At its meeting in Antibes on 30 May 2014, 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 2013/14 The Board of Directors' report and Statement of Accounts for the Association were reviewed and approved. The Committee recommended that the Board of Directors' report and Statement of Accounts for the financial year 2013/14 are adopted at the Annual General Meeting of the Association which will take place in Oslo on 4 September 2014. The full accounts are available on the Skuld web site. The Committee noted that the Association produced a positive technical result of USD 4 million and investment income of USD 27 million. This is the eleventh consecutive year in which the Association has delivered positive underwriting results. Skuld has a moderate risk profile on its investments but still achieved an investment return of 5.4% for the 2013 financial year. After taking account of investment income and tax, the net financial result is a surplus of USD 29 million for the 2013/14 accounting year which will be transferred to the contingency reserves which now stand at USD 335 million. Review of 2011/12 Policy Year The Committee endorsed the decision of the Board to recommend the closing of the 2011/12 policy year at the Annual General Meeting. New Chief Executive Officer The Committee noted and supported the decision of the Board to appoint the current Chief Financial Officer Ståle Hansen as CEO of the Association with effect from 1 February 2015. 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 2016 Mr. Manfredi Lefebvre D'Ovidio, Silversea