I.M. Skaugen ASA (IMS) today (4th of March 1999) held its Annual General Meeting.
All motions were passed according to the Board's proposal and the notice to the shareholders.
The company's Articles of Association were changed in accordance with the new Norwegian Public Limited Companies Act which became effective on 1 January 1999. The Board briefed the meeting on the possibility to use the existing authorisation to purchase own shares for the shares of shareholders with holdings valued at less than NOK 500.
Five board members were up for election. Board chairman Egil Abrahamsen and board member Arild Ulmo had declined to be re-elected. Christian Wessel became new board member.
Egil Abrahamsen (age 76) has participated since the merger between Laboremus and Kosmos in December 1990, and became Chairman of the Board in 1992. With his long experience from companies like Det norske Veritas, Telenor and Norsk Hydro combined with a life-long interest and confidence in tomorrow's technology and solutions, he has been invaluable with his support and ability to forge ahead. Arild Ulmo (age 53) has been a board member since 1990 and before this in Laboremus since 1989, a total of 10 years. Mr. Ulmo has also been a significant contributor in setting the standards and inspiring the turn-around process which we have completed.
Christian Wessel (age 35) is Group Director at Bertel O. Steen AS and has broad experience from shipping and finance. He is a board member of Geelmuyden.Kiese Gruppen AS as well as companies in the Bertel O. Steen AS Group.
The Board elects its own Chairman, but Erik Eik has been nominated as candidate for this position after Egil Abrahamsen resigns.
Erik Eik (age 56) has been a board member since 1994. Mr. Eik is the managing director/owner of E-Invest AS. He has experience as managing director of Felleskjøpet Rogaland Agder and Svacom AS and Director of Statoil's economic/finance and administration staff. He has been chairman of the board of Sandnes Sparebank and is presently chairman of the board of Block Berge Bygg AS, Autohuset AS, Arne Hellestø AS, George Stangeland AS, GS Eiendom, Helland AS and Finans AS and board member of Det Stavangerske Dampskipsselskap AS, Rogaland Trafikselskap AS and Norwet AS.
The Board of Directors of I.M. Skaugen ASA now consists of:
Morten Arntzen
Erik Eik
Harald Schjoldager
Morits Skaugen jr.
Christian Wessel
Bjarne Aamodt