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Unformatted text preview: from 2 June 2012. Meanwhile, the TRAI shall make fresh recommendations for
grant of licenses and allocation of spectrum in 2G band by auction, as was done for allocation of spectrum in 3G band. As a consequence of
this an impairment loss of NOK 4.1 billion was recognised, see note 18. Telenor Asia Pte Ltd. issued a notice on 15 February 2012 to its Indian
strategic partner unitech Limited, that it will seek indemnity and compensation following the quashing of uninor’s 22 licenses by the Supreme
Court of India. As a further consequence of the Indian Supreme Court judgment, Telenor Asia Pte Ltd rescinded the shareholders agreement
between unitech and Telenor with effect from 21 February 2012. The Group also makes an indemnity claim against unitech Ltd. for the
failure to obtain spectrum in the strategically critical Delhi circle. uninor has at 2 March 2012 filed a petition seeking review of the judgment
and order passed by the Supreme Court of India. uninor has prayed to the Supreme Court for relief against the Court’s previous order of
cancellation of its licenses.
2) The former Indian telecom minister A Raja is, among others, accused of conspiring with several applicant companies in exchange for
bribes in relation to the alleged 2 G scam case. uninor and Sanjay Chandra are both accused in the same case and are currently facing trial.
On 2 April 2011, the Indian Central Bureau of Investigation presented its first charge sheet, naming the managing director of unitech Ltd.,
Mr. Sanjay Chandra, and also naming uninor for actions when it was fully owned by unitech Ltd., prior to Telenor Group entering India. On 22
October 2011, the criminal court formally charged all persons mentioned in the charge sheets. The trial started 11 November 2011 and is
now pending with the court.
3) The board of directors of uninor has approved rising of funds through a rights offering of up to NOK 9.5 billion, but unitech Ltd. has initiated
arbitration proceedings in Singapore on this matter. Further, and related to the same matter, unitech Ltd. filed petitions on 11 October 2011
against uninor, the Telenor-appointed directors on the uninor board, Telenor Asia Pte Ltd. and Telenor ASA before a special judicial body
Company Law Board (CLB) in India. In its petition to CLB, unitech Ltd. alleges that the respondents have oppressed the minority shareholders
and mismanaged the business of uninor. Telenor’s opinion is that there is no legal or factual basis to support the claims and allegations made
by unitech Ltd. in the arbitration and CLB proceedings. In light of the Indian Supreme Court judgment of 2 February 2012 quashing the uninor
licenses, both the proceedings before the CLB and the arbitration proceedings in Singapore stand currently adjourned, until 22 March 2012
and 7 July 2012 respectively. / 36 / Remuneration to management etc.
Board of Directors
Remuneration to the Board of Directors (the Board) consists of a Board fee which is fixed for the year depending on role in the Board as well as
compensation for other Board elected committees. The Board’s fees are set by the Corporate Assembly. /page 77/
telenor annual report 2011
notes to the financial statements / telenor group The aggregate remuneration for the Board and the Corporate Assembly recognised in 2011 was NOK 3.0 million and NOK 0.6 million,
respectively. In 2010 this was NOK 2.8 million and NOK 0.6 million, respectively. In addition, remuneration for the Audit Committee,
Governance and Remuneration Committee, The Ethics and Sustainability Committee and Nomination Committees was in total NOK 0.5 million
(NOK 0.5 million in 2010). The members of the Board are entitled to a fixed compensation per meeting they attend and have no agreement
which entitles them to extraordinary remuneration in the event of termination or change of office or agreement concerning bonus, profit
sharing, options or similar. The number of shares owned by the members of the Board of Directors, Deputy Board Members and the Corporate
Assembly as of 31 December 2011 and 2010 is shown below. Shares owned by the Board of Directors and Deputy Board Members include
related parties. None of these members have any share options. Number of shares as of NOK in thousands, except number of shares board Harald Norvik John Giverholt (until 18.05.2011) Kjersti Kleven (until 23.11.2011) sanjiv Ahuja (until 18.05.2011) liselott Kilaas Olav Volldal (until 18.05.2011) barbara Milian Thoralfsson burckhard bergmann Hallvard bakke (from 18.05.2011) dag J. Opedal (from 18.05.2011) Frank dangeard (from 18.05.2011) Harald stavn bjørn Andre Anderssen brit Østby Fredriksen (from 20.01.2010) Per Gunnar salomonsen (deputy board member) Wenche Aanestad (deputy board member) 1) Fee for Number of board elected shares as of 31 december board Fee 2011 ) 2011 16 520 3 000 - - - - 4900 - - - - 4970 1 982 2 656 700 4 267 483 125 220 98 271 98 241 241 153 153 153 241 241 241 - - committee’s 31 december Fee for board elected
board Fee committee’s 2011 2010 2010 2010 28 44 11 - 28 11 67 17 11 23 11 55 28 22 - - 16 520
4 102 451
- shareholdings not...
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