General Meeting of BW LPG

At the General Meeting of BW LPG Folketrygdfondet voted against the following proposal:
 
•         Proposal 6: To approve the revised Guidelines of the Nomination Committee
 
The reason why Folketrygdfondet voted against the proposal is explained below:
 
The Norwegian Code of Practice for Corporate Governance article 7 recommends that the majority of the nomination committee should be independent of the board of directors. Furthermore, if a board member is appointed as a member of the nomination committee, such member should not offer himself or herself for re-election to the board. In BW LPG the chairman of the Board of Directors, Andreas Sohmen-Pao, is also the chairman of the Nomination Committee.   The Guidelines for the Nomination Committee of BW LPG article 5 deviates from the Norwegian Code of Practice for Corporate Governance in a allowing a member of the Board of Directors who is also a member of the  Nomination Committee to offer himself for re-election to the Board of Directors. The Guidelines for the Nomination Committee are thus in conflict with the Norwegian Code of Practice for Corporate Governance and Folketrygdfondet votes accordingly against the approval of the revised guidelines in item 6 of the Agenda