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shortfall of NOK 4.15 million. The Board concluded that
the loss in 2007 will be covered from its equity. It should
be kept in mind that the Board follows the general prin-
ciple that earnings will be used solely to support the
mission statement and the long term goals of the foun-
dation. As a non-profit foundation, a primary financial
goal of GRID-Arendal is to have an equity level equiva-
lent to about half of the fixed operational cost. Due to
the losses that occurred in 2007 and earlier years, this
ratio has been reduced to 2.8 % in 2007. The Board
sees the need for continued improvements in GRID-
Arendal’s financial situation.
Except for the financial performance, the Board is generally
pleased with the organisation and management of GRID-
Arendal. Under the leadership of the new Managing Direc-
tor, efforts continue to fulfil its mission to support UNEP, to
develop its areas of activity, to strengthen its management
capability and to improve its financial performance.
The Board concludes that GRID-Arendal’s activities are
consistent with its charter purposes and that it has a
very competent staff for continuing operations and for
planning further strategy-relevant operational activities
in the future.
Olav Orheim
Chairman of the Board
Lars Kristoferson
Kari Elisabeth Fagernæs
Øystein Dahle
28 April 2008
Randi Eidsmo Reinertsen
Paula Kankaanpää
André Støylen
Peter Prokosch
Managing Director
Marion Cheatle
Kathrine Ivsett Johnsen
Orheim
Cheatle
Dahle
Fagernæs
Kankaanpää Kristoferson Reinertsen
Johnsen
Støylen