Corporate Management in AF Gruppen
An effective and transparent governance structure is essential for the company to meet its financial objectives and comply with its social responsibilities. We prioritize conducting operations in accordance with established norms and regulations.
This includes the integrity of the company and its employees, proper market conduct, consideration for the external environment, a good working environment, and a safe workplace for employees.
Corporate governance encompasses the complex interactions among society, shareholders, the board of directors, and management at AF.
See also the chapter on corporate governance in the annual report.
Management structure in AF Gruppen
AF Gruppen is a public limited company where the General Meeting holds the highest authority and elects the Board of Directors. The Executive Management oversees daily operations based on the Board's strategies and guidelines.
An agreement has been reached between the employees and the company to forgo a corporate assembly. Under this agreement, the employees have been granted increased representation on the board.
General Meeting
The general meeting, held in May, is the company's top decision-making body, attended by the Board of Directors, management, and auditor.
The Board convenes the general meeting with at least 3 weeks' notice to all shareholders at the address registered in the Central Securities Depository's shareholder register. Shareholders must inform the company of their attendance at least two days before the General Meeting.
The Board can call an extraordinary general meeting if requested in writing by the auditor or shareholders holding at least 5 percent of the share capital. The Board must hold the meeting within one month of the request.
Board of Directors in AF Gruppen
Morten Grongstad (1975)
Chair of the Board since 2023 and Chair of the Competence and Remuneration Committee
Grongstad is the Chief Executive Officer of SGF and holds board positions at Stokke Industri and Ustillingsplassen. His previous roles include Head of Fornebu Utvikling and Orkla Eiendom, as well as Executive Vice President and Chief Executive Officer at AF Gruppen. He holds a Master of Science in Business from BI Norwegian Business School and owns 25 000 AF shares.
Hege Bømark (1963)
Board Member since 2012 and Member of the Audit Committee
Bømark is Board Member at Europris ASA and OBOS-Banken AS. She has been a Financial Analyst at Fearnley Finans (Fonds) AS and Orkla Finans (Fondsmegling) AS, as well as board positions at Norwegian Property ASA, Fornebu Utvikling ASA and BWG Homes ASA. She holds a Master of Science in Business from the Norwegian School of Economics (NHH) and does not own any AF shares.
Kristian Holth (1984)
Board Member since 2016 and Chair of the Audit Committee
Holth is the Head of Constructio AS and Project Director at KB Gruppen AS, and hold several board positions. He was the Chief Financial Officer at KB Gruppen AS and Contiga AS, and has experience from McKinsey & Company. He is a Civil Engineer in Industrial Economy from the Norwegian University of Science and Technology (NTNU) and is a related party to Constructio AS and Flygind AS who owns 15 338 012 and 1 021 509 AF shares respectively.
Saloume Djoudat (1977)
Board Member since 2021 and Member of the Competence and Remuneration Committee
Djoudat is currently Partner at Bull & Co Advokatfirma AS and a Board Member of Atea ASA. She previously worked as Legal Consultant at Uno-X Energi AS. Dojoudat studied Law at University of Oslo and does not own any AF shares.
Hilde Kristin Herud (1973)
Board Member since 2022 and Member of the Audit Committee
Herud is a partner at Hartmark Executive Search and a board member of Fritzøe Engros AS and Stangeskovene AS. She has been the Chief Executive Officer and Commercial Director of Norgips, and General Manager at Tremco CPG in Norway. She holds a Master of Arts from Norges Markedshøyskole (BI) and University of Oslo, and completed an Executive Board Program at INSEAD. She is a related party to Hilma Invest AS who owns 3 075 AF shares.
Erik Veiby (1963)
Board member since 2022 and Member of the Competence and Remuneration Committee
Veiby is working Board Member of Nordic Concrete Group AS and Chair of the Board of Kongsvinger Betong AS. He has served as Managing Director of Betong Øst, held various operational roles at Kongsvinger Betongindustri, as well as extensive board experience from industrial and real estate companies. He is a related party to Vito Kongsvinger AS and KB Gruppen Kongsvinger AS who owns 1 511 676 and 312 564 AF shares respectively.
Marianne Gjertsen Ebbesen (1972)
Board member since 2023 and Member of the Competence and Remuneration Committee
Ebbesen is the Executive Vice President at OBOS, responsible for Housing Development Timber Houses in Norway and Sweden, and has previously held various roles in the executive management. She has leadership experience from Nordea and DNB and has been the Deputy Chief Executive Officer at OBOS Block Watne Entreprenør AS. She has also held several board positions. She holds a Master of Science in Business from BI Norwegian Business School and is a related party to OBOS BBL who owns 17 459 483 AF shares.
