8. The board of directors
The Board of Directors has the overall responsibility for the management of the Company, including responsibility to supervise and exercise control of the Company's activities.

The Board of Directors of Marine Farms shall consist of 5 - 7 directors elected by the General Meeting.

In order to give shareholders an opportunity to re-evaluate the members of the Board, term of office for members of the Board of Directors of Marine Farms is two years. Directors may and should be re-elected so that the entire Board of Directors is not replaced at the same time (save for in extraordinary situations). However, when re-electing members of the Board, the value of continuity should be balanced against the need for renewal, the Board's independence of the Executive Management taken into consideration. The existing directors shall be presented in the Annual Report and on the Company's web site. All proposed directors will be introduced in detail minimum two weeks prior to the General Meeting.

The Chairman of the Board of Directors shall always be elected by the General Meeting.

The composition of the Board of Directors shall always ensure that the Board can attend to the common interests of all shareholders and meet the Company's need for expertise, capacity and diversity.

Attention should be paid that the Board of Directors can function effectively as a collegiate body. The Board shall consist of individuals who are willing and able to work as a team. Each member shall have sufficient time available to devote to his or her appointment as a director.

The composition of the Board of Directors shall ensure that it can operate independently of any special interests. At least half of the members of the Board shall be independent of the Company's Executive Management and material business contacts. At least two of the directors shall be independent of the Company's main shareholder(s).

Members of the Board of Directors, or persons closely connected with them, shall not be consultants for any Company in the Marine Farms group, not be employed by or have any other agreements of economic significance with any such companies. The Marine Farms group cannot without the approval of the Board of Directors of Marine Farms buy consultancy services from companies in which any director is an owner, employee or otherwise has an interest. This extends to any Company that according to the Public Limited Companies Act § 1-3 is in the same group of companies.

All the directors are encouraged to hold shares in Marine Farms, however not to an extent which can encourage a short-term approach which is not in the best interest of Marine Farms and its shareholders over the longer term.

Marine Farms does not have more than 200 employees, and therefore, no corporate assembly has been elected.