Functions of the Committee

The Committee shall supervise the Board of Directors' and the Managing Director's administration of the Club, and that the objective of the Club is furthered in accordance with Norwegian law, these articles, and the resolutions of the General Meeting and the Committee.

Each of the Committee members may, at Committee meetings, request information regarding the operation of the Club to the extent it is considered necessary.

Investigations can be initiated either by the Committee itself or a panel from the Committee.

The Board of Directors shall furnish the Committee with all information necessary for evaluation of the operation of the Club.

In addition the Committee shall:

  1. submit to the General Meeting a statement as to whether the annual financial statement adopted by the Board of Director's shall be approved.

  2. submit to the General Meeting a statement regarding the proposal of the Board of Directors on how to apply profits or cover losses.

  3. elect members, and deputy members if the Committee so decides, to the Board of Directors
  4. elect the Chairman and Deputy Chairman of the Board for a period of one year. The election of the Chairman and the Deputy Chairman shall be from among those members of the Board who have not been elected by the employees.

  5. elect one or more state authorized auditors and determine their remuneration. The auditor(s) shall continue in service until a replacement is elected.

  6. on recommendation by the Board, decide upon matters regarding:
    (a) investments that are substantial in relation to the funds of the Club.
    (b) rationalisation or changes to the operation of the Club which will entail important reorganisation of the employees.

    The Committee shall keep minutes of its meetings. The Committee shall elect two representatives to sign the minutes together with the Chairman.