Summons for the Annual General Meeting of P/F Atlantic Petroleum

Summons for the Annual General Meeting of P/F Atlantic Petroleum

The Annual General Meeting of P/F Atlantic Petroleum is hereby called. The meeting will be held at the premises of Advokatfelagið, Lucas Debesargøta 8, 100 Tórshavn, Faroe Islands.

on Thursday 30th April 2020 at 15:00 (Faroese time)

with the following agenda:

 1.             Election of Chairman of the Meeting.

 2.             The Board of Directors’ statement of the Company’s activity during the previous accounting year.

 3.             Presentation of audited Annual Accounts for approval.

3A     Approval of the remuneration to the Board in 2019 and 2020.

1. Approval of the remuneration to the Board in 2019.
   The Board proposes approval of the actual remuneration in 2019 of DKK 510,483.82.
2. Approval of the basis for the remuneration to the Board in 2020.
   The Board proposes that the basis for the remuneration to the Board in 2020 will be:

                  ·The basic remuneration to the Board Members will be DKK 60,000.00.
                  ·The Chairman of the Board receives the basic remuneration x 2
                  ·The Deputy Chairman receives the basic remuneration x 1.5
                  ·An ordinary Board Member receives the basic remuneration x 1
                  ·The Chairman for the Audit Committee receives the basic remuneration x 0.5 in addition to his/her general Board remuneration. 

 4.             Decision on how to use profit or cover loss according to the approved Accounts and Annual report. 

The Board of Directors recommends that the result according to the approved Accounts is carried forward to next year.

 5.             Election of Board of Directors. 

According to the Articles of Associations three members are to be elected to the Board of Directors. All Members of the Board are up for election for a period of one year, namely: Ben Arabo, Kaj Johannesen and Mourits Joensen.