Corporate Governance policy

Shareholders’ Meeting
The Shareholders’ Meeting is the forum of the owners (shareholders) of the Group parent company Aker Solutions ASA and deals with high level issues in accordance with the Norwegian Companies Act, like appointment of Group Board members, approval of the Annual Accounts of Aker Solutions ASA and the Group, and decisions related to the equity financing of Aker Solutions ASA.

Group Board
The Board of Aker Solutions ASA ("the Group Board") is the highest level governance body of the Group, appointed by the Shareholders’ meeting, and with broad responsibilities defined in the Norwegian Companies Act.

A framework of controls has been approved by the Group Board for the Aker Solutions Group to define how the rights of ownership are to be executed. Within this framework, the Group Board deals mainly with matters like:

a) Appointment and removal of the Group President and Chief Executive Officer
b) Appointment, Authority and Role of Board Committees
c) Shareholder issues
d) Formal approval of the Group budget
e) Determination of Group Strategy
g) Approval of items where transactions or amounts involved are in excess of authority limits delegated to the Group President & Chief Executive Officer

The Authority limits approved by Group Board are set out in Aker Kvaerner Authorisation Levels

The Group President & Chief Executive Officer ("The Group CEO")
Except for those powers specifically reserved to the Group Board, all powers have been delegated to the Group CEO. This comprises:

a) The authority for the execution of the ownership rights within the Aker Solutions Group, including the power of sub-delegation and the authority for determining the Group’s operating policies and procedures within the framework established by the Board.

b) The authority for executing the Group’s strategy as decided by the Board.

The Group CEO is heading the Group Executive Team, and is chairman of the Executive Management Team.