Note 29 2015 - HAVFISK Group

HAVFISK's consolidated financial statements include the following transactions and intercompany balances with Aker ASA, Norway Seafoods and the company Ocean Harvest AS, which is controlled by Aker ASA.
Below is a list of related party transactions:
Related party transactions	2015	2014
Operating revenues	7	11
Non-recurring operating items (income)
Operating expenses
Financial income	9	8
Financial expenses
Current non-interest-bearing liabilities	(1)	(3)
Long-term receivables	209	186
Current non-interest-bearing receivables		30

Services are performed on arm's-length terms. Operating revenues and operating expenses comprise rent and Group expenses charged by and received from Aker ASA and Norway Seafoods. HAVFISK had sales to the sister company Norway Seafoods of NOK 219 million in 2015. These sales are settled through the Norwegian Fishermen's Sales Organisation and Romsdal Fishermen's Sales Organisation, ref. report in note 1 under "principles for revenue entry".
The Norway Seafoods group is the group's largest customer and a close partner. The total outstanding balance with Norway Seafoods at the end of the fourth quarter of 2015 was NOK 209 million. HAVFISK also owns several processing plants that are rented by Norway Seafoods Group on long-term contracts. There are delivery and activity obligations for these plants linked to HAVFISK's trawler licenses. See Note 12 and Note 26.

NOK 1,000
2015:
Remuneration paid to executive management	Position	Fixed salary	Other remuneration	Bonuses	Pension benefits	Total
Webjørn Barstad	President and CEO	1 708	20	711	67	2 506
Eldar Kåre Farstad	CFO	1 327	20	698	67	2 112
Ari Josefsson	COO	1 185	13	291	67	1 556
Erik Kartevoll	HR Director	1 171	18	286	67	1 542
Tone Myklebust	Sales Director	1 113	14	264	63	1 454
Eldar Vindvik	Technical Director	1 078	13	259	64	1 414
Total		7 582	98	2 509	395	10 584
No loans have been extended nor security provided to members of the executive management. No option schemes are provided for company employees. Remuneration paid to members of the executive management complies with the policy adopted by the annual general meeting in 2014.

2014:
Remuneration paid to executive management	Position	Fixed salary	Other remuneration	Bonuses	Pension benefits	Total
Olav Holst-Dyrnes	President and CEO	1 377	16	650	50	2 093
Eldar Kåre Farstad	CFO	1 307	21	485	66	1 879
Ari Josefsson	COO	1 127	12	198	66	1 403
Erik Kartevoll	HR Director	1 094	18	224	66	1 402
Tone Myklebust	Sales Director	930	16	168	61	1 175
Lasse Stokkeland	Technical Director	1 061	12	430	64	1 567
Eldar Vindvik	Technical Director	83	1		5	89
Total		6 979	96	2 155	378	9 608
Olav Holst -Dyrnes resigned as CEO as at 30 September and Eldar Kåre Farstad was acting CEO during the period 1 October to 31 December 2014. Webjørn Barstad took up the position of group CEO with effect from 1 January 2015. Eldar Vindvik was appointed as the new Technical Director with effect from 1 January 2015, but overlapped with Lasse Stokkeland in December. No loans have been extended nor security provided to members of the executive management. No option schemes are provided for company employees. Remuneration paid to members of the executive management complies with the policy adopted by the annual general meeting in 2013.

NOK
Remuneration paid to Board members		Fees 2015	Fees 2014
Frank Ove Reite	Chair	320 000	320 000
Trine Sæther Romuld *	Deputy chair	252 493	320 000
Leiv Grønnevet *	Director	142 500	253 500
Ola Snøve	Director	215 000	107 500
Kari Mette Ski	Director	215 000	218 500
Trond Brandsrud	Director		107 500
Øystein Sandvik *	Director	107 500
Bjarne Kristiansen	Deputy director	107 500	109 250
Ottar Johansen	Worker Director	107 500	109 250
Andre Steffensen	Worker Director	107 500	109 250
Erlend Hanssen	Worker Director	142 500	144 250
Total		1 717 493	1 799 000

The remuneration to Frank O. Reite, Ola Snøve and Trond Brandsrud is paid to their employer Aker ASA.
Trine Sæther Romuld was chair of the audit committee until she withdrew in July 2015. Øystein Sandvik took over as chair of the audit committee on the same date. Erlend Hanssen is a member of the audit committee.
*) Those marked with an asterisk have not been directors all year.

Guidelines for remuneration for the CEO and the Group's management group
The key purpose of the salary system for executive management is to stimulate a strong and lasting performance-related culture which contributes to an increase in share value. The overall remuneration of executive management comprises a market-based basic salary, a few standard additional benefits and a variable salary.
The CEO and the Group's management group are members of the occupational pension and insurance schemes applicable to all employees. The company uses standard contracts and standard terms of employment concerning notice periods and post-employment salaries for positions such as CEO and for members of the management group. The company does not offer share option schemes to employees.
The variable salary scheme is intended to help achieve sound financial results and management in line with the company's values and business ethics.
The variable salary is based on the achievement of financial, operational and personal targets, as well as management in line with the company's values. The scheme gives managers the potential to earn a variable additional salary of up to 50% of the basic salary. Variable salary earned is paid out the following year. The implementation of special projects may trigger the allocation of additional bonuses / variable salaries.

Agreement on remuneration on cessation of employment relationship/retirement

The managing director is entitled to 6 months' remuneration on cessation of employment.

Other members of the management group are entitled to 6 months' remuneration on cessation of employment.

The group has no other long-term liabilities as at 31.12.2015
	Accounts	Accounts
NOK million	2015	2014
Provision for other long-term liabilities	-	-
Total	-	-

Note 29