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Highlights from the Committee meeting held in Arendal on 27th May 1996

This spring’s meeting was held at the 18th century Arendal Town Hall. We report on some of the items of interest discussed at the Committee meeting.

Funds
The Committee noted that the total funds of Assuranceforeningen Gard and Gard P&I (Bermuda) Limited amounted to USD 564 million with investments stated at valuation.

Overall investment return
During the year to 9th February 1996 the combined funds of Assuranceforeningen Gard and Gard P&I (Bermuda) Limited achieved a total return of
18.3 per cent compared to a benchmark of 14.6 per cent.

No further contribution is expected for the 1993 and 1994 policy years
The Committee does not anticipate any further contribution for the 1993 and 1994 policy years.

Initial contribution for the 1995 policy year
The Committee resolved that an initial contribution of 15 per cent, against an original forecast of 30 per cent should be ordered payable on 20th July 1996.

Release contribution
The Committee resolved that the release contributions should be as follows:

1993 Nil
1994 5 per cent
1995 25 per cent*
1996 55 per cent

* To be reduced to 10 per cent once the contribution of 15 per cent has been paid.

Internal control
The Committee noted that the Executive Committee had laid down principles and guidelines for internal control and that the Administration was working on implementing internal control procedures on this basis.

New committee members
The Committee recommended to the Annual General Meeting that the following persons be elected to the Committee; Otto Fritzner ofStolt Nielsen, Houston, Kazuo Ishii of Navix Line Limited, Tokyo and Stephen Pan of Worldwide Shipping, Singapore.