Norsk Hydro ASA has entered into an agreement with the company's unions to discontinue the Corporate Assembly of Norsk Hydro ASA.
Hydro has been in dialogue with the unions through the fall of 2021 regarding employee democracy in a wider context and as part of this dialogue has agreed with the unions that the Corporate Assembly shall be discontinued. The agreement will be subject to the Annual General Meeting's approval in May. The dissolution of the Corporate Assembly will be effective as of such approval.
If the agreement is approved by the Annual General Meeting, the number of employee representatives on the Board of Directors of Norsk Hydro ASA will be increased from three to four representatives. In addition, employee representation on the board of Hydro Aluminum AS and Hydro Energi AS will be established. The process of election of employee representatives will soon be initiated.
About the Corporate Assembly:
The Corporate Assembly is a distinctively Norwegian governing body, which according to the Norwegian Public Limited Liability Companies Act exercises supervision of the Board of Directors. The Corporate Assembly of Norsk Hydro ASA consists of eighteen members. Twelve are elected by the General Meeting, while six are elected by and among the group's employees in Norway. It falls under the authority of the Corporate Assembly to elect the Board of Directors of the company and determine their remuneration. If the Corporate Assembly is discontinued, the authority to elect the shareholder-elected board members of Norsk Hydro ASA and to determine the board remuneration will pertain to the General Meeting.