CIRCULAR TO MEMBERS and ASSOCIATE MEMBERS OF INTERTANKO
Dear Member/Associate Member
Annual General Meeting 2017
Wednesday 24thMay 2017at 1400 - 1700 hours
Lunch for all attendees1300-1400 hours
GrandeBallroom, Houstonian Hotel, Houston, Tx, USA
Please find attached the Agenda and Notes for the Annual General Meeting(AGM) to be held in Houstonon 24thMay 2017.It will be held after the meeting of INTERTANKO’s Council. All Members and Associate Members are welcome to register and attend the AGM and to join the Council Members for lunch at 1300 outside the Grande Ballroom.
The AGM is invited to note in particular item 7 concerning Member subscriptions for 2018. This follows discussions at the last Council meeting in November 2016 regarding the Association’s reserves.The Articles of Association provide that the Association’s annual expenditure shall not exceed the annual subscription revenue unless agreed by a General Meeting. On this basis, and with a zero budget balancing fee income with operating expenditure, any reduction in fee income would result in an overspend and a breach of the Articles. In order to allow Council to set reduced fees and fund part of the operating expenditure for 2018 from accumulated reserves, a decision would need to be made by the AGM. The AGM is asked to agree to allow the Council in November 2017 to decide, based on the state of reserves and expected operating expenditure for 2018, whether a fee discount should be given to existing Members in good standing for 2018.
The AGM will also include presentationshighlighting INTERTANKO’s current work programme and activities. This will enable all Members and Associate Members to experience directly the work of the Association on the issues of the day. The focus will be on:
- Tanker Safety & Performance
- Security, Piracy & Cyber Risk
- Ballast Water Management
- Global Fuel Oil Sulphur Cap 2020
- Reducing Greenhouse Gas Emissions from Ships & Aligning Emissions Reporting
- INTERTANKO Activities for Gas Carriers
- Commercial Issues including Payment Performance System Update
For further details regarding the INTERTANKO Annual Tanker Event including theAnnual Gala Dinner on 24thMay; the Tanker Summiton 25thMayfollowed bySocial DinnerandTanker Forums which will close the event on 26thMay, please use the link below where you can also register for the AGM and other events.
Reservations for guest rooms at the Houstonian Hotel can also be made by contacting and quoting ‘INTERTANKO 2017 ANNUAL TANKER EVENT’or calling +1 713 685 6810 (before 5th May for preferential rates).
Please find enclosed a Proxy Form for use by MEMBERS ONLY.Please return .
We sincerely hope that you will join us in Houston and that you will also encourage colleagues and other Members and Associates to attend. You may send more than one representative but we ask that each attendee registers his/her attendance.
Yours sincerely
Michele White
General Counsel and Company Secretary
INTERTANKO
Direct: + 44 (0) 20 7977 7038
Mobile: + 44 7515 973 875
Annual General Meeting 2017
Wednesday 24thMay 2017 at 1400 - 1700 hours
Lunch for all attendees1300-1400 hours
Grande Ballroom, Houstonian Hotel, Houston, Tx, USA
Anti-trust Compliance Statement
INTERTANKO is firmly committed to maintaining a fair and competitive environment in the world’s oil and chemical tanker trades, and to adhering to all applicable laws which regulate INTERTANKO’s and its members’ activities in these markets. These laws include the anti-trust laws, which the U.S., the European Economic Community and many nations of the world have adopted to preserve the free enterprise system, promote competition and protect the public from monopolistic and other restrictive trade practices. This meeting will be conducted in compliance with INTERTANKO’s anti-trust guidelines.
AGENDA
1.Words of welcome by the Chairman
Mr Nikolas