Election of the Board of Directors of Orkla ASA - Recommendation of the Nomination Committee

18.05.2006: The Corporate Assembly of Orkla ASA is to elect members to the Board of Directors and the Chairman of the Board at this meeting 23 May 2006.

The Nomination Committee unanimously recommends that Kjell E. Almskog be re-elected and that Bjørg Ven and Lennart Jeansson be elected as new members of the Board. The Nomination Committee unanimously recommends that Stein Erik Hagen be elected as new Chairman of the Board.
 
Chairman of the Board Johan Fredrik Odfjell and Board members Kjell E. Almskog and Anne Birgitte Lundholt are up for re-election. Board members Åse Aulie Michelet, Svein S. Jacobsen, Stein Erik Hagen and Birgitta Stymne Göransson are not up for re-election.
 
The Nomination Committee unanimously recommends that Kjell E. Almskog be re-elected and that Bjørg Ven, Oslo, and Lennart Jeansson, Gothenburg, be elected as new members of the Board of Directors.
 
The Nomination Committee unanimously recommends that Stein Erik Hagen be elected as new Chairman of the Board. In connection with the recommendation regarding the election of a new Board chairman, Nomination Committee member Olaug Svarva gave the following separate statment:
"In connection with the recommendation, however, Nomination Committee member Olaug Svarva wishes to point out that in the opinion of the National Insurance Fund, electing a major minority shareholder as Chairman of the Board of Directors raises fundamental issues, and this necessitates stricter criteria as regards the composition of the rest of the Board. In respect of the upcoming election of the Chairman of the Board of Directors of Orkla ASA, the National Insurance Fund has attached importance to ensuring that the overall composition of the Board promotes long-term value creation and ensures that the interests of all the shareholders are equally safeguarded."
 
The Nomination Committee consisted of Elisabeth Grieg, Idar Kreutzer, Leiv Askvig and Olaug Svarva as well as Harald Arnkværn in his capacity as Chairman of the Corporate Assembly. Sverre Olsen represented the employees in connection with the recommendation for the election of the Chairman of the Board of Directors.