Meny

Supervisory Board Meetings 20. March 2013

Press release: On 20. March, the Supervisory Board of Sparebanken Sør held an ordinary accounting and election meeting.

Accounting meeting

Annual report and accounts 2012

The presented annual accounts for the bank and the Sparebanken Sør Group, which showed pre-tax profit of MNOK 251, and the Board of Directors’ proposed allocation of profit in the parent bank, were adopted as the bank and the group’s 2012 accounts. The Supervisory Board expressed satisfaction that the financial results enabled the bank to allocate MNOK 15 as gifts for non-profit purposes.

Issue authority - subordinated loan capital and perpetual hybrid tier 1 capital

The Supervisory Board resolved to renew the Board of Directors’ authority to issue subordinated loan capital within a total borrowing limit of MNOK 500 and authority to issue perpetual tier 1 hybrid capital within a total borrowing limit of MNOK 500. This authority applies until further notice, but is expected to be renewed during the 1st quarter 2013.

Information concerning the strategy process

The Supervisory Board was informed of the confirmed Letter of Intent relating to the merger of Sparebanken Sør and Sparebanken Pluss.

Election meeting

This year’s election

The Nomination Committee’s recommendation was followed in full.

  • Re-election of Chairman and Deputy Chairman of the Supervisory Board
    Øystein Haga was re-elected as Chairman for one year, until the end of 2013.
    Harald Fauskanger Andersen was re-elected as Deputy Chairman for one year, until the
    end of 2013.
  • Re-elected members of the Board of Directors
    Board members Erling Holm, Jill Akselsen and Leidulv Nesgård were re-elected for two
    further years, until the end of 2015. In addition, the employee representative Per Adolf
    Bentsen was re-elected for two years, following a recommendation by the employees.
  • New member of the Board of Directors
    Marit Kittelsen was elected as a new member of the Board of Directors for two years,
    until the end of 2015. Kittelsen comes from Porsgrunn and is a qualified mechanical
    engineer and currently works as a HSE Manager at Skagerak Energi.

Conclusion

The Chairman of the Supervisory Board brought the meeting to a close by welcoming the newly
elected members and thanking the representatives who were stepping down from their posts.

The press release and the quarterly report are published on the bank’s website,
and will be available at Oslo Børs.

Date: 21 March 2013