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Maersk Benin S.A. - Cotonou Offices (ID: 2126)
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is area as we have made a long-term evaluation of the investments. It is gratifying that Danish shipping is doing well. A contributory factor is that the Danish Parliament and the Danish Government have pursued an outward-looking and constructive shipping policy. With this policy A.P. Moller - Maersk and other shipping companies will continue to grow in Denmark. The extended shipbuilding subsidy system, which a broad majority of the Danish Parliament has just adopted, is also useful in the present situation. We agreed with the Government on opposing the proposal in the EU, as in principle we are against shipbuilding subsidies. However, we also agree that as the subsidies to shipbuilding have been extended, it is necessary to ensure uniform conditions throughout Europe. Despite the shipbuilding subsidies, we must realise that it has become more difficult to carry on a shipbuilding yard in Denmark. Competition, especially from the Far East and China, is very keen, and the quality is good. This makes exceptionally heavy demands on Lind to manage. With all our endeavours to ensure the survival of Lind , it is disappointing to have experienced a number of illegal strikes over the past months. With regard to oil and gas, activity is also high. Many new initiatives have been taken, especially world-wide, and it has been decided to increase oil exploration. There will also be a need for further considerable investments in the development of existing areas. All these activities require a large cash flow and good cash liquidity, which puts pressure on the bottom line in the short term. For our industrial companies 2004 was a year with mixed results. Maersk Air has experienced difficult conditions with unsatisfactory results, despite great and skilful efforts and an exciting new concept. Our reputation is very important to us. We can be pleased with several image surveys which have shown that the general view of A. P. Moller - Maersk among the population is positive. However, we are also subject to criticism. We listen to see if there is anything we can change or improve. However, when it comes to our information policy, I should like to emphasise that we always take into account what is in the best long-term interest of our faithful shareholders. This may mean that at times we are more reserved with information than certain analysts might wish. May I remind you that we operate in markets with keen international competition, where our competitors keep a watchful eye on what we do and say. Despite our attitude we note that our shares have developed into the most liquid shares on the Copenhagen Stock Exchange. A subject which is frequently discussed in Denmark is Corporate Governance. We are pleased to note that that there is an increasing understanding of the fact that each company has its own characteristics, and what may be good for one company does not necessarily apply to another. Therefore, it is unfortunate that the EU does not respect the Danish debate and current national work with Corporate Governance. We wish that the extent of what at times resembles tyranny of rules by the EU could be moderated. Simultaneous with Corporate Governance, new international accounting standards have been introduced, which do not necessarily make the accounts more transparent or prudent - or protect against aggressive accounting policies. At company level we showed, here in the Bella Centre two years ago, a model of the planned extension to our headquarters on Esplanaden. It is now completed, and we have moved in and been given 650 extra, much required, workplaces. I will now turn to the actual review of the accounts. In this section » Summary of Annual General Meeting » Report from Chairman of the Board » Previous Reports & Summaries Shareholder Service » Financial FAQ » Subscribe to Announcements and Press Releases Useful links Business Areas Corporate History Press Releases Legal Notice About This Site A.P. M ller - M rsk A/S - A.P. Moller - Maersk Group Other Maersk Websites: The Maersk Company Ltd. A. P. Moller Singapore Pte. Ltd Maersk Line Limited The A.P. Moller Foundations APM Terminals Danbor Dansk Supermarked Maersk Broker M rsk Container Industri AS Maersk Contractors Maersk Gas Carriers Maersk Logistics M rsk Olie og Gas AS Maersk Sealand Maersk Supply Service Maersk Tankers Maersk Training Centre Norfolkline Odense Steel Shipyard Rosti A/S ROULUNDS RUBBER A/S Safmarine SvitzerWijsmuller Dansk Search Contact Us 20 December 2005 About Maersk Business Areas Careers and Jobs Shareholder Information Press Service Procurement The Fleet About Maersk Business Areas Careers and Jobs Shareholder Information Press Service Procurement The Fleet About Maersk Business Areas Careers and Jobs Shareholder Information Press Service Procurement The Fleet About Maersk Business Areas Careers and Jobs Shareholder Information Press Service Procurement The Fleet About Maersk Business Areas Careers and Jobs Shareholder Information Press Service Procurement The Fleet About Maersk Business Areas Careers and Jobs Shareholder Information Press Service Procurement The Fleet About Maersk Business Areas Careers and Jobs Shareholder Information Press Service Procurement The Fleet About Maersk Business Areas Careers and Jobs Shareholder Information Press Service Procurement The Fleet » Values and Philosophy » Corporate Citizenship » Company History » Management » Corporate Structure » Safety and Security » Facts and Figures » Name and Logo » Shipping » Oil & Gas » Industry » Retail » Vacancies » Unsolicited application » M.I.S.E. » Training » Careers » Work Areas » FAQ » Financials » Announcements » Annual General Meeting » Corporate Governance » Stock » Press Releases » Subscribe to Press Releases » Photo Gallery » About Procurement » Career Opportunities » Supplier Information » Container » Tanker » Gas » Car Carrier » Supply » Drilling » Ro-Ro (PDF) Summary of Annual General Meeting Report from Chairman of the Board 2005 A.P. Møller - Mærsk A/S 18 April 2005 Report for 2004 2004 A.P. Møller - Mærsk A/S 28 April 2005 Report for 2003 (in Danish) In this section » Summary of Annual General Meeting » Report from Chairman of the Board » Previous Reports & Summaries Shareholder Service » Financial FAQ » Subscribe to Announcements and Press Releases Useful links Business Areas Corporate History Press Releases Legal Notice About This Site A.P. M ller - M rsk A/S - A.P. Moller - Maersk Group Other Maersk Websites: The Maersk Company Ltd. A. P. Moller Singapore Pte. Ltd Maersk Line Limited The A.P. Moller Foundations APM Terminals Danbor Dansk Supermarked Maersk Broker M rsk Container Industri AS Maersk Contractors Maersk Gas Carriers Maersk Logistics M rsk Olie og Gas AS Maersk Sealand Maersk Supply Service Maersk Tankers Maersk Training Centre Norfolkline Odense Steel Shipyard Rosti A/S ROULUNDS RUBBER A/S Safmarine SvitzerWijsmuller Dansk Search Contact Us 20 December 2005 About Maersk Business Areas Careers and Jobs Shareholder Information Press Service Procurement The Fleet About Maersk Business Areas Careers and Jobs Shareholder Information Press Service Procurement The Fleet About Maersk Business Areas Careers and Jobs Shareholder Information Press Service Procurement The Fleet About Maersk Business Areas Careers and Jobs Shareholder Information Press Service Procurement The Fleet About Maersk Business Areas Careers and Jobs Shareholder Information Press Service Procurement The Fleet About Maersk Business Areas Careers and Jobs Shareholder Information Press Service Procurement The Fleet About Maersk Business Areas Careers and Jobs Shareholder Information Press Service Procurement The Fleet About Maersk Business Areas Careers and Jobs Shareholder Information Press Service Procurement The Fleet » Values and Philosophy » Corporate Citizenship » Company History » Management » Corporate Structure » Safety and Security » Facts and Figures » Name and Logo » Shipping » Oil & Gas » Industry » Retail » Vacancies » Unsolicited application » M.I.S.E. » Training » Careers » Work Areas » FAQ » Financials » Announcements » Annual General Meeting » Corporate Governance » Stock » Press Releases » Subscribe to Press Releases » Photo Gallery » About Procurement » Career Opportunities » Supplier Information » Container » Tanker » Gas » Car Carrier » Supply » Drilling » Ro-Ro A.P. Moller - Maersk follows the discussions on good corporate management closely and evaluates continuously the many proposals presented in Denmark and abroad. It has become apparent that legislation and regulations do not provide any guarantee. The important thing is the responsibility of the Board of Directors and the Management and their readiness to act correctly, given the specific situation of the company. Board of directors Management In this section » Articles of Association » Board of Directors » Management » Major Shareholders » Accounting Policies Shareholder Service » Financial FAQ » Subscribe to Announcements and Press Releases Useful links Business Areas Company History Press Releases Legal Notice About This Site A.P. M ller - M rsk A/S - A.P. Moller - Maersk Group Other Maersk Websites: The Maersk Company Ltd. A. P. Moller