Nomination Committee’s Proposal to Annual General Meeting of PA Resources

Nomination Committee’s Proposal to Annual General Meeting of PA Resources

The Nomination Committee of PA Resources AB proposes the following to the company’s Annual General Meeting, which will be held on 17 May 2011.

The Nomination Committee of PA Resources AB, which was established according to a decision at the Annual General Meeting on 18 May 2010, consists of Jesper Bonnivier, representing the shareholder Länsförsäkringar Fonder, Henrik Strömbom, representing the shareholder Case Asset Management, Mathias Berggren, representing the shareholder Bertil Lindqvist (as well as being the Chairman of the Nomination Committee) and PA Resources’ Chairman of the Board Sven Rasmusson.

The Nomination Committee proposes re-election of the Directors Lars Olof Nilsson, Catharina Nystedt-Ringborg, Hans Kristian Rød and Paul Waern as well as new election of Per Jakobsson. The former Chairman of the Board Sven Rasmusson has announced that he is not available for re-election. The Nomination Committee proposes election of Hans Kristian Rød as new Chairman of the Board.

Hans Kristian Rød, born in 1953, is today Corporate representative at Fortum Corporation in Norway. He has a Master of Business Administration and many years of experience from the energy sector, for example as President at Fortum Corporation Exploration & Production as well as at Fortum Petroleum AS. He was elected Director of PA Resources’ Board in May 2009.

Per Jakobsson, born in 1969, has a Master of Science from the University of Stockholm and many years of experience from the oil industry in Africa. Among others, he has had the positions as International Sales Manager and Controller at Kobil Petroleum Ltd and Kenya Oil Company Ltd. Per Jakobsson is today a Director of the Board in the publicly listed oil company Kenol Kobil Ltd and is also engaged in family owned investment companies.

The fees paid to the Board of Directors are proposed to be unchanged at a total of SEK 1,650,000 (preceding year: 1,650,000), with SEK 550,000 (preceding year: 550,000) to the Chairman and SEK 275,000 (preceding year: 275,000) to each of the other Directors. The fees include compensation for possible committee work. The fees to the accountants are proposed to be paid according to reasonable and by the Company approved invoices.

The Nomination Committee also proposes that a new Nomination Committee will be appointed for the Annual General Meeting in 2012 mainly in accordance with the previously applied model; by the Chairman contacting the three largest direct registered shareholders of the Company as per 30th of September 2011 and asking if they wish to appoint one member each. The three members appointed shall, together with the Chairman of the Board as the convener, form the Nomination Committee. The Nomination Committee shall appoint a Chairman among themselves.

The Nomination Committee’s complete proposal and statement etc. will be available at PA Resources and on the company’s website in connection with the notice of the Annual General Meeting 2011.

Stockholm, 25 March, 2011
PA Resources AB (publ)

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