At its meeting in Antibes on 30 May 2014, the Committee was informed of the status of the Association and noted that, in challenging financial, shipping and insurance markets, the club's strategy of diversification combined with strong underwriting discipline has been rewarded and the Association has consolidated its strong financial standing.
Financial Year 2013/14
The Board of Directors' report and Statement of Accounts for the Association were reviewed and approved. The Committee recommended that the Board of Directors' report and Statement of Accounts for the financial year 2013/14 are adopted at the Annual General Meeting of the Association which will take place in Oslo on 4 September 2014. The full accounts are available on the Skuld web site.
The Committee noted that the Association produced a positive technical result of USD 4 million and investment income of USD 27 million. This is the eleventh consecutive year in which the Association has delivered positive underwriting results. Skuld has a moderate risk profile on its investments but still achieved an investment return of 5.4% for the 2013 financial year. After taking account of investment income and tax, the net financial result is a surplus of USD 29 million for the 2013/14 accounting year which will be transferred to the contingency reserves which now stand at USD 335 million.
Review of 2011/12 Policy Year
The Committee endorsed the decision of the Board to recommend the closing of the 2011/12 policy year at the Annual General Meeting.
New Chief Executive Officer
The Committee noted and supported the decision of the Board to appoint the current Chief Financial Officer Ståle Hansen as CEO of the Association with effect from 1 February 2015.
Elections
Members of the Association's Board of Directors are elected by the Committee in accordance with Statute 1.5.2. The following were elected and re-elected to the Board:
Re-elected for a period of two years until 2016
- Mr. Manfredi Lefebvre D'Ovidio, Silversea Cruises Holding Ltd
- Mr. Trygve Seglem, Knutsen OAS Shipping
Elected for a period of one year until 2015
- Mr Martin Larsen, Mærsk Supply Services
Elected to the Board as an Executive Board member for a three year term until 2017
- Mr Douglas Jacobsohn
The Committee also re-elected Mr Klaus Kjærulff as Chairman of the Board for a period of one year until 2015. No Vice Chairman was elected
Retired from the Board
- Mr. Peter Wilsund, independent
- Mr. Roberto Giorgi, V-Ships
The Committee expressed its appreciation to Mr Peter Wilsund and Mr Roberto Giorgi for their invaluable contribution to the work of the Board. Mr Wilsund has been a longstanding member of the Board, having served for fourteen years and contributed to the considerable development and diversification of Association during this period.
The new Board is as follows
Mr. Klaus Kjærulff, Nordic Tankers (Chairman)
Mr. John P. Tavlarios, General Maritime Corporation
Mr. Trygve Seglem, Knutsen OAS Shipping
Mr. Sergey Popravko, Unicom Management Services (Cyprus) Ltd.
(Sovcomflot)
Mr. Ulf G. Ryder, Stena AB
Mr. Manfredi Lefebvre D'Ovidio, Silversea Cruises Holding Ltd.
Mr. Bernt O. Bodal, American Seafood Group
Mr Martin Larsen, Mærsk Supply Services
Mr Douglas Jacobsohn, Executive Board member
Mr. Claus Spinding, employee representative
Ms. Simone Ingeberg, employee representative
Yours faithfully,
SKULD
Douglas Jacobsohn
President and CEO