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TGS/ Releases/2015...PDF fileTGS/ TGS-NOPEC Geophysical Company ASA MINUTES OF ORDINARY GENERAL MEETING 2015 The Ordinary General Meeting of TGS-NOPEC Geophysical Company ASA (hereinafter

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TGS/TGS-NOPEC Geophysical Company ASA

MINUTES OF ORDINARY GENERAL MEETING2015

The Ordinary General Meeting of TGS-NOPECGeophysical Company ASA (hereinafter the"Company") took place on 6 May 2015 at HotelContinental, Stortingsgata 24/26, Oslo at 17.00hrs.

The Chairman of the Board of Directors, HankHamilton, opened the meeting, ref. the PublicLimited Liability Companies Act (the 'NPLCA")Section 5-12(I), and registered the shareholderspresent in person or by proxy, ref. the NPLCASection 5-13.

52,63L,328 of in total 103,184,288 votes andshares, representing 51.01 o/o of the share capitaland 51.97 o/o of the voting shares, were present.

The list of atending shareholders is enclosedhereto in Annex 1. The voting results for eachrespective item on the agenda are enclosed heretoin Annex 2.

The meeting proceeded to the agenda:

1 ELECTION OF A CHAIRMAN OF THEMEETING

Attorney Arne Didrik Kjrns was elected to chairthe meeting, and Christina Stray was elected tosign the minutes of the General Meeting togetherwith the chairman of the meeting.

Approved, cf. the voting results enclosed hereto inAnnex 2.

APPROVAL OF THE NOTICE ANDAGENDA FOR THE MEETING

The chairman of the meeting asked if there wereany objections to the notice or the agenda. Noobjections were made and the notice and theagenda were approved, cf. the voting resultsenclosed hereto in Annex 2. The chairman of the

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TTGS-NOPEC Geophysical Company ASA

PROTOKOLL FORGENERALFORSAIILING 2015

ORDINR

Ordinr generalforsamling i TGS-NOPECGeophysical Company ASA (heretter"Selskapet") ble avholdt den 6. mai 2015 pHotel Continental, Stortngsgata 24/26 i Oslo kl.L7.00.

Styrets leder, Hank Hamilton, pnet mtet, jfr.allmennaksjelovens 5 5-12 (1), og foretokfortegnelse over aksjeeiere som har mtt entenselv eller ved fullmektig, jfr. allmennaksjelovens5 s-13.

52 631 328 av i alt 103 184 288 aksjer ogstemmer, tilsvarende 51,01 o/o av aksjekapitalenog 51,97 o/o av de stemmeberettigede aksjer,var representert.

Listen over mtende aksjeeiere er inntatt iVedleoo 1. Stemmeresultatene for hvert enkeltpunK p agendaen er inntatt i Vedleoo 2.

Man gikk s over til behandle dagsorden:

1 VALG AV MTELEDER

Advokat Arne Didrik Kjrns ble valgt tlmteleder, og Christina Stray ble valgt til signere generalforsamlingsprotokollen sammenmed mtelederen.

Vedtatt, jf. stemmerettsresultatet inntatt iVedlegg 2.

GODKJENNELSE AV INNKATLING OGDAGSORDEN

Mteleder spurte om det var innvendinger tilinnkalling eller dagsorden for mtet. Da det ikkevar innvendinger, ble innkalling og dagsordenansett godkjent, jf. stemmerettsresultatetinntatt i Vedleoo 2. Mteleder erklrte

2

h-

TGS/meetng declared the meeting as lawfully opened

3 APPROVALOF:

The annual accounts and annual report(including presentation of auditor'sreport)

The CFO explained the 2014 results.

The auditor presented a statement of opinion onthe Company's financial statements.

The annual report and the annual accounts for 2Ot4for the parent company and the group wereapproved, cf. the voting results enclosed hereto inAnnex 2.

b. The Board of Directors' proposal todistribute dividend

The CFO explained the background for the Board ofDirectors' proposal to distribute dividends for 2014.

The Chairman of the Board of Directors presentedthe Company's dividend policy statement and theBoard of Directors' proposal to distribute dividendfor 20L4.

The Board of Directors' proposal to distributedividend of NOK 8.5 per share was approved, cf.the voting results enclosed hereto in Annex 2.

4 APPROVAL OF THE AUDITOR'S FEE

The Chairman of the Board of Directors explainedthat the Board of Directors has proposed a fee ofUSD 175,000 to the auditors as audt fee for theCompany. This does not include fees related to theaudits of the Company's subsidiaries or otherprofessional services rendered. Note 4 to the ParentCompany Financial Statements and Note 7 to theGroup's Consolidated Financial Statements providefurther details.

Approved, cf. the voting results enclosed hereto inAnnex 2.

generalforsamlingen som lovlig satt

3 GODKIENNELSE AV:

rsregnskapet og rsberetningen(herunder fremleggelse av revisorsberetning)

Fi na nsd i rektren red egjorde for 2 0 l4-resu ltatet.

Revisor presenterte revisorberetningenvedrrende Selskapets regnskap.

rsregnskapet og rsberetningen for 2OL4 lormorselskapet og konsernet ble god$ent, jf.stemmerettsresultatet inntatt i Vedlegg 2.

a.

b. Styrets forslag om utdele utbytte

Selskapets finansdirektr redegjorde for styretsforslag om betale utbytte for 20L4.

