1. Accounting principles
The financial statements have been prepared in accordance with the Norwegian Accounting Act of 1998 and generally accepted accounting principles in Norway.
2. Subsidiaries of Stiftelsen Det Norske Veritas
Stiftelsen Det Norske Veritas owns 100% of the shares in Det Norske Veritas Holding AS.
6. Remuneration and loans to President & CEO, Executive Board, Board of Directors etc.
President & Chief Executive Officer Henrik O. Madsen has an annual base salary of NOK 1 800 000, a functional allowance of NOK 1 100 000, a pension allowance of NOK 110 000, a housing allowance of NOK 180 000, other benefits of NOK 150 000 and an incentive scheme with a maximum payment of 10% of his annual base salary. Madsen has a right to retire at 62 years with a yearly pension equal to 66% of his annual base salary at date of retirement.
7. Pension costs, plan assets and defined benefit pension liabilities
Det Norske Veritas has both defined benefit pension plans and contribution pension plans.
9. Financial market risk
The Group’s main financial market risks are liquidity risk, foreign currency risk, credit risk and interest rate risk.
14. Investment in associates
Det Norske Veritas Holding AS owns 50% of Coor Service Management AS. The investment is recognised in accordance with the equity method in Det Norske Veritas Group accounts.
