Functions of the Board of Directors

The Board of Directors shall administer the business of the Club, ensure that the Club is properly organised and that the interests of the Club and its members are furthered in an appropriate manner.

The Board of Directors shall to the extent it is necessary stipulate plans and budgets for the Club’s business. The Board of Directors shall also stipulate operational guidelines and instructions for management.

The Board of Directors shall keep informed of the Club’s financial position and is obliged to ensure that its operations, accounts and management of funds are subject to satisfactory controls.

The Board of Directors shall effect any investigations considered necessary in order to perform its functions. The Board of Directors shall commence such investigations if so demanded by one or more directors.

The Board of Directors shall also:

  1. submit to the Committee for its opinion a complete and audited annual financial statement and to the General Meeting for approval a complete and audited annual financial statement and annual report,

  2. submit to the Committee for its opinion and to the General Meeting for approval its proposal for application of profit or coverage of loss.

  3. decide on the employment of the Managing Director and stipulate the remuneration and conditions of service, as well as decide on the general remuneration and conditions of service for other employees.

  4. supervise the day-to-day administration of the Club and its operations in general.

  5. stipulate board instructions in accordance with the Norwegian Limited Companies act §6-23, cf. the Norwegian Finance Instituions Act §8-7.