Rene Elkjær Kristensen (1972)
Board Member since 2024 and Employee Representative
Kristensen is currently the Chief Union Representative at AF Anlegg and Concrete Worker at AF Anlegg. He has previously worked as a smallsmith at Betong Tegl AS, a foundation fitter for MT-Højgård, and a concrete worker at the Opera House in Copenhagen and at NCC in Copenhagen. He holds a trade certificate and does not own any AF shares nor options.
Espen Jahr (1972)
Board Member since 2022 and Employee Representative
Jahr is currently the HSE Manager at AF Decom. He has held various leading positions in AF Gruppen’s internal occupational health service and has worked as an occupational nurse at the Institute for Occupational Health Services/Occupational Health Norway. He studied nursing at the College of Akershus (now OsloMet) with further education in HSE, management and preventive health work. He owns 6 586 AF shares and 5 587 options.
Hilde Wikesland Flaen (1983)
Board Member since 2018 and Employee Representative
Flaen is currently Assisting Project Manager at JV AF Ghella. She has previous experience in various operational roles at AF Anlegg. Flaen studied Civil Engineering in Structural Engineering and Architecture at Norwegian University of Life Sciences (NMBU). She owns 29 016 AF shares and no options.
Corporate Management
Amund Tøftum (1978)
Chief Executive Officer
Tøftum has a background in business development and various operational roles in AF. He served as the Project Director at AF Offshore Decom and Executive Vice President for Construction, Betonmast and Offshore. Tøftum studied Civil Engineering in Industrial Economy at the Norwegian University of Science and Technology (NTNU). He holds 148 146 shares and 40 477 options.
Anny Øen (1974)
Chief Financial Officer
Øen previously served as Group Accounting Manager and Controller at Reitangruppen and Finance Manager at Rema 1000. She holds a Master of Science in Business with a Master’s in Accounting and Auditing from the Norwegian School of Economics. She owns 37 882 shares and 23 708 options.
Geir Flåta (1978)
Executive Vice President Civil Engineering and Property
Flåta has previous experience in various leadership roles in projects and at the unit level within the construction and civil engineering area at AF Gruppen. He studied Civil Engineering at the Norwegian University of Science and Technology (NTNU) and holds an MBA in Economic Management and Leadership from the Norwegian School of Economics (NHH). He owns 2,629 shares and has 24,327 options.
Bård Frydenlund (1968)
Executive Vice President Sweden
Frydenlund served as the Director of Human Resources and Organisation, and have experience from various roles within HR and Finance. He has studied Economics (diplomøkonom) and holds a Master of Management from BI Norwegian Business School. He owns 193 637 shares and 24 437 options.
Tormod Solberg (1971)
Executive Vice President Construction
Solberg was the Chief Financial Officer at AF Bygg Oslo, and Director of Quality and Risk. He also has a background from ABB and PwC. He holds a Master of Science in Business from the Norwegian School of Economics. Solberg owns 64 778 shares and 22 796 options.
Eirik Wraal (1979)
Executive Vice President Energy and Environment
Wraal has previously been the Head of AF Decom, and had various operational roles within AF’s environmental business. He studied Civil Engineering in Product Development and Production at the Norwegian University of Science and Technology (NTNU). He owns 42 953 shares and 24 327 options.
Lars Myhre Hjelmeset (1979)
Executive Vice President Offshore
Hjelmeset was previously the Managing Director of AF Offshore Decom, and also has experience as Business Developer in corporate staff and Chief Financial Officer at AF Offshore Decom. He holds a Master of Science in Business from BI Norwegian Business School and a CEFA from the Norwegian School of Economics (NHH). He owns 39 874 shares and 23 708 options.
Nominating Committee
The company's nominating committee is composed of at least three members, each elected for one-year terms by the general meeting.
Auditor
PWC and Thomas Whyte Gaardsø serve as auditors for AF Gruppen. The auditor assures shareholders, management, and other stakeholders that AF Gruppen adheres to applicable laws and regulations governing its operations.
Articles of Association
§1 Company
The company's name is AF Gruppen ASA. The company is a public limited company.
§2 Company's Business
The company's business shall be construction and industrial activities and everything related to this. This also includes participation in other enterprises.
§3 Registered Office
The company's registered office is in the municipality of Oslo.
Code of conduct
Our trust, credibility, and competitiveness depend on strict ethics and clear expectations for all collaborators.