Orkla ASA: Nomination Committee's nominees for Orkla's new Board of Directors

Orkla's Nomination Committee proposes that Åge Korsvold not be replaced by a new member of the Board of Directors, and intends to propose that he be re-elected to the Board once a new CEO is in place. Efforts are being made to find a new member of the Board of Directors to succeed Åse Aulie Michelet who announced that she will not be seeking re-election this year as a consequence of having a new position. The other directors are nominated for re-election.

The Nomination Committee recommends the re-election of Stein Erik Hagen, Bjoerg Ven, Peter Ruzicka, Jesper Ovesen and Barbara M. Thoralfsson to Orkla's Board of Directors. Stein Erik Hagen is nominated for re-election as Chair of the Board. There is no new nomination for a deputy chair to succeed Åge Korsvold at this time. The Corporate Assembly will adopt a decision at its meeting on 24 May.

In keeping with the provisions of the Public Limited Liability Companies Act, Åge Korsvold resigned as Deputy Chair of Orkla's Board of Directors on 30 April when he took office as Acting President and CEO. The Nomination Committee intends to propose Åge Korsvold for re-election to the Board of Directors once a new CEO is in place.

As reported by Chair of the Nomination Committee Idar Kreutzer at the Annual General Meeting of Orkla ASA on 19 April, Åse Aulie Michelet notified the Nomination Committee that she would not be standing for re-election this year as a consequence of having a new position. The Nomination Committee has hired outside assistance to help identify relevant candidates, and will convene an extraordinary meeting of the Corporate Assembly when the Nomination Committee's recommendation is submitted, probably after the summer holiday.

Orkla ASA
Oslo, 11 May 2012

Ref.:

Chair of the Nomination Committee
Idar Kreutzer
Telephone: [phone]

Senior Vice President, Communications and Public Affairs
Johan Chr. Hovland
Telephone: [phone]

The Nomination Committee's recommendation (pdf) (http://hugin.info/111/R/1611403/512527.pdf)

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Source: Orkla ASA via Thomson Reuters ONE

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