The Board of Directors shall establish an annual plan for its work, with a focus on goals, strategy and execution, in order to ensure continuous follow-up and further development of the company. For several years, and in its eight meetings in 2018, the Board has maintained a particular focus on the connection between practical operations and strategic business development. The Board works purposefully with the company management to make the Group the most profitable fully integrated global seafood company. This work has long been carried out in accordance with our public announcements. The Board’s work reflects this strategy, and the results are shown through management implementation. Although strategic development of the company is a continuous process and part of the work of the Board of Directors, the company also holds dedicated strategy meetings, including in 2018. When recruiting board members, the Group’s owners have already for many years taken into consideration the Group’s need for varied expertise, continuity, renewal and changes in ownership structure.

In 2018, the Board of Lerøy Seafood Group was chaired by Helge Singelstad and the six members were Arne Møgster, Britt Kathrine Drivenes, Siri Lill Mannes, Hans Petter Vestre, Karoline Møgster and Didrik Munch. Read more about them in the Group’s annual report. Neither the CEO nor other senior executives in Lerøy Seafood Group ASA are members of the company’s Board of Directors.

PRESENTATION OF THE BOARD OF DIRECTORS

When recruiting board members, the company’s owners have for many years considered the company’s needs for varied expertise, continuity, renewal and changes in ownership structure. It will always be in the interest of the company’s stakeholders to ensure that the composition of the Board varies in line with the demands made of the company and with expectations regarding Group performance. The Board’s assessment of its own performance and of Group management must of necessity be seen in conjunction with the Group’s performance. To date, the Board has not issued reports on its assessment of its own work; this is a conscious priority decision and must be viewed in connection with other announcements in the company’s communications with the public. Moreover, external assessments of the Board’s work are probably the more influential and are likely to remain so in the future.

OWNERSHIP

THE LARGEST SHAREHOLDERS IN LERØY SEAFOOD GROUP:

A stakeholder is an accountant, group, organisation, member or system who affects or can be affected by an organisation's actions. Lerøy Seafood Group has various stakeholders and communicates with these via meetings, annual reports, environmental reports, GRI reports, CDP reports, communication in the media, announcements, registrations, public reporting, joint projects, partnership agreements, the stock exchange, websites etc.

Good communication with stakeholders is important in our daily work. In a new process, we analyse our stakeholders on the basis of their influence on our organisation. This helps us to identify how to engage them more effectively and, more importantly, ensures shared value on both sides of the table.

Keywords:

• Acceptance of topics chosen

• Different perspectives on impacts

• Problem identification

• External impression

• Knowledge

MATERIALITY ANALYSIS

Lerøy Seafood Group conducted a materiality analysis in autumn 2015. The study was carried out by a third-party company, PwC, which conducted interviews with a sample of our key external and internal stakeholders. The interviews were conducted by telephone or face to face. The stakeholders were weighted to reflect their importance to Lerøy. The aim of the analysis was to find out which areas our stakeholders consider to be important to report on, and whether these match the areas we ourselves consider important.

The materiality analysis identified five main areas:

• Value chain

• Product

• Employees

• Environment

• Society

The importance attached to topics within these five areas varies among stakeholders.