Yara’s Board of Directors held 13 meetings in 2012. The Board is normally composed of five shareholder-elected members and three employee-elected members. As one board member withdrew his candidacy during the 2012 Annual General Meeting, the Board of Directors currently consists of four shareholder-elected members and three employee-elected members.
The shareholder-elected members all have extensive line management experience from international industrial companies. Three of the seven members are women. One of the three employee-elected Board members was re-elected in May 2012, and Rune Bratteberg and Guro Mauset were elected as new Board members.
Yara has decided not to 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.
Yara’s Executive management was organized along the same lines as the previous year, with some changes, accounted for in the MD&A section of this Financial Report. Jørgen Ole Haslestad remained CEO throughout the year.