At its meeting in Athens on 17 June 2016, 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 2015 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 2015 are adopted at the Annual General Meeting of the Association which will take place in Oslo on 8 September 2016. The full accounts are available on the Skuld web site. The Committee noted that the Association produced a positive technical result of USD 22 million and a negative investment income of USD -8 million. This is the thirteenth consecutive year in which the Association has delivered positive underwriting results. Skuld has a moderate risk profile on its investments and the investment performance was negative at -1.6% for the 2015 financial year. After taking account of investment results and tax, the net financial result is a surplus of USD 13 million for the 2015 accounting year which will be transferred to the contingency reserves which now stand at USD 348 million. Review of 2013 policy year The Committee endorsed the decision of the Board to recommend the closing of the 2013 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 2018 Klaus Kjærulff, Nordic Tankers AS, Farum, Denmark Terje Hj Michelsen, Grieg Shipping Group AS, Bergen, Norway Elected for a period of one year until 2017 Catherine Cheung, Rainbow Maritime Hong Kong/Vision Ship Management, Hong Kong Ann-Ma