Styrets leder presenterte Selskapetsutbyttepolitikk og styrets forslag om dele ututbytte for 2O14.

Styrets forslag om betale utbytte p ruOf S,Sper aksje ble vedtatt, jf. stemmerettsresultatetnntatt i Vedlegg 2.

4 GODKJENNELSE AV GODTGJRELSETIL REVISOR

Styrets leder redegjorde for styrets forslag omhonorar til revisor p USO 175 000 for revisjonav Selskapet. Dette inkluderer ikke honorar forrevisjon av Selskapets datterselskaper ellerandre tjenester. Note 4 til morselskapetsrsregnskap og Note 7 til konsernregnskapeti nneholder ytterl igere informasjon.

Vedtatt, jf . stemmerettsresultatet inntatt iVedlegg 2.

0't t

TGS/5 ELECTION OF DIRECTORS

The chairman of the meeting asked the Chairman ofthe Nomination Committee to explain theNomination Committee's proposal for the followingpersons to be elected to the Board of Directors andto serve as Directors until the Ordinary GeneralMeeting in 2016.

The Nomination Committee has invited theshareholders to vote for each candidate as follows:

Henrv H. Hamilton IIL Chairman (re-election)

The board member was elected, cf.results enclosed hereto in Annex 2.

the voting

Elisabeth Harstad, Indeoendent Director (re-election)

The board member was elected, cf. the votingresults enclosed hereto in Annex 2.

Mark Leonard, Indeoendent Director (re-election)

The board member was elected, cf. the votingresults enclosed hereto in Annex 2.

Vicki Messer. Indeoendent Director lre-election)

The board member was elected, cf. the votingresults enclosed hereto in Annex 2.

Tor Maone Lnnum, Indeoendent Director lre-election)

The board member was elected, cf. the votingresults enclosed hereto in Annex 2.

Wenche Ageruo, Indeoendent Director (new)

The board member was elected, cf. the votingresults enclosed hereto in Annex 2.

Jroen G. Arentz Rostrup, Independent Directorlnew)

5 VALGAVSTYRE

Mteleder gav ordet til valgkomiteens formannsom redegjorde for valgkomiteens forslag til valgav flgende styremedlemmer for perioden fremtil ordinr generalforsamling 2016.

Valgkomiteen har invitert aksjeeierne til stemme over hver av flgende kandidater;

Henrv H. Hamilton IlL stvreformann(gienvalol

Medlemmet ble valgt, jf. stemmerettsresultatetinntatt i Vedlegg 2.

Elisabeth Harstad, uavhenoiq stvremedlem,(qienvalo)

Medlemmet ble valgt, jf. stemmerettsresultatetinntatt i Vedlegg 2.

Mark Leonard. uavhenoiq stvremedlem(qienvalq)

Medlemmet ble valgt, jf. stemmerettsresultatetinntatt i Vedlegg 2.

Vicki Messer, uavhenqig sWremedlem(oienvalo)

Medlemmet ble valgt, jf. stemmerettsresultatetnntatt i Vedlegg 2.

Tor Maqne Lnnum. uavhenoig stvremedlem(oienvalo)

Medlemmet ble valgt, jf. stemmerettsresultatetinntatt i Vedlegg 2.

Wenche Aoeruo, uavhenqio styremedlem(nyvalq)

Medlemmet ble valgt, jf. stemmerettsresultatetinntatt i Vedlegg 2.

Jrqen C. Arentz Rostruo, uavhenqiqstyremedlem (nyvalq)

0 \,

TGS J

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The board member was elected, cf. the votingresults enclosed hereto in Annex 2.

APPROVAL OF DIRECTORS' FEE FORTHE PERIOD 7 MAY 2015 TO THEORDINARY GENERAL MEETING IN 2016

The chairman of the meeting asked the Chairman ofthe Nomination Committee to explain theCommittee's proposal for fees to the Directors.

The Nomination Committee has proposed that theChairman of the Board of Directors shall receive intotal USD 220,000 to be paid bi-annually until theOrdinary General Meeting in 2016.

The Nomination Committee has further proposedthat each of the Directors, other than theChairman, shall receive in total NOK 295,000 to bepaid bi-annually until the Ordinary General Meetngin 2016. In addition, each of the Directors otherthan the Chairman shall receive 1,650 restrictedshares in the Company on 7 May 2015. Noconsideration shall be paid for the restricted shares,but the Directors cannot sell any of these sharesbefore 7 May 20L7.

One Director is not permitted (by own employer) toown shares in other companies. The NominationCommittee has proposed that this Director shallreceive cash in lieu of the restricted shares in anamount equal to the amount the other Directors willbe able to sell their restricted shares for at theclosing share price on the first day that a sale ispermitted.

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The proposal was approved, cf. the voting resultsenclosed hereto in Annex 2.

APPROVAL OF COMPENSATION TO THEMEMBERS OF THE NOMINATIONCOMMITTEE FOR THE PERIOD 4 JUNE2Ol4TO 6 lrlAY 2015

The chairman of the meeting asked the Chairman ofthe Nomination Commttee to explain the proposalthat the fee to the members of the NominatonCommittee shall be NOK 7,500 per meeting to eachmember to comDensate for time sDent for the

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Medlemmet ble valgt, jf. stemmerettsresultatetinntatt i Vedlegg 2.

GODTGJRELSE TIL STYRE.MEDLEMMER FOR PERIODEN 7. MAI2015 TIt ORDINR GE

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