Singapore Pte. Ltd Maersk Line Limited The A.P. Moller Foundations APM Terminals Danbor Dansk Supermarked Maersk Broker M rsk Container Industri AS Maersk Contractors Maersk Gas Carriers Maersk Logistics M rsk Olie og Gas AS Maersk Sealand Maersk Supply Service Maersk Tankers Maersk Training Centre Norfolkline Odense Steel Shipyard Rosti A/S ROULUNDS RUBBER A/S Safmarine SvitzerWijsmuller Dansk Search Contact Us 20 December 2005 About Maersk Business Areas Careers and Jobs Shareholder Information Press Service Procurement The Fleet About Maersk Business Areas Careers and Jobs Shareholder Information Press Service Procurement The Fleet About Maersk Business Areas Careers and Jobs Shareholder Information Press Service Procurement The Fleet About Maersk Business Areas Careers and Jobs Shareholder Information Press Service Procurement The Fleet About Maersk Business Areas Careers and Jobs Shareholder Information Press Service Procurement The Fleet About Maersk Business Areas Careers and Jobs Shareholder Information Press Service Procurement The Fleet About Maersk Business Areas Careers and Jobs Shareholder Information Press Service Procurement The Fleet About Maersk Business Areas Careers and Jobs Shareholder Information Press Service Procurement The Fleet » Values and Philosophy » Corporate Citizenship » Company History » Management » Corporate Structure » Safety and Security » Facts and Figures » Name and Logo » Shipping » Oil & Gas » Industry » Retail » Vacancies » Unsolicited application » M.I.S.E. » Training » Careers » Work Areas » FAQ » Financials » Announcements » Annual General Meeting » Corporate Governance » Stock » Press Releases » Subscribe to Press Releases » Photo Gallery » About Procurement » Career Opportunities » Supplier Information » Container » Tanker » Gas » Car Carrier » Supply » Drilling » Ro-Ro The Board of Directors of A.P. M ller - M rsk A/S: Jan T pholm; Henrik Lorensen Solmer, Captain; Jens Erik Skovrider-Madsen, Captain; Leise M rsk Mc-Kinney M ller; Svend-Aage Nielsen; Poul J. Svanholm; Michael Pram Rasmussen, Chairman of the Board; Ane M rsk Mc-Kinney Uggla; Jess S derberg, Partner and CEO; Jan Leschly; Lars Kann-Rasmussen; Nils Smedegaard Andersen (not in the picture). Chairman: Michael Pram Rasmussen Vice-chairman: Poul J. Svanholm Ane Mærsk Mc-Kinney Uggla In this section » Articles of Association » Board of Directors » Management » Major Shareholders » Accounting Policies Shareholder Service » Financial FAQ » Subscribe to Announcements and Press Releases Useful links Business Areas Company History Press Releases Legal Notice About This Site A.P. M ller - M rsk A/S - A.P. Moller - Maersk Group Other Maersk Websites: The Maersk Company Ltd. A. P. Moller Singapore Pte. Ltd Maersk Line Limited The A.P. Moller Foundations APM Terminals Danbor Dansk Supermarked Maersk Broker M rsk Container Industri AS Maersk Contractors Maersk Gas Carriers Maersk Logistics M rsk Olie og Gas AS Maersk Sealand Maersk Supply Service Maersk Tankers Maersk Training Centre Norfolkline Odense Steel Shipyard Rosti A/S ROULUNDS RUBBER A/S Safmarine SvitzerWijsmuller Dansk Search Contact Us 20 December 2005 About Maersk Business Areas Careers and Jobs Shareholder Information Press Service Procurement The Fleet About Maersk Business Areas Careers and Jobs Shareholder Information Press Service Procurement The Fleet About Maersk Business Areas Careers and Jobs Shareholder Information Press Service Procurement The Fleet About Maersk Business Areas Careers and Jobs Shareholder Information Press Service Procurement The Fleet About Maersk Business Areas Careers and Jobs Shareholder Information Press Service Procurement The Fleet About Maersk Business Areas Careers and Jobs Shareholder Information Press Service Procurement The Fleet About Maersk Business Areas Careers and Jobs Shareholder Information Press Service Procurement The Fleet About Maersk Business Areas Careers and Jobs Shareholder Information Press Service Procurement The Fleet » Values and Philosophy » Corporate Citizenship » Company History » Management » Corporate Structure » Safety and Security » Facts and Figures » Name and Logo » Shipping » Oil & Gas » Industry » Retail » Vacancies » Unsolicited application » M.I.S.E. » Training » Careers » Work Areas » FAQ » Financials » Announcements » Annual General Meeting » Corporate Governance » Stock » Press Releases » Subscribe to Press Releases » Photo Gallery » About Procurement » Career Opportunities » Supplier Information » Container » Tanker » Gas » Car Carrier » Supply » Drilling » Ro-Ro M rsk Mc-Kinney M ller Senior Partner » Executive biographical profile Jess S derberg Partner and CEO » Executive biographical profile Knud E. Stubkj r Partner » Executive biographical profile Tommy Thomsen Partner » Executive biographical profile Thomas Thune Andersen Partner » Executive biographical profile After the merger of the two Shipowning Companies, D/S 1912 and D/S Svendborg in 2003, A.P. M ller - M rsk A/S forms the nucleus of the A.P. Moller - Maersk Group. The management of these two companies is also The Firm A.P. Moller (also called Managing Owner). The Firm A.P. Moller is a Danish Partnership between the Partners. The number of Partners is not fixed and has changed over the years. Each Partner can bind The Firm A.P. Moller and sign on behalf of the same by signing "A.P. M ller" in his/her own handwriting. In this section » Articles of Association » Board of Directors » Management » Major Shareholders » Accounting Policies Shareholder Service » Financial FAQ » Subscribe to Announcements and Press Releases Useful links Business Areas Company History Press Releases Legal Notice About This Site A.P. M ller - M rsk A/S - A.P. Moller - Maersk Group Other Maersk Websites: The Maersk Company Ltd. A. P. Moller Singapore Pte. Ltd Maersk Line Limited The A.P. Moller Foundations APM Terminals Danbor Dansk Supermarked Maersk Broker M rsk Container Industri AS Maersk Contractors Maersk Gas Carriers Maersk Logistics M rsk Olie og Gas AS Maersk Sealand Maersk Supply Service Maersk Tankers Maersk Training Centre Norfolkline Odense Steel Shipyard Rosti A/S ROULUNDS RUBBER A/S Safmarine SvitzerWijsmuller Dansk Search Contact Us 20 December 2005 About Maersk Business Areas Careers and Jobs Shareholder Information Press Service Procurement The Fleet About Maersk Business Areas Careers and Jobs Shareholder Information Press Service Procurement The Fleet About Maersk Business Areas Careers and Jobs Shareholder Information Press Service Procurement The Fleet About Maersk Business Areas Careers and Jobs Shareholder Information Press Service Procurement The Fleet About Maersk Business Areas Careers and Jobs Shareholder Information Press Service Procurement The Fleet About Maersk Business Areas Careers and Jobs Shareholder Information Press Service Procurement The Fleet About Maersk Business Areas Careers and Jobs Shareholder Information Press Service Procurement The Fleet About Maersk Business Areas Careers and Jobs Shareholder Information Press Service Procurement The Fleet » Values and Philosophy » Corporate Citizenship » Company History » Management » Corporate Structure » Safety and Security » Facts and Figures » Name and Logo » Shipping » Oil & Gas » Industry » Retail » Vacancies » Unsolicited application » M.I.S.E. » Training » Careers » Work Areas » FAQ » Financials » Announcements » Annual General Meeting » Corporate Governance » Stock » Press Releases » Subscribe to Press Releases » Photo Gallery » About Procurement » Career Opportunities » Supplier Information » Container » Tanker » Gas » Car Carrier » Supply » Drilling » Ro-Ro M rsk Mc-Kinney M ller Senior Partner » Executive biographical profile Jess S derberg Partner and CEO » Executive biographical profile Knud E. Stubkj r Partner » Executive biographical profile Tommy Thomsen Partner » Executive biographical profile Thomas Thune Andersen Partner » Executive biographical profile M rsk Mc-Kinney M ller Senior Partner Shipowner M rsk Mc-Kinney M ller, born in 1913, Copenhagen; Son of Arnold Peter M ller and Chastine Estelle Mc-Kinney M ller; Married Emma Mc-Kinney M ller (born Neergaard Rasmussen) in 1940 and has three daughters. Chair. The A.P. M ller and Chastine Mc-Kinney M ller Foundation; Chair. Odense Steelship Yard Ltd.; Partner of A.P. M ller since 1940, and senior partner since 1965. Member Bd. IBM Corporation, U.S.A. 1970-84, Advisory Bd. 1984-93; Member Int. Council Morgan Guaranty Trust Co., New York 1967-84. Knight of the Order of the Elephant 2000; Peace and Commerce Medal, U.S. Dept. of Commerce 1991; Hon K.B.E. 1990.; Hon. Member Baltic Exchange, London 1991 In this section » Articles of Association » Board of Directors » Management » Major Shareholders » Accounting Policies Shareholder Service » Financial FAQ » Subscribe to Announcements and Press Releases Useful links Business Areas Company History Press Releases Legal Notice About This Site A.P. M ller - M rsk A/S - A.P. Moller - Maersk Group Other Maersk Websites: The Maersk Company Ltd. A. P. Moller Singapore Pte. Ltd Maersk Line Limited The A.P. Moller Foundations APM Terminals Danbor Dansk Supermarked Maersk Broker M rsk Container Industri AS Maersk Contractors Maersk Gas Carriers Maersk Logistics M rsk Olie og Gas AS Maersk Sealand Maersk Supply Service Maersk Tankers Maersk