At its meeting in Miami on 12 June 2015, the Committee was informed of the status of the Association and noted that, in challenging financial, shipping and insurance markets, the club's strategy of diversification combined with strong underwriting discipline has been rewarded and the Association has consolidated its strong financial standing. Financial Year 2014/15 The Board of Directors' Report and the Financial Statements for the Association were reviewed and approved. The Committee recommended that the Board of Directors' report and the Financial Statements for the financial year 2014/15 are adopted at the Annual General Meeting of the Association which will take place in Oslo on 3 September 2015. The full accounts are available on the Skuld web site. The Committee noted that the Association produced a positive technical result of USD 1 million and investment income of USD 14 million. This is the twelfth consecutive year in which the Association has delivered positive underwriting results. Skuld has a moderate risk profile on its investments and achieved an investment return of 1.9% for the 2014 financial year. After taking account of investment income and tax, the net financial result is a surplus of USD 14 million for the 2014/15 accounting year which will be transferred to the contingency reserves which now stand at USD 348 million. Review of 2012/13 Policy Year The Committee endorsed the decision of the Board to recommend the closing of the 2012/13 policy year at the Annual General Meeting. Elections Members of the Association's Board of Directors are elected by the Committee in accordance with Statute 1.5.2. The following were elected and re-elected to the Board: Re-elected for a period of two years until 2017 Mr. Bernt O. Bodal, American Seafoods Group Mr. Martin Larsen, Mærsk Supply Services AS Mr. Sergey Popravko, Unicom Management Services (Cyprus) Ltd. (Sovcomflot) Mr. John P. Tavlarios, Gener8 Maritime Inc. Elected for a period of one year until 2016 M