Annual Report 2007

Orheim

Cheatle

Dahle

Fagernæs

Kankaanpää Kristoferson Reinertsen

Johnsen

Støylen

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.

28 April 2008

Olav Orheim Chairman of the Board

Peter Prokosch Managing Director

Marion Cheatle

Øystein Dahle

Kari Elisabeth Fagernæs

Kathrine Ivsett Johnsen

Paula Kankaanpää

Lars Kristoferson

Randi Eidsmo Reinertsen

André Støylen