Training Centre Norfolkline Odense Steel Shipyard Rosti A/S ROULUNDS RUBBER A/S Safmarine SvitzerWijsmuller Dansk Search Contact Us 20 December 2005 About Maersk Business Areas Careers and Jobs Shareholder Information Press Service Procurement The Fleet About Maersk Business Areas Careers and Jobs Shareholder Information Press Service Procurement The Fleet About Maersk Business Areas Careers and Jobs Shareholder Information Press Service Procurement The Fleet About Maersk Business Areas Careers and Jobs Shareholder Information Press Service Procurement The Fleet About Maersk Business Areas Careers and Jobs Shareholder Information Press Service Procurement The Fleet About Maersk Business Areas Careers and Jobs Shareholder Information Press Service Procurement The Fleet About Maersk Business Areas Careers and Jobs Shareholder Information Press Service Procurement The Fleet About Maersk Business Areas Careers and Jobs Shareholder Information Press Service Procurement The Fleet » Values and Philosophy » Corporate Citizenship » Company History » Management » Corporate Structure » Safety and Security » Facts and Figures » Name and Logo » Shipping » Oil & Gas » Industry » Retail » Vacancies » Unsolicited application » M.I.S.E. » Training » Careers » Work Areas » FAQ » Financials » Announcements » Annual General Meeting » Corporate Governance » Stock » Press Releases » Subscribe to Press Releases » Photo Gallery » About Procurement » Career Opportunities » Supplier Information » Container » Tanker » Gas » Car Carrier » Supply » Drilling » Ro-Ro M rsk Mc-Kinney M ller Senior Partner » Executive biographical profile Jess S derberg Partner and CEO » Executive biographical profile Knud E. Stubkj r Partner » Executive biographical profile Tommy Thomsen Partner » Executive biographical profile Thomas Thune Andersen Partner » Executive biographical profile Jess S derberg Partner and CEO Jess S derberg, born 1944, is the Chief Executive of A.P. M ller and has been a partner since 1986. He took over senior responsibility in 1993, when Mr M.M. M ller withdrew from the day-to-day management of the Shipowning Companies. After graduating with an MBA Mr S derberg joined A.P. M ller in 1970 and has worked in various financial positions in USA and Denmark. Mr S derberg is a Director or the Chairman of a number of companies within the A.P. Moller - Maersk Group. He is also a Director of F. Salling A/S and Ejendomsaktieselskabet af 18. August 1958. In this section » Articles of Association » Board of Directors » Management » Major Shareholders » Accounting Policies Shareholder Service » Financial FAQ » Subscribe to Announcements and Press Releases Useful links Business Areas Company History Press Releases Legal Notice About This Site A.P. M ller - M rsk A/S - A.P. Moller - Maersk Group Other Maersk Websites: The Maersk Company Ltd. A. P. Moller Singapore Pte. Ltd Maersk Line Limited The A.P. Moller Foundations APM Terminals Danbor Dansk Supermarked Maersk Broker M rsk Container Industri AS Maersk Contractors Maersk Gas Carriers Maersk Logistics M rsk Olie og Gas AS Maersk Sealand Maersk Supply Service Maersk Tankers Maersk Training Centre Norfolkline Odense Steel Shipyard Rosti A/S ROULUNDS RUBBER A/S Safmarine SvitzerWijsmuller Dansk Search Contact Us 20 December 2005 About Maersk Business Areas Careers and Jobs Shareholder Information Press Service Procurement The Fleet About Maersk Business Areas Careers and Jobs Shareholder Information Press Service Procurement The Fleet About Maersk Business Areas Careers and Jobs Shareholder Information Press Service Procurement The Fleet About Maersk Business Areas Careers and Jobs Shareholder Information Press Service Procurement The Fleet About Maersk Business Areas Careers and Jobs Shareholder Information Press Service Procurement The Fleet About Maersk Business Areas Careers and Jobs Shareholder Information Press Service Procurement The Fleet About Maersk Business Areas Careers and Jobs Shareholder Information Press Service Procurement The Fleet About Maersk Business Areas Careers and Jobs Shareholder Information Press Service Procurement The Fleet » Values and Philosophy » Corporate Citizenship » Company History » Management » Corporate Structure » Safety and Security » Facts and Figures » Name and Logo » Shipping » Oil & Gas » Industry » Retail » Vacancies » Unsolicited application » M.I.S.E. » Training » Careers » Work Areas » FAQ » Financials » Announcements » Annual General Meeting » Corporate Governance » Stock » Press Releases » Subscribe to Press Releases » Photo Gallery » About Procurement » Career Opportunities » Supplier Information » Container » Tanker » Gas » Car Carrier » Supply » Drilling » Ro-Ro M rsk Mc-Kinney M ller Senior Partner » Executive biographical profile Jess S derberg Partner and CEO » Executive biographical profile Knud E. Stubkj r Partner » Executive biographical profile Tommy Thomsen Partner » Executive biographical profile Thomas Thune Andersen Partner » Executive biographical profile Knud E. Stubkj r Partner Knud E. Stubkj r, born 1956, joined A.P. M ller in 1977 and has been a partner of A.P. M ller since May 1999. Mr Stubkj r has worked in the Maersk Sealand organisation abroad from 1988-1998 as General Manager in the U.K., President of Maersk K.K. Japan and Asia Regional Manager based in Singapore. In 1998 Mr Stubkj r returned to work in Maersk Sealand Copenhagen. Mr Stubkj r is Chief Executive of Maersk Sealand In this section » Articles of Association » Board of Directors » Management » Major Shareholders » Accounting Policies Shareholder Service » Financial FAQ » Subscribe to Announcements and Press Releases Useful links Business Areas Company History Press Releases Legal Notice About This Site A.P. M ller - M rsk A/S - A.P. Moller - Maersk Group Other Maersk Websites: The Maersk Company Ltd. A. P. Moller Singapore Pte. Ltd Maersk Line Limited The A.P. Moller Foundations APM Terminals Danbor Dansk Supermarked Maersk Broker M rsk Container Industri AS Maersk Contractors Maersk Gas Carriers Maersk Logistics M rsk Olie og Gas AS Maersk Sealand Maersk Supply Service Maersk Tankers Maersk Training Centre Norfolkline Odense Steel Shipyard Rosti A/S ROULUNDS RUBBER A/S Safmarine SvitzerWijsmuller Dansk Search Contact Us 20 December 2005 About Maersk Business Areas Careers and Jobs Shareholder Information Press Service Procurement The Fleet About Maersk Business Areas Careers and Jobs Shareholder Information Press Service Procurement The Fleet About Maersk Business Areas Careers and Jobs Shareholder Information Press Service Procurement The Fleet About Maersk Business Areas Careers and Jobs Shareholder Information Press Service Procurement The Fleet About Maersk Business Areas Careers and Jobs Shareholder Information Press Service Procurement The Fleet About Maersk Business Areas Careers and Jobs Shareholder Information Press Service Procurement The Fleet About Maersk Business Areas Careers and Jobs Shareholder Information Press Service Procurement The Fleet About Maersk Business Areas Careers and Jobs Shareholder Information Press Service Procurement The Fleet » Values and Philosophy » Corporate Citizenship » Company History » Management » Corporate Structure » Safety and Security » Facts and Figures » Name and Logo » Shipping » Oil & Gas » Industry » Retail » Vacancies » Unsolicited application » M.I.S.E. » Training » Careers » Work Areas » FAQ » Financials » Announcements » Annual General Meeting » Corporate Governance » Stock » Press Releases » Subscribe to Press Releases » Photo Gallery » About Procurement » Career Opportunities » Supplier Information » Container » Tanker » Gas » Car Carrier » Supply » Drilling » Ro-Ro M rsk Mc-Kinney M ller Senior Partner » Executive biographical profile Jess S derberg Partner and CEO » Executive biographical profile Knud E. Stubkj r Partner » Executive biographical profile Tommy Thomsen Partner » Executive biographical profile Thomas Thune Andersen Partner » Executive biographical profile Tommy Thomsen Partner Tommy Thomsen, born 1957, joined A.P. M ller in 1978 and has been a Partner since July 2001. Mr Thomsen has worked in different shipping divisions of the A.P. Moller - Maersk Group since 1978, and in 1991 he was promoted to Senior Vice President with overall responsibilities for Maersk Tankers. From 1995 to 2001 Mr Thomsen was President and CEO of Maersk Inc. with responsibility for Maersk Sealand activities in North America, Central America and the Caribbean. Mr Thomsen is a Director or the Chairman of a number of companies within the A.P. Moller - Maersk Group. In this section » Articles of Association » Board of Directors » Management » Major Shareholders » Accounting Policies Shareholder Service » Financial FAQ » Subscribe to Announcements and Press Releases Useful links Business Areas Company History Press Releases Legal Notice About This Site A.P. M ller - M rsk A/S - A.P. Moller - Maersk Group Other Maersk Websites: The Maersk Company Ltd. A. P. Moller Singapore Pte. Ltd Maersk Line Limited The A.P. Moller Foundations APM Terminals Danbor Dansk Supermarked Maersk Broker M rsk Container Industri AS Maersk Contractors Maersk Gas Carriers Maersk Logistics M rsk Olie og Gas AS Maersk Sealand Maersk Supply Service Maersk Tankers Maersk Training Centre Norfolkline Odense Steel Shipyard Rosti A/S ROULUNDS