photocure has implemented an incentive scheme regarding allocation of share options in the company, pursuant to which executive management have received a total of 213,400 options in 2015.
The annual report and annual accounts for 2015 are available on the web site of the company, www.photocure.com.
The agreements entered into with executive management during the financial year 2015 are entered into in accordance with the principles for determining executive management salaries and remuneration as approved by the general meeting in 2015.
The Board believes that the guidelines for share-based remuneration promote value creation in the company/Group and that the impact they have on the company and shareholders is positive.
Oslo, 6 April 2016 The Board of Directors of Photocure ASA
The mandate of the nomination committee is stipulated in the Articles of Association § 7:
"The company shall have a nomination committee.
The nomination committee shall make recommendations to the general meeting regarding election of shareholder-elected members of the board of directors, remuneration to the members of the board of directors, election of members to the nomination committee and remuneration to the members of the nomination committee.
The nomination committee shall consist of two to three members out of whom at least two shall be shareholders or representatives of shareholders. The members of the nomination committee, including the chairperson of the nomination committee, are elected by the general meeting for a term of one year. The members may only be re-elected once. Remuneration to the members of the nomination committee is determined by the general meeting.
The general meeting shall approve the instructions for the nomination committee."
At the AGM on April 30th 2015 the nomination committee was established as follows: Beate Bredesen (member); James McDonald (member); Hans Peter Bøhn (leader)
The clause "The members may only be re-elected once" referenced above is proposed removed, and that the articles of association are amended accordingly. The remaining proposals of the nomination committee are based on this amendment being carried through.
An error has occurred in the instructions for the nomination committee decided by the AGM on April 30th 2015. The instructions say: "The members of the nomination committee, including the chairperson of the nomination committee, are elected by the general meeting for a term of two years." The underlined clause is not in accordance with the articles of association §7, and is therefore proposed changed to "one year" so that the two fall into agreement.
The nomination committee held a kick-off meeting in October 2015 with all members present. After this, there have been a number of teleconferences and exchange of e-mails. The committee has interviewed all the 10 largest shareholders and has been in contact with many of the others on the
top-20 list. Furthermore, the committee has conducted separate interviews with the board members.
The committee has also been in dialogue with the board chairperson on a continuous basis and held one formal meeting with discussion and a presentation of the findings from the preceding interviews with shareholders and board members.
In addition, the committee has been in running contact with Photocure's CEO, culminating in a formal meeting with interview and presentation of the findings from the up to then.
All members of the board of directors, including the leader, are up for election every year. Lars Rønn has announced that he wants to retire from the board. The remaining members will stand for reelection. The nomination committee propose the following:
Bente-Lill Romøren (board leader) Xavier Yon (board member) Synne Røine (board member) Tom Pike (board member) Grannum R. Sant (board member)
Grannum R. Sant is proposed as replacement for Lars Rønn. Further information about Grannum R. Sant will be presented to the general meeting. The other board members are presented on the company website, and thus accessible for the shareholders.
The proposal from the nomination committee is based on the impression that the existing board is functioning well and has a mix of experience and competencies that be of service to the company. Furthermore, we see a need for continuity as there have been an unusually high degree of changes in the board over the last two years.
The nomination committee propose that the remuneration to board members is left unchanged:
Board chairperson: NOK 470,000 annually
Board members: NOK 270,000 annually
6) COMPOSITION OF THE NOMINATION COMMITTEE
Beate Bredesen has announced she will not be available for re-election. Daniel Mahony is the proposed replacement for Beate Bredesen. The other two members will be available for re-election. Thus, the nomination committee proposes:
Hans Peter Bøhn (leader)
James McDonald (member)
Daniel Mahony (member)
Daniel is a fund manager with Polar Capital in London. He joined Polar Capital to set up the healthcare team in 2007. He has 24 years of healthcare experience, including several years as a Portfolio Manager and nine years as a sell-side analyst. Prior to joining Polar Capital, he was head of the European healthcare research team at Morgan Stanley. Before working in the investment field, Daniel worked as a research scientist for seven years with the majority of his time at Schering Plough Corporation in California. Daniel received his PhD from Cambridge University in 1995 and a first class honours degree in biochemistry from Oxford University in 1991
The nomination committee propose that remuneration of the committee is left unchanged:
Committee leader: NOK 20,000 annually
Committee members: NOK 20,000 annually
Individual members of the committee may opt to waive their fees.
* * *
The proposals from the Nomination Committee are unanimous.
Oslo, March 30th 2016
Hans Peter Bøhn
(Committee Leader)
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