Page 86 - Bouvet årsrapport ENG 2010 ePub

Bouvet annual report 2010 86

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 575 565 Other attest services 0 3 Tax advice 15 14 Other services 0 55 Total 590 637

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 20: Financial instruments

Financial risk

Te Company has only fnancial instruments related to trade and other receivable and trade payables, involving both credit risk and liquidity risk. (i) Credit risk

Te Company is mainly exposed to credit risk connected with trade accounts receivable, depostits with banks and other short-term receivables. Te Company 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 Company has no signifcant credit risk connected with one single contrcting party or several that can be considered a group due to similarities in credit risk.

Te Company 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 Company’s view, the maximum risk exposure is the the carrying value of trade accounts receivable (note 11), deposits with banks (note 13) and other short-term receivables (note 12).

(ii) Liquidity risk

Te liquidity risk is the risk that the Company will not be able to service its fnancial obligations when due. Te Company’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.

Te following table illustrates the maturity structure of the Company’s fnancial commitments, based on non discounted contractual payments. In instances where the counterpart can require an earlier redemption, the amount is stated in the earliest period payment can be demanded. In the event that commitments can be required redeemed at request, these are included in the frst column (less than 1 month).