RUBBER A/S Safmarine SvitzerWijsmuller Dansk Search Contact Us 20 December 2005 About Maersk Business Areas Careers and Jobs Shareholder Information Press Service Procurement The Fleet About Maersk Business Areas Careers and Jobs Shareholder Information Press Service Procurement The Fleet About Maersk Business Areas Careers and Jobs Shareholder Information Press Service Procurement The Fleet About Maersk Business Areas Careers and Jobs Shareholder Information Press Service Procurement The Fleet About Maersk Business Areas Careers and Jobs Shareholder Information Press Service Procurement The Fleet About Maersk Business Areas Careers and Jobs Shareholder Information Press Service Procurement The Fleet About Maersk Business Areas Careers and Jobs Shareholder Information Press Service Procurement The Fleet About Maersk Business Areas Careers and Jobs Shareholder Information Press Service Procurement The Fleet » Values and Philosophy » Corporate Citizenship » Company History » Management » Corporate Structure » Safety and Security » Facts and Figures » Name and Logo » Shipping » Oil & Gas » Industry » Retail » Vacancies » Unsolicited application » M.I.S.E. » Training » Careers » Work Areas » FAQ » Financials » Announcements » Annual General Meeting » Corporate Governance » Stock » Press Releases » Subscribe to Press Releases » Photo Gallery » About Procurement » Career Opportunities » Supplier Information » Container » Tanker » Gas » Car Carrier » Supply » Drilling » Ro-Ro M rsk Mc-Kinney M ller Senior Partner » Executive biographical profile Jess S derberg Partner and CEO » Executive biographical profile Knud E. Stubkj r Partner » Executive biographical profile Tommy Thomsen Partner » Executive biographical profile Thomas Thune Andersen Partner » Executive biographical profile Thomas Thune Andersen Partner Thomas Thune Andersen, born 1955, joined A.P. M ller in 1977 and has been Partner since January 2005. Mr Andersen has worked in different shipping divisions and other areas within the A.P. Moller - Maersk Group since 1977, and in 1994 he was promoted to Managing Director of Maersk Company Limited in London. From 2000 to 2001 Mr Andersen was Executive Vice President in A.P. Moller and President of Maersk Contractors in Copenhagen, and from 2001 to 2004 he was President and CEO for Maersk Inc. with responsibility for activities in North America, Central America and the Caribbean. In 2004 Mr Andersen assumed the position of CEO of M rsk Olie og Gas AS (Maersk Oil). Mr Andersen is a Director or Chairman of a number of companies within the A.P. Moller - Maersk Group. In this section » Articles of Association » Board of Directors » Management » Major Shareholders » Accounting Policies Shareholder Service » Financial FAQ » Subscribe to Announcements and Press Releases Useful links Business Areas Company History Press Releases Legal Notice About This Site A.P. M ller - M rsk A/S - A.P. Moller - Maersk Group Other Maersk Websites: The Maersk Company Ltd. A. P. Moller Singapore Pte. Ltd Maersk Line Limited The A.P. Moller Foundations APM Terminals Danbor Dansk Supermarked Maersk Broker M rsk Container Industri AS Maersk Contractors Maersk Gas Carriers Maersk Logistics M rsk Olie og Gas AS Maersk Sealand Maersk Supply Service Maersk Tankers Maersk Training Centre Norfolkline Odense Steel Shipyard Rosti A/S ROULUNDS RUBBER A/S Safmarine SvitzerWijsmuller Dansk Search Contact Us 20 December 2005 About Maersk Business Areas Careers and Jobs Shareholder Information Press Service Procurement The Fleet About Maersk Business Areas Careers and Jobs Shareholder Information Press Service Procurement The Fleet About Maersk Business Areas Careers and Jobs Shareholder Information Press Service Procurement The Fleet About Maersk Business Areas Careers and Jobs Shareholder Information Press Service Procurement The Fleet About Maersk Business Areas Careers and Jobs Shareholder Information Press Service Procurement The Fleet About Maersk Business Areas Careers and Jobs Shareholder Information Press Service Procurement The Fleet About Maersk Business Areas Careers and Jobs Shareholder Information Press Service Procurement The Fleet About Maersk Business Areas Careers and Jobs Shareholder Information Press Service Procurement The Fleet » Values and Philosophy » Corporate Citizenship » Company History » Management » Corporate Structure » Safety and Security » Facts and Figures » Name and Logo » Shipping » Oil & Gas » Industry » Retail » Vacancies » Unsolicited application » M.I.S.E. » Training » Careers » Work Areas » FAQ » Financials » Announcements » Annual General Meeting » Corporate Governance » Stock » Press Releases » Subscribe to Press Releases » Photo Gallery » About Procurement » Career Opportunities » Supplier Information » Container » Tanker » Gas » Car Carrier » Supply » Drilling » Ro-Ro » I. General Provisions » II. Board of Directors and Audit » III. General Meetings » IV. Annual report, appropriations, dividend, etc. For full download of Articles of Association please use the link below: Articles of Association (22 kb) I. General Provisions Article 1. The name of the company is A.P. M ller - M rsk A/S. The company will also trade under the secondary names of Aktieselskabet Dampskibsselskabet Svendborg (A.P. M ller - M rsk A/S) and Dampskibsselskabet af 1912, Aktieselskab (A.P. M ller - M rsk A/S). The registered office of the company is situated in Copenhagen, Denmark. The main objects of the company are to carry on shipping, chartering and related business, but it shall be a further object to engage in other transport business, commercial and industrial activities at home and abroad within the scope deemed appropriate by the board of directors. Article 2. The share capital of the company is DKK 4,395,600,000 of which DKK 2,197,800,000 is in Class A-shares and DKK 2,197,800,000 is in Class B-shares. Each share class is divided into shares of DKK 1,000 and DKK 500. The share capital has been paid up in full. The shares shall be issued to bearer, but they may be registered to the holder in the company's register of shareholders. To be valid against the company, any endorsement on the shares shall be registered in the books of the company. The company shall not be responsible for the genuineness and the correctness of endorsements on or transfers of the shares. Any dividend which remains uncollected for five years after the day of maturity may be withdrawn by the board of directors for the benefit of the company. In the event of an increase of the A-share capital, holders of A-shares shall have rights of pre-emption to subscribe for a proportionate part of the amount with which the A-share capital is increased. In the event of an increase of the B-share capital, holders of B-shares shall have rights of pre-emption to subscribe for a proportionate part of the amount with which the B-share capital is increased. Otherwise, no share shall confer preferential rights upon any shareholder, but a B-share shall carry no voting rights. No shareholder shall be obliged to have his shares redeemed in full or in part. There shall be no restrictions on the transferability of the shares. The shares shall be negotiable instruments. In the event that a share certificate (coupon sheet) is considered to be destroyed or lost, a new share certificate (coupon sheet) shall be issued at the expense of the holder in place of the one cancelled if it is substantiated before the company that it has been legally cancelled. In this section » Articles of Association » Board of Directors » Management » Major Shareholders » Accounting Policies Shareholder Service » Financial FAQ » Subscribe to Announcements and Press Releases Useful links Business Areas Company History Press Releases Legal Notice About This Site A.P. M ller - M rsk A/S - A.P. Moller - Maersk Group Other Maersk Websites: The Maersk Company Ltd. A. P. Moller Singapore Pte. Ltd Maersk Line Limited The A.P. Moller Foundations APM Terminals Danbor Dansk Supermarked Maersk Broker M rsk Container Industri AS Maersk Contractors Maersk Gas Carriers Maersk Logistics M rsk Olie og Gas AS Maersk Sealand Maersk Supply Service Maersk Tankers Maersk Training Centre Norfolkline Odense Steel Shipyard Rosti A/S ROULUNDS RUBBER A/S Safmarine SvitzerWijsmuller Dansk Search Contact Us 20 December 2005 About Maersk Business Areas Careers and Jobs Shareholder Information Press Service Procurement The Fleet About Maersk Business Areas Careers and Jobs Shareholder Information Press Service Procurement The Fleet About Maersk Business Areas Careers and Jobs Shareholder Information Press Service Procurement The Fleet About Maersk Business Areas Careers and Jobs Shareholder Information Press Service Procurement The Fleet About Maersk Business Areas Careers and Jobs Shareholder Information Press Service Procurement The Fleet About Maersk Business Areas Careers and Jobs Shareholder Information Press Service Procurement The Fleet About Maersk Business Areas Careers and Jobs Shareholder Information Press Service Procurement The Fleet About Maersk Business Areas Careers and Jobs Shareholder Information Press Service Procurement The Fleet » Values and Philosophy » Corporate Citizenship » Company History » Management » Corporate Structure » Safety and Security » Facts and Figures » Name and Logo » Shipping » Oil & Gas » Industry » Retail » Vacancies » Unsolicited application » M.I.S.E. » Training » Careers » Work Areas » FAQ » Financials » Announcements » Annual General Meeting » Corporate Governance » Stock » Press Releases » Subscribe to Press Releases » Photo Gallery » About Procurement » Career Opportunities » Supplier Information » Container » Tanker » Gas » Car Carrier » Supply » Drilling » Ro-Ro » I. General Provisions » II. Board of Directors and Audit » III. General Meetings » IV. Annual report, appropriations, dividend, etc. For full download of Articles of Association please use the link below: Articles of Association (22 kb) I. General Provisions Article 1. The name of the company is A.P. M ller - M rsk A/S. The company will also trade under the secondary names of Aktieselskabet Dampskibsselskabet Svendborg (A.P. M ller - M rsk A/S) and Dampskibsselskabet af 1912, Aktieselskab (A.P. M ller - M rsk A/S). The registered office of the company is situated in Copenhagen, Denmark. The main objects of the company are to carry on shipping, chartering and related business, but it shall be a further object to engage in other transport business, commercial and industrial activities at home and abroad within the scope deemed appropriate by the board of directors. Article 2. The share capital of the company is DKK 4,395,600,000 of which DKK 2,197,800,000 is in Class A-shares and DKK 2,197,800,000 is in Class B-shares. Each share class is divided into shares of DKK 1,000 and DKK 500. The share capital has been paid up in full. The shares shall be issued to bearer, but they may be registered to the holder in the company's register of shareholders. To be valid against the company, any endorsement on the shares shall be registered in the books of the company. The company shall not be responsible for the genuineness and the correctness of endorsements on or transfers of the shares. Any dividend which remains uncollected for five years after the day of maturity may be withdrawn by the board of directors for the benefit of the company. In the event of an increase of the A-share capital, holders of A-shares shall have rights of pre-emption to subscribe for a proportionate part of the amount with which the A-share capital is increased. In the event of an increase of the B-share capital, holders of B-shares shall have rights of pre-emption to subscribe for a proportionate part of the amount with which the B-share capital is increased. Otherwise, no share shall confer preferential rights upon any shareholder, but a B-share shall carry no voting rights. No shareholder shall be obliged to have his shares redeemed in full or in part. There shall be no restrictions on the transferability of the shares. The shares shall be negotiable instruments. In the event that a share certificate (coupon sheet) is considered to be destroyed or lost, a new share certificate (coupon sheet) shall be issued at the expense of the holder in place of the one cancelled if it is substantiated before the company that it has been legally cancelled. In this section » Articles of Association » Board of Directors » Management » Major Shareholders » Accounting Policies Shareholder Service » Financial FAQ » Subscribe to Announcements and Press Releases Useful links Business Areas Company History Press Releases Legal Notice About This Site A.P. M ller - M rsk A/S - A.P. Moller - Maersk Group Other Maersk Websites: The Maersk Company Ltd. A. P. Moller Singapore Pte. Ltd Maersk Line Limited The A.P. Moller Foundations APM Terminals Danbor Dansk Supermarked Maersk Broker M rsk Container Industri AS Maersk Contractors Maersk Gas Carriers Maersk Logistics M rsk Olie og Gas AS Maersk Sealand Maersk Supply Service Maersk Tankers Maersk Training Centre Norfolkline Odense Steel Shipyard Rosti A/S ROULUNDS RUBBER A/S Safmarine SvitzerWijsmuller Dansk Search Contact Us 20 December 2005 About Maersk Business Areas Careers and Jobs Shareholder Information Press Service Procurement The Fleet About Maersk Business Areas Careers and Jobs Shareholder Information Press Service Procurement The Fleet About Maersk Business Areas Careers and Jobs Shareholder Information Press Service Procurement The Fleet About Maersk Business Areas Careers and Jobs Shareholder Information Press Service Procurement The Fleet About Maersk Business Areas Careers and Jobs Shareholder Information Press Service Procurement The Fleet About Maersk Business Areas Careers and Jobs Shareholder Information Press Service Procurement The Fleet About Maersk Business Areas Careers and Jobs Shareholder Information Press Service Procurement The Fleet About Maersk Business Areas Careers and Jobs Shareholder Information Press Service Procurement The Fleet » Values and Philosophy » Corporate Citizenship » Company History » Management » Corporate Structure » Safety and Security » Facts and Figures » Name and Logo » Shipping » Oil & Gas » Industry » Retail » Vacancies » Unsolicited application » M.I.S.E. » Training » Careers » Work Areas » FAQ » Financials » Announcements » Annual General Meeting » Corporate Governance » Stock » Press Releases » Subscribe to Press Releases » Photo Gallery » About Procurement » Career Opportunities » Supplier Information » Container » Tanker » Gas » Car Carrier » Supply » Drilling » Ro-Ro » I. General Provisions » II. Board of Directors and Audit » III. General Meetings » IV. Annual report, appropriations, dividend, etc. For full download of Articles of Association please use the link below: Articles of Association (22 kb) II. Board of Directors and Audit Article 3. The board of directors of the company shall consist of the managing owner - if this is the Firm of A.P. M ller, the owner of the Firm or one of the owners of the Firm according to mutual appointment - and of at least two and at the most twelve nominee directors. All directors shall be holders of A-shares. The Board of Directors appoints the Chairman and two Vice Chairmen. The nominee directors shall be elected by the general meeting. Unless otherwise decided by this or any subsequent general meeting the nominee directors shall retire annually - the first time by lot - half of the directors, or, in the event of an uneven number, first the majority above the half and then the minority below the half. Nominee directors may be re-elected. Article 4. The Firm of A.P. M ller is the Managing Owner of the company. As long as the Firm of A.P. M ller is the managing owner, the managing owner shall be dismissed or the conditions for his appointment be changed only at a notice of 12 months by the general meeting, if shareholders representing at least three-fourths of the voting Ashare capital so require. If, for any reason whatsoever, the Firm of A.P. M ller can no longer be the managing owner of the company, the board of directors of the company shall appoint another managing owner and shall at the same time lay down the specific conditions. The appointment shall be approved at a subsequent general meeting. Article 5. The managing owner shall represent the company in all matters, he shall exercise any authority generally vested in a managing owner, and he may as such bind the company in his own name. Under this provision the managing owner shall make decisions on insurance, self-insurance and related matters; on fundamental reorganisations hereof he shall inform the board of directors at the first subsequent board meeting. In each financial year, the managing owner shall be entitled without any previous sanction by the board of directors to sell up to four vessels owned by the company, and to purchase, contract into or in any other way acquire vessels or shares of vessels, provided that the company's debts are not thereby increased; dispositions under this authorization shall be reported to the board of directors and entered in the record. Moreover, the managing owner shall be entitled to acquire, sell and mortgage real property and shall therefore be entitled to bind the company at all such legal transactions. In the event that the company undertakes other business than shipping (cf. Article 1 above), the managing owner shall execute the transactions in connection with such other business. No resolution by the general meeting shall invalidate any disposition by the managing owner established through the provisions of these present Articles of Association. The company may in all matters be bound by the managing owner alone or by the joint signatures of the chairman of the board of directors and two members of the board of directors. The board of directors may grant power of procuration. Article 6. The nominee directors shall under the obligation of discretion with regard to business secrets be entitled to supervise the operation and business conduct of the company. Any information, books and vouchers concerning the company shall therefore be at their disposal. The board of directors shall convene as often as it is deemed necessary, preferably once every three months. The managing owner shall at board meetings keep the remaining board of directors informed of the operation and other business of the company. Minutes of the proceedings at board meetings shall be entered in a minute book which is confidential and reserved for the board members only. All decisions shall be made by simple majority. In case of equality of votes the