Yara’s five shareholder-elected members of the Board of Directors were re-elected for two years in 2008. Upon his appointment as President and CEO of Yara International ASA, Jørgen Ole Haslestad resigned from the Board on Oct. 1, 2008. He was replaced by Bernt Reitan at the ordinary Annual General Meeting in May 2009.
The five shareholder-elected members all have extensive line management experience from international industrial companies. Three employee-elected Board members were elected in January 2008. Frank Bakke, employee-elected Board member since Yara’s IPO in 2004, passed away in May 2009 and was replaced by deputy Board member Karl Edvard Juul. The Board of Directors wishes to express its gratitude for Frank Bakke’s strong contribution to Yara to the end.
Two of the eight Board members are women, both elected by the shareholders. The Board held ten meetings in 2009.
Yara has decided to not constitute a corporate assembly. Consequently, the Board of Directors is directly responsible to the General Meeting and the shareholders. A Compensation Committee was established in April 2004 and an Audit Committee was established in December 2006.