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SUPERVISORY COMMITTEE’S REPORT FOR 2004 |
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| To The Annual General Meeting of Verdipapirsentralen ASA The Annual General Meeting of Verdipapirsentralen Holding ASA The Banking, Insurance and Securities Commission The Supervisory Committee of Verdipapirsentralen ASA had the following members in 2004: Members: Jan P. Romsaas, Attorney-at-Law, Chairman Anton Jørgensen, Bank Manager Vegard Østlien, Chief Internal Auditor Alternate: Kjell S. Hatlen, Asst. Director Meetings The Supervisory Committee met seven times in 2004. The alternate was invited to attend these meetings. Work during the year The Supervisory Committee carried out its tasks as laid down in the Act relating to the Registration of Financial Instruments, in the Committee’s mandate adopted by the General Meeting of Verdipapirsentralen ASA on 21 November 2002 and approved by the Banking, Insurance and Securities Commission on 18 December 2002 and in the Articles of Association for Verdipapirsentralen ASA. It is the responsibility of the Supervisory Committee to ensure that Verdipapirsentralen ASA complies with laws, regulations and licence conditions and with the Articles of Association and decisions reached by the company’s governing bodies and to evaluate the security aspects of the company’s operations. According to its mandate, the Supervisory Committee shall also ensure that the company has satisfactory guidelines and control routines for the development and management of its information technology and infrastructure, that it has satisfactory guidelines for security and that they are adhered to, and that the company has satisfactory guidelines for ongoing internal audits of operations. The Board of Directors’ dispositions The Committee supervised the dispositions of the Board of Directors in 2004 to ensure that they complied with legislation and regulations, the Articles of Association, decisions made by the company’s governing bodies, and the security policy established by the Board of Directors. Regulations Verdipapirsentralen ASA was granted a licence by the Ministry of Finance on 29 January 2003 to operate as a central securities depository. The company’s Articles of Association were approved by the Ministry on the same date. In accordance with the Act relating to the Registration of Financial Instruments, Verdipapirsentralen ASA has drawn up more detailed rules for its activities. These rules have been approved by the Banking, Insurance andSecurities Commission. In the opinion of the Supervisory Committee, Verdipapirsentralen ASA has complied with the rules laid down for its activities. Security The Supervisory Committee agrees with the conclusions of the systems audit group in its annual report for 2004 to the Board of Directors of Verdipapirsentralen ASA that the Regulations on the use of information and communications technology (ICT Regulations) are being complied with and that the users’ and the depository’s data is governed by the proper input, processing, distribution, storing and deleting procedures. The Supervisory Committee has studied the reports submitted by the Board of Directors and the statutory auditor. The Committee knows of no other circumstances which should be brought to the attention of the Annual General Meeting and the Banking, Insurance and Securities Commission. Oslo, 2 March 2005 Jan P. Romsaas Chairman Anton Jørgensen Vegard Østlien TOP |
 1999 Telenor, and then Statoil in 2000, are partly privatised and quoted on the stock exchange. These two companies gain a total of 110,000 shareholders which include many foreign investors. The way VPS handles registration of ownership and information to shareholders under great pressure of time boosts confidence in the Norwegian securities market both at home and abroad. |
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