At its meeting in Seville on 9 June 2017, 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 2016 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 2016 are adopted at the Annual General Meeting of the Association which will take place in Oslo on 7 September 2017. The full accounts are available on the Skuld web site. The Committee noted that the Association produced a positive technical result of USD 14 million and a net investment income of USD 38 million. After taking account of tax and a reservation of USD 5 million for the Members' Credit, the balance carried to the contingency reserve is USD 46 million for the 2016 financial year. This brings the contingency reserve to USD 394 million. This is the fourteenth consecutive year in which the Association has delivered positive underwriting results. Review of 2014 Policy Year The Committee endorsed the decision of the Board to recommend the closing of the 2014 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 2019: Catherine Cheung Martin Larsen Ann-Marie Åström Not up for election until 2018 and shall continue: Klaus Kjærulff Terje Hj Michelsen The Committee also re-elected Mr Klaus Kjærulff as Chairman of the Board for a period of one year until 2018. No Vice Chairman was elected. After the elections, the Board of Assuranceforeningen Skuld (Gjensidig) comprises: Mr. Klaus K