The remuneration of the Board of Directors is determined on a yearly basis by the Ordinary General Meeting. The Directors may also be reimbursed for travelling, hotel and other expenses incurred by them in attending Board meetings or in connection with the business of the Company. 

Remuneration of the Board of Directors, as proposed by the Nomination Committee and approved by the Ordinary General Meeting, is not linked to the Company’s performance nor based on stock options. 

At the Company’s Ordinary General Meeting in May 2009, the remuneration of the Board of Directors for the financial year 2008 was set to NOK 400,000 for the Chairman, NOK 275,000 for the Deputy Chairman and NOK 225,000 for each of the Board members. Remuneration of each of the Employee representatives was set to NOK 112,500 with equivalent amounts reserved in an ‘Employee Benefit Fund’ to benefit all employees in Sevan. The members of the Audit Committee received additional remuneration of NOK 50,000 each. The Board of Directors has authorized that in principal stock options may be awarded to the Directors Smedal and Syvertsen due to their other engagements for the Company. 

A Director who has been given a special assignment, besides his or her normal duties as a Director, in relation to the business of the Company, may be paid such additional remuneration as the Board of Directors may determine.