Cloudberry Clean Energy Annual report 2020

57 Cloudberry Annual report 2020 Corporate Governance The board has experience in the energy and utility industry, renewables, infrastructure, investments and finance industries. The CEO is not a member of the board, but regularly attends the board meetings. 9. The Work of the Board of Directors The Board of Directors emphasises maintaining a high standard of corporate governance. The Board is responsible for the management of the com- pany and supervises the daily management of the company. Together with the management, the Board of Directors provides strategic guidance on sustaina- bility in Cloudberry. In 2020 the company performed a business review including climate-related risks and opportunities. This will be an important area of focus and a part of the company’s further work. The Board of Directors also prepares for general meetings. In 2020 the Board of Directors implemented instruc- tions for the Board of Directors and the Chief Executive Officer (CEO). The CEO`s instructions give a description of the tasks allocated to the CEO, including internal responsibilities and duties. The instructions are described in the company’s “Instructions for the Board of Directors” and “Instructions for the CEO”. The Board of Directors is in process of implementing all instructions in com- pliance with The Norwegian Corporate Governance Board (NUES). The meetings of the Board of Directors have empha- sised the company’s activities, position, financial and operational developments, and objectives of the company with its strategy and implementation. The Board of Directors has established an annual schedule based on quarterly milestones and duties. The Board of Directors had 17 meetings during 2020. The Board of Directors` performance will be eval- uated annually, and the evaluation will be made available to the Nomination Committee. Audit Committee: In 2020 the Board of Directors implemented the instructions for the Audit Committee. The Board of Directors established the Audit Committee in January 2021, which will be a subcommittee of the Board of Directors. The committee performs tasks related to financial reporting, the annual accounts and internal control. The Audit Committee has contact with the company’s auditor. It will be held minimum four Audit Committee meetings per year. Board of Directors Nominating Committee Audit Committee Compensation Committee ESG Committee Name Function Served since Term expires Shares Warrants Frank J. Berg Chairperson 2020 2022 3 173 147 - Petter W. Borg Board member 2019 2021 1 885 637 - Morten Bergesen Board member 2019 2021 17 727 068 - Benedicte Fossum Board member 2020 2022 38 095 - Liv Lønnum Board member 2020 2022 - - Frank J. Berg holds the shares via CCPartner AS Morten Bergesen holds the shares via Havfonn, Snefonn and CB4 Green Invest AS Petter W. Borg holds the shares via Caddie Invest AS, Kewa Invest AS and CB4 Green Invest AS (formerly Cloudberry Partners AS) Benedikte Fossum holds the shares via Mittas AS