Page 60 - Bouvet årsrapport ENG 2010 ePub

Bouvet annual report 2010 60

SHARES IN THE COMPANY DIRECTLY OR INDIRECTLY OWNED BY MANAGEMENT AT 31.12.2010

Name Role No. of shares

Sverre Hurum CEO 643 403 Nils Olav Nergaard Deputy managing director 192 876 Erik Stubø CFO 282 903 Total 1 119 182

AUDITOR FEES

NOK 1 000

Type 2010 2009

Ordinary audit 675 668 Other attest services 0 3 Tax advice 27 14 Other services 11 55 Total 713 740

OTHER MATTERS

Te CEO has an agreement of 12 months’ pay after termination of employment. No other key management personnel has any agreement of pay after termination of employment.

Note 23: Financial instruments

Financial risk

Te Group has only fnancial instruments related to trade and other receivables and rade accounts payable, involving both credit risk and liquidity risk. (i) Credit risk

Te Group is mainly exposed to credit risk connected with trade accounts receivable, deposits with banks and other short-term receivables. Te Group is reducing its exposure against credit risk by requiring that all third parties, like customers, shall be approved and subject to an assessment of credit verifcation procedures.

Te Group has no signifcant credit risk connected with one single contracting party or several that can be considered a group due to similarities in credit risk.

Te Group has guidelines ensuring that sales are made only to customers without previous payment problems and that outstanding balances do not exceed set credit limits.

In the Group’s view, the maximum risk exposure is the the carrying value of trade accounts receivable (note 14), deposits with banks (note 16) and other short-term receivables (note 15).

(ii) Liquidity risk

Te liquidity risk is the risk that the Group will not be able to service its fnancial obligations when due. Te Group’s strategy to manage liquidity risk is to have adequate liquid funds at all times to be able to meet the fnancial obligations when due, under nomal as well as extraordinary circumstances, without risking unacceptable losses or bad reputation. Unused credit facilities are described in note 16.