Chairman shall have the casting vote. In other respects the board of directors shall lay down its own rules of procedure. Article 7. In consideration of his work, the managing owner may charge up to 8 per cent of the net surplus of the company after compulsory depreciations and statutory appropriations have been made; as a minimum, however, he shall receive DKK 2,000 per 1,000 GRT per annum. Office expenses shall be refundable. The nominee directors shall each receive a fixed fee of DKK 36,000 and remuneration for any special tasks. In years where a minimum of 7 per cent dividend is paid a further fee may be granted by the general meeting. Article 8. The audit of the annual report of the company shall be prepared by two auditors appointed by the general meeting for the period until the next annual general meeting, of whom at least one shall be a state authorised public accountant. The auditors, whose fees shall be fixed by the board of directors, may be re-appointed. In this section » Articles of Association » Board of Directors » Management » Major Shareholders » Accounting Policies Shareholder Service » Financial FAQ » Subscribe to Announcements and Press Releases Useful links Business Areas Company History Press Releases Legal Notice About This Site A.P. M ller - M rsk A/S - A.P. Moller - Maersk Group Other Maersk Websites: The Maersk Company Ltd. A. P. Moller Singapore Pte. Ltd Maersk Line Limited The A.P. Moller Foundations APM Terminals Danbor Dansk Supermarked Maersk Broker M rsk Container Industri AS Maersk Contractors Maersk Gas Carriers Maersk Logistics M rsk Olie og Gas AS Maersk Sealand Maersk Supply Service Maersk Tankers Maersk Training Centre Norfolkline Odense Steel Shipyard Rosti A/S ROULUNDS RUBBER A/S Safmarine SvitzerWijsmuller Dansk Search Contact Us 20 December 2005 About Maersk Business Areas Careers and Jobs Shareholder Information Press Service Procurement The Fleet About Maersk Business Areas Careers and Jobs Shareholder Information Press Service Procurement The Fleet About Maersk Business Areas Careers and Jobs Shareholder Information Press Service Procurement The Fleet About Maersk Business Areas Careers and Jobs Shareholder Information Press Service Procurement The Fleet About Maersk Business Areas Careers and Jobs Shareholder Information Press Service Procurement The Fleet About Maersk Business Areas Careers and Jobs Shareholder Information Press Service Procurement The Fleet About Maersk Business Areas Careers and Jobs Shareholder Information Press Service Procurement The Fleet About Maersk Business Areas Careers and Jobs Shareholder Information Press Service Procurement The Fleet » Values and Philosophy » Corporate Citizenship » Company History » Management » Corporate Structure » Safety and Security » Facts and Figures » Name and Logo » Shipping » Oil & Gas » Industry » Retail » Vacancies » Unsolicited application » M.I.S.E. » Training » Careers » Work Areas » FAQ » Financials » Announcements » Annual General Meeting » Corporate Governance » Stock » Press Releases » Subscribe to Press Releases » Photo Gallery » About Procurement » Career Opportunities » Supplier Information » Container » Tanker » Gas » Car Carrier » Supply » Drilling » Ro-Ro » I. General Provisions » II. Board of Directors and Audit » III. General Meetings » IV. Annual report, appropriations, dividend, etc. For full download of Articles of Association please use the link below: Articles of Association (22 kb) III. General Meetings Article 9. Within the limits laid down by the articles of association, the general meeting shall be the highest authority of the affairs of the company. However, no general meeting shall pass any resolution to amend contractual agreements. Article 10. General meetings, which shall be held at the company's registered address or elsewhere in Greater Copenhagen or in Svendborg or in Aarhus, shall be convened by the board of directors. The annual general meeting shall be held by the end of April each year and shall be convened at not less than eight days' and not more than four weeks' notice by announcement in the Danish Official Gazette, the "B rsen" newspaper, and the "Fyns Amts Avis" newspaper stating the agenda of the general meeting. Extraordinary general meetings which shall be convened at the same notice and in the same way as mentioned above by announcement in the mentioned publications, shall be held upon a resolution passed by the board of directors. The board of directors shall convene an extraordinary general meeting on the request of the managing owner or on a written request to that effect signed by shareholders holding at least one-tenth of the total share capital, and indicating the matter to be dealt with at the general meeting as well as the wording of proposals to be moved. The general meeting shall be convened within fourteen days of receipt of such request as aforesaid. At a general meeting, resolution shall be passed only on such proposals as are included in the agenda set out in the announcement convening the general meeting. Not more than eight days prior to each general meeting, the agenda and the proposals to be put to the general meeting shall be open at the office of the company to the inspection of the shareholders, and, in case of the annual general meeting, also the audited annual report. Such shareholders' proposals as are to be dealt with at the annual general meeting shall be submitted to the board of directors by the preceding 15th day of February at the latest. The request shall be submitted in writing and shall set out the matter to be dealt with by the general meeting and the wording of proposals to be moved. Article 11. Each shareholder shall be entitled to attend the general meeting, if, not later than three days prior to the meeting, he has taken out an admission card in his name at the company office against the presentation of his shares or of such other documentation for his lawful share-holding as may be equivalent to this as deemed appropriate by the board of directors. Each A-share amount of DKK 500 shall give the right to one vote. In the event that the share concerned has been acquired by transfer, it is a condition that the shareholder in question was registered - prior to the convening of the general meeting - as its owner in the register of members of the company. In that case, the shareholder shall have an admission card in his name and have a voting paper. The board of directors shall be entitled to request each shareholder or his proxy to submit satisfactory proof that the party concerned is the actual holder of the share concerned and has acquired it prior to the beginning of the time limit mentioned above. The right of vote may be exercised by proxy in writing for each general meeting. The proxy shall be filed with the office of the company at the latest at the time of collection of the admission card. Proxies issued abroad shall be witnessed by the managing owner or by two nominee directors. Guardians or committees and authorised representatives of foundations, funds, companies, or estates may - upon due establishment of their identity, and, moreover, on the conditions mentioned above - appear and vote for the A-shares belonging to such foundations, funds, companies, or estates. Article 12. Matters dealt with at general meetings shall be decided by simple majority of votes, provided that a special majority of votes is not required by law or under these present articles of association. For the adoption of resolutions concerning amendments to the articles of association of the company, increase of the share capital beyond DKK 4,395,600,000, whether by an issue of A- and/or B-shares and/or in any other way, and any reduction of the share capital, at least two -thirds of the A-share capital shall be represented by persons entitled to vote at the general meeting, and at least two-thirds of these votes shall be cast in favour of the adoption of the resolution. If a sufficient number of A-share representatives entitled to vote is not represented at the general meeting, where a proposal of the mentioned kind is at issue, the board of directors shall convene another general meeting within a maximum of three months at a notice of at least eight days and not more than four weeks at which the proposal shall be considered adopted regardless of the amount of the voting A-share capital represented, if at least two -thirds of the votes cast as well as of the voting share capital represented at the general meeting are in favour of the proposal. Proposals on the winding-up of the company may be adopted by the general meeting representing at least three-fourths of the voting A-share capital if a minimum of threefourths of the votes represented are in favour of the proposal. If a sufficient proportion is not represented the proposal may upon the decision by the board of directors be presented to another general meeting (cf. above), at which the proposal shall be considered adopted regardless of the amount of the voting A-share capital represented, if at least three-fourths of the votes cast as well as of the voting share capital represented at the general meeting, however, at least half of the entire A-share capital, are in favour of the proposal. Article 13. The proceedings at the general meeting shall be directed by a chairman appointed by the board of directors who shall be in charge of the business and shall decide all questions relating to the proceedings, the manner in which the matters before the general meeting are to be dealt with, the casting of votes, and the results hereof. Article 14. The agenda of the annual general meeting shall be as follows: A report to be made on the activities of the company during the past financial year. The audited annual report to be submitted for adoption. The directors to be discharged from their obligations. A resolution to be passed on the amount of the dividend and on the distribution of the surplus. Any requisite election of nominee directors to be made. Auditors to be appointed. Proposals, if any, submitted by the board of directors or by shareholders to be deliberated. Article 15. Minutes of the proceedings at a general meeting shall be entered in a book authorised for that purpose by the board of directors, and such minutes as aforesaid shall be signed by the chairman of the meeting and the managing owner or a nominee director. One week after the general meeting the minute book shall be placed at the company office for eight days for the inspection of shareholders. The minutes shall be conclusive evidence of the business transacted at the general meeting. In this section » Articles of Association » Board of Directors » Management » Major Shareholders » Accounting Policies Shareholder Service » Financial FAQ » Subscribe to Announcements and Press Releases Useful links Business Areas Company History Press Releases Legal Notice About This Site A.P. M ller - M rsk A/S - A.P. Moller - Maersk Group Other Maersk Websites: The Maersk Company Ltd. A. P. Moller Singapore Pte. Ltd Maersk Line Limited The A.P. Moller Foundations APM Terminals Danbor Dansk Supermarked Maersk Broker M rsk Container Industri AS Maersk Contractors Maersk Gas Carriers Maersk Logistics M rsk Olie og Gas AS Maersk Sealand Maersk Supply Service Maersk Tankers Maersk Training Centre Norfolkline Odense Steel Shipyard Rosti A/S ROULUNDS RUBBER A/S Safmarine SvitzerWijsmuller Dansk Search Contact Us 20 December 2005 About Maersk Business Areas Careers and Jobs Shareholder Information Press Service Procurement The Fleet About Maersk Business Areas Careers and Jobs Shareholder Information Press Service Procurement The Fleet About Maersk Business Areas Careers and Jobs Shareholder Information Press Service Procurement The Fleet About Maersk Business Areas Careers and Jobs Shareholder Information Press Service Procurement The Fleet About Maersk Business Areas Careers and Jobs Shareholder Information Press Service Procurement The Fleet About Maersk Business Areas Careers and Jobs Shareholder Information Press Service Procurement The Fleet About Maersk Business Areas Careers and Jobs Shareholder Information Press Service Procurement The Fleet About Maersk Business Areas Careers and Jobs Shareholder Information Press Service Procurement The Fleet » Values and Philosophy » Corporate Citizenship » Company History » Management » Corporate Structure » Safety and Security » Facts and Figures » Name and Logo » Shipping » Oil & Gas » Industry » Retail » Vacancies » Unsolicited application » M.I.S.E. » Training » Careers » Work Areas » FAQ » Financials » Announcements » Annual General Meeting » Corporate Governance » Stock » Press Releases » Subscribe to Press Releases » Photo Gallery » About Procurement » Career Opportunities » Supplier Information » Container » Tanker » Gas » Car Carrier » Supply » Drilling » Ro-Ro » I. General Provisions » II. Board of Directors and Audit » III. General Meetings » IV. Annual report, appropriations, dividend, etc. For full download of Articles of Association please use the link below: Articles of Association (22 kb) IV. Annual report, appropriations, dividend, etc. Article 16. The financial year shall be the calendar year. The annual report shall be made up and audited so as to be presented for the inspection of the shareholders at the company office at least eight days prior to the annual general meeting. The annual report shall include the profit and loss account and a balance sheet at the end of the operating year. Securities which are subject to stock-exchange prices shall be entered in the books at the bid-prices quoted at the end of the year. Article 17. Out of the booked surplus, after the prescribed allowances for depreciation and such allowances for depreciation as the board of directors deems necessary or appropriate have been made, deficits, if any, incurred in previous years shall first be covered. Out of the remainder, such appropriations to the various reserve funds of the company as the board of directors may deem appropriate shall be made. The balance of the surplus shall be distributed by the company in annual general meeting as dividend to the shareholders, for further appropriations, or for other purposes of the company, all according to the recommendation of the board of directors. Article 18. All means of the company and its various funds may be placed in ships or in another way as the board of directors deems appropriate. -------------------------------- As adopted by the Company in General Meeting on 28 April 2004. In this section » Articles of Association » Board of Directors » Management » Major Shareholders » Accounting Policies Shareholder Service » Financial FAQ » Subscribe to Announcements and Press Releases Useful links Business Areas Company History Press Releases Legal Notice About This Site A.P. M ller - M rsk A/S - A.P. Moller - Maersk Group Other Maersk Websites: The Maersk Company Ltd. A. P. Moller Singapore Pte. Ltd Maersk Line Limited The A.P. Moller Foundations APM Terminals Danbor Dansk Supermarked Maersk Broker M rsk Container Industri AS Maersk Contractors Maersk Gas Carriers Maersk Logistics M rsk Olie og Gas AS Maersk Sealand Maersk Supply Service Maersk Tankers Maersk Training Centre Norfolkline Odense Steel Shipyard Rosti A/S ROULUNDS RUBBER A/S Safmarine SvitzerWijsmuller Dansk Search Contact Us 20 December 2005 About Maersk Business Areas Careers and Jobs Shareholder Information Press Service Procurement The Fleet About Maersk Business Areas Careers and Jobs Shareholder Information Press Service Procurement The Fleet About Maersk Business Areas Careers and Jobs Shareholder Information Press Service Procurement The Fleet About Maersk Business Areas Careers and Jobs Shareholder Information Press Service Procurement The Fleet About Maersk Business Areas Careers and Jobs Shareholder Information Press Service Procurement The Fleet About Maersk Business Areas Careers and Jobs Shareholder Information Press Service Procurement The Fleet About Maersk Business Areas Careers and Jobs Shareholder Information Press Service Procurement The Fleet About Maersk Business Areas Careers and Jobs Shareholder Information Press Service Procurement The Fleet » Values and Philosophy » Corporate Citizenship » Company History » Management » Corporate Structure » Safety and Security » Facts and Figures » Name and Logo » Shipping » Oil & Gas » Industry » Retail » Vacancies » Unsolicited application » M.I.S.E. » Training » Careers » Work Areas » FAQ » Financials » Announcements » Annual General Meeting » Corporate Governance » Stock » Press Releases » Subscribe to Press Releases » Photo Gallery » About Procurement » Career Opportunities » Supplier Information » Container » Tanker » Gas » Car Carrier » Supply » Drilling » Ro-Ro Shareholders with more than 5% of share capital or votes. Shareholders according to the Danish Companies Act section 28a are: Share capital Votes A.P. Møller og Hustru Chastine Mc-Kinney Møllers Fond til almene Formaal, Copenhagen, Denmark 40.7% 49.8% A.P. Møller og Hustru Chastine Mc-Kinney Møllers Familiefond, Copenhagen, Denmark 10.7% 14.0% Mærsk Mc-Kinney Møller, Copenhagen, Denmark 3.6% 6.4% Den A.P. Møllerske Støttefond, Copenhagen, Denmark 2.9% 5.9% Companies within the A.P. Moller - Maersk Group (own shares) 6.4% 0.0% A.P. Moller - Maersk A/S has approximately 40,000 registered shareholders. In this section » Articles of Association » Board of Directors » Management » Major Shareholders » Accounting Policies Shareholder Service » Financial FAQ » Subscribe to Announcements and Press Releases Useful links Business Areas Company History Press Releases Legal Notice About This Site A.P. M ller - M rsk A/S - A.P. Moller - Maersk Group Other Maersk Websites: The Maersk Company Ltd. A. P. Moller Singapore Pte. Ltd Maersk Line Limited The A.P. Moller Foundations APM Terminals Danbor Dansk Supermarked Maersk Broker M rsk Container Industri AS Maersk Contractors Maersk Gas Carriers Maersk Logistics M rsk Olie og Gas AS Maersk Sealand Maersk Supply Service Maersk Tankers Maersk Training Centre Norfolkline Odense Steel Shipyard Rosti A/S ROULUNDS RUBBER A/S Safmarine SvitzerWijsmuller Dansk Search Contact Us 20 December 2005 About Maersk Business Areas Careers and Jobs Shareholder Information Press Service Procurement The Fleet About Maersk Business Areas Careers and Jobs Shareholder Information Press Service Procurement The Fleet About Maersk Business Areas Careers and Jobs Shareholder Information Press Service Procurement The Fleet About Maersk Business Areas Careers and Jobs Shareholder Information Press Service Procurement The Fleet About Maersk Business Areas Careers and Jobs Shareholder Information Press Service Procurement The Fleet About Maersk Business Areas Careers and Jobs Shareholder Information Press Service Procurement The Fleet About Maersk Business Areas Careers and Jobs Shareholder Information Press Service Procurement The Fleet About Maersk Business Areas Careers and Jobs Shareholder Information Press Service Procurement The Fleet » Values and Philosophy » Corporate Citizenship » Company History » Management » Corporate Structure » Safety and Security » Facts and Figures » Name and Logo » Shipping » Oil & Gas » Industry » Retail » Vacancies » Unsolicited application » M.I.S.E. » Training » Careers » Work Areas » FAQ » Financials » Announcements » Annual General Meeting » Corporate Governance » Stock » Press Releases » Subscribe to Press Releases » Photo Gallery » About Procurement » Career Opportunities » Supplier Information » Container » Tanker » Gas » Car Carrier » Supply » Drilling » Ro-Ro The annual report for 2004 of A.P. M ller - M rsk A/S has been prepared in accordance with the provisions of the Danish Financial Statements Act applicable to listed companies and the Copenhagen Stock Exchange financial reporting requirements for listed companies. The accounting policies applied are unchanged from last year. For full accounting policies please refer to the latest Annual Report under Previous Accounts In this section » Articles of Association » Board of Directors » Management » Major Shareholders » Accounting Policies Shareholder Service » Financial FAQ » Subscribe to Announcements and Press Releases Useful links Business Areas Company History Press Releases Legal Notice About This Site A.P. M ller - M rsk A/S - A.P. Moller - Maersk Group Other Maersk Websites: The Maersk Company Ltd. A. P. Moller Singapore Pte. Ltd Maersk Line Limited The A.P. Moller Foundations APM Terminals Danbor Dansk Supermarked Maersk Broker M rsk Container Industri AS Maersk Contractors Maersk Gas Carriers Maersk Logistics M rsk Olie og Gas AS Maersk Sealand Maersk Supply Service Maersk Tankers Maersk Training Centre Norfolkline Odense Steel Shipyard Rosti A/S ROULUNDS RUBBER A/S Safmarine SvitzerWijsmuller Dansk Search Contact Us 20 December 2005 About Maersk Business Areas Careers and Jobs Shareholder Information Press Service Procurement The Fleet About Maersk Business Areas Careers and Jobs Shareholder Information Press Service Procurement The Fleet About Maersk Business Areas Careers and Jobs Shareholder Information Press Service Procurement The Fleet About Maersk Business Areas Careers and Jobs Shareholder Information Press Service Procurement The Fleet About Maersk Business Areas Careers and Jobs Shareholder Information Press Service Procurement The Fleet About Maersk Business Areas Careers and Jobs Shareholder Information Press Service Procurement The Fleet About Maersk Business Areas Careers and Jobs Shareholder Information Press Service Procurement The Fleet About Maersk Business Areas Careers and Jobs Shareholder Information Press Service Procurement The Fleet » Values and Philosophy » Corporate Citizenship » Company History » Management » Corporate Structure » Safety and Security » Facts and Figures » Name and Logo » Shipping » Oil & Gas » Industry » Retail » Vacancies » Unsolicited application » M.I.S.E. » Training » Careers » Work Areas » FAQ » Financials » Announcements » Annual General Meeting » Corporate Governance » Stock » Press Releases » Subscribe to Press Releases » Photo Gallery » About Procurement » Career Opportunities » Supplier Information » Container » Tanker » Gas » Car Carrier » Supply » Drilling » Ro-Ro 20 December 2005 Press Release | » Printer-friendly version The A.P. Moller - Maersk Group concludes agreement with Qatar Petroleum about further development of the Al Shaheen Field Maersk Oil Qatar AS, a wholly owned subsidiary of the A.P. Moller - Maersk Group, and Qatar Petroleum have concluded an agreement about Maersk Oil Qatar s further development of the Al Shaheen Field in Block 5, offshore Qatar. Please click here for the full Announcement Select Year 2005 2004 2003 2002 2001 2000 1999 1998 » 20 December 2005 The A.P. Moller - Maersk Group concludes agreement with Qatar Petroleum about further development of the Al Shaheen Field » 19 December 2005 A.P. Moller - Maersk Selected to Join Yangshan Island Container Terminal Operating Consortium » 05 December 2005 Namegiving of newbuilding L 200 from Odense Steel Shipyard » 25 November 2005 Peter S. Linnemann is appointed Senior Vice President » 18 November 2005 New partnership in the Europe South Africa trade » 17 November 2005 Maersk Oil s acquisition of Kerr-McGee s U.K. assets completed on 17 November 2005 » 11 November 2005 MAERSK HOLYHEAD involved in a collision - status 11 November » 07 November 2005 MAERSK HOLYHEAD involved in collision » 03 October 2005 Namegiving of newbuilding L 199 from Odense Steel Shipyard » 30 September 2005 Michael T nnes J rgensen is appointed Senior Vice President » 26 August 2005 A. P. Moller - Maersk has secured 99.67 per cent of shares in Royal P&O Nedlloyd N.V. » 25 August 2005 Interim report 2005 » 19 August 2005 Maersk Oil acquires part in exploration licence in Colombia » 11 August 2005 A. P. M ller - M rsk A/S acquisition of Royal P&O Nedlloyd N.V. completed » 09 August 2005 A.P. M ller - M rsk A/S declares the public offer for all outstanding ordinary shares of Royal P&O Nedlloyd N.V. unconditional » 08 August 2005 The A.P. Moller - Maersk Group acquires UK North Sea oil and gas interests » 08 August 2005 Namegiving of newbuilding 198 from Odense Steel Shipyard » 05 August 2005 A.P. M ller - M rsk A/S secures 95.6 % of the shares in the capital of Royal P&O Nedlloyd N.V. » 30 July 2005 Acquisition of Royal P&O Nedlloyd N.V. cleared by the European Commission and the United States Department of Justice » 30 June 2005 Anders P. Damgaard is appointed Vice President, M rsk Olie og Gas » 30 June 2005 A.P. M ller - M rsk A/S sells the scheduled services and charter activites of Maersk Air A/S » 29 June 2005 Norfolkline intend to purchase Norse Merchant Group Limited and its subsidiaries » 29 June 2005 Call and put options regarding Royal P&O Nedlloyd NV interests » 22 June 2005 Report of transactions in A.P. M ller - M rsk A/S shares of managerial staff and connected persons » 21 June 2005 A.P. M ller - M rsk A/S agrees to purchase a 4.8 pct. interest in Royal P&O Nedlloyd NV » 17 June 2005 A.P. M ller - M rsk A/S agrees to purchase a 5.0 per cent interest in Royal P&O Nedlloyd NV » 16 June 2005 A.P. M ller - M rsk A/S agrees to purchase an 8.2 per cent interest in Royal P&O Nedlloyd NV » 13 June 2005 Maersk Oil New UK Licence Interest » 10 June 2005 Conditional offer for Royal P&O Nedlloyd NV » 09 June 2005 Angola - Production Sharing Agreement » 30 May 2005 Maersk Contractors orders two deepwater development semi-submersibles » 19 May 2005 Maersk Contractors acquires six drilling barges » 11 May 2005 Announcement » 10 May 2005 Announcement » 07 May 2005 Namegiving of newbuilding L 197 from Odense Steel Shipyard » 18 April 2005 Change of Management » 18 April 2005 Summary of Annual General Meeting » 15 April 2005 A.P. Moller - Maersk A/S divests DISA Holding A.G. » 08 April 2005 Paul Carsten Pedersen is appointed Senior Vice President » 08 April 2005 Marianne S rensen is appointed Vice President » 08 April 2005 Claus V. Hemmingsen is appointed Executive Vice President » 08 April 2005 Jette Clausen is appointed Senior Vice President » 31 March 2005 Annual Report 2004 » 31 March 2005 Summary for 2004 for the A.P. Moller - Maersk Group » 30 March 2005 Annual General Meeting A.P. M ller - M rsk A/S » 14 March 2005 Order placed for four high-efficiency jack-up rigs » 02 February 2005 S ren Laungaard is appointed Vice President » 31 January 2005 Financial calendar 2005 » 10 January 2005 Namegiving of newbuilding L 195 from Odense Steel Shipyard Legal Notice About This Site A.P. M ller - M rsk A/S - A.P. Moller - Maersk Group Other Maersk Websites: The Maersk Company Ltd. A. P. Moller Singapore Pte. Ltd Maersk Line Limited The A.P. Moller Foundations APM Terminals Danbor Dansk Supermarked Maersk Broker M rsk Container Industri AS Maersk Contractors Maersk Gas Carriers Maersk Logistics M rsk Olie og Gas AS Maersk Sealand Maersk Supply Service Maersk Tankers Maersk Training Centre Norfolkline Odense Steel Shipyard Rosti A/S ROULUNDS RUBBER A/S Safmarine SvitzerWijsmuller Dansk Search Contact Us 20 December 2005 About Maersk Business Areas Careers and Jobs Shareholder Information Press Service Procurement The Fleet About Maersk Business Areas Careers and Jobs Shareholder Information Press Service Procurement The Fleet About Maersk Business Areas Careers and Jobs Shareholder Information Press Service Procurement The Fleet About Maersk Business Areas Careers and Jobs Shareholder Information Press Service Procurement The Fleet About Maersk Business Areas Careers and Jobs Shareholder Information Press Service Procurement The Fleet About Maersk Business Areas Careers and Jobs Shareholder Information Press Service Procurement The Fleet About Maersk Business Areas Careers and Jobs Shareholder Information Press Service Procurement The Fleet About Maersk Business Areas Careers and Jobs Shareholder Information Press Service Procurement The Fleet » Values and