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The Annual General Meeting of the Association was held in Arendal on 15th August 1997

ANNUAL REPORT AND ACCOUNTS AND MANAGEMENTREPORT
The Meeting was presented with a Management Report which combined the results of the Association with those of its sister association Gard P.&I. (Bermuda) Limited and the Assuranceforeningen Gard Annual Report and Accounts prepared in Norwegian kroner and in the Norwegian language. The latter document had the status of the Association’s Report and Accounts for statutory purposes.

FUNDS
The Meeting noted that the total funds of Assuranceforeningen GARD and GARD P.&I. (Bermuda) Limited as at 20th February 1997 amounted to USD 603 million with investment stated at valuation. This compared with USD 564 million as at 20th February 1996.

CLAIMS
Members noted that whilst there was a marked increase in claims over the previous policy year, they were, nonetheless, within budget.

POLICY YEARS
It was noted that no further contributions were expected for any open policy years.

TONNAGE
It was noted that as at 20th February 1997, owners’ entries were 53.1 million gt.

ELECTION OF MEMBERS TO THE COMMITTEE
The Annual General Meeting elected persons to the following Committees:

Committee
Ioannis Alafouzos, Ermis Maritime Corporation, Athens,
Gerry Buchanan, Wallem Shipmanagement Ltd., Hong Kong,
Ricardo Claro Valdés, Compañía Sud Americana de Vapores (CSAV), Valparaíso,
Axel Eitzen, Tschudi & Eitzen A/S, Oslo,
Katsuyuki Totoki, The Sanko Steamship Co. Ltd., Tokyo,
Shinichiro Yamashita, Navix Line Ltd., Tokyo.

Executive Committe
Jane Hinkley, Gotaas-Larsen Ltd., London,
Dieter Ostendorf, Aug. Bolten Wm. Miller’s Nachfolger, Hamburg,
Hans Ditlef Martens, Bergesen d.y. AS, Oslo.
The Meeting noted that the following persons were retiring from the Committee and Executive Committee at the Meeting and did not offer themselves for re-election:

Committee
Jane Hinkley, Gotaas-Larsen Ltd., London,
Kazuo Ishii, Navix Line Ltd., Tokyo,
Sadao Kawai, The Sanko Steamship Co. Ltd., Tokyo, Dieter Ostendorf, Aug. Bolten Wm. Miller’s Nachfolger, Hamburg.

Executive Committee
Sigurd Wælgaard, Oslo
Torleiv Aaslestad, Bergesen d.y., Oslo
The Committee and Executive Committee Members were thanked for the valuable contributions they had given to the Association.