At its meeting in Hong Kong 25 May 2012, the Committee received reports on matters of importance to the Association’s business and was pleased to note that the club’s balance sheet is stronger than ever before.
2011 Financial year
The Board of Directors’ report and Statement of Accounts for the Association were reviewed and approved and the Committee recommends that the Board of Directors’ report and Statement of Accounts are adopted at the Annual General Meeting. Full accounts will be available on our web in end of June 2012 prior to the Annual General Meeting which will take place in Oslo on 30 August 2012.
The net financial result for the accounting year 2011 showed a profit of USD 24 million, compared to a result of USD 65 million in 2010. The surplus will be transferred to the contingency reserves, which now stands at USD 291 million.
Review of Policy Years
2009/10 Policy Year
The Committee has considered the 2009/10 policy year and has decided in accordance with Statute 1.5.3.b to recommend to the Annual General Meeting that the year be closed without supplementary calls.
2010/11 Policy Year
No supplementary call is anticipated. The Committee is expected to close the year at its spring meeting in 2013.
2011/12 Policy Year
The year will be kept open until 2014. No supplementary call is anticipated.
Elections
The Association’s Board of Directors is elected by the Committee in accordance with statute 1.5.2. The following were elected and re-elected to the Board:
Elected Chairman for a one year period until 2013:
Klaus Kjærulff, independent, Denmark
Re-election for a two year period until 2014:
Peter Wilsund, A.P. Møller-Mærsk A/S, Copenhagen
Trygve Seglem, Knutsen OAS Shipping AS, Haugesund
Manfredi Lefebvre D’Ovidio, Silverseas Cruises Holding Ltd., Monaco
The Board of Directors of the Association will consist of the following members:
Mr. Klaus Kjærulff, Chairman, Independent
Mr. John P. Tavlarios, General Maritime Corporation
Mr. Peter Wilsund, A.P. Møller
Mr. Trygve Seglem, Knutsen OAS Shipping
Mr. Sergey Popravko, Sovcomflot
Mr. Ulf G. Ryder, Stena Bulk AB
Mr. Manfredi Lefebvre D’Ovidio, Silversea Cruises Holding Ltd.
Mr. Bernt O. Bodal, American Seafood Group
Mr. Frank G. Jensen, Clipper Group AS
Mr. Claus Spinding, employee representative
Ms. Simone Trondal, employee representative
Increased volume:
Traditionally, the growth of the club has been measured in increased volume in gross tonnage (GT). However, we are of the opinion that measuring volume in GT will not indicate the real growth of the club. Going forward, we will measure our growth in terms of our increased top line in way of premium.
As you will see from the graph below Skuld’s gross premium has grown with an average of 11% since 2005, and the year 2011 was no exception.
Source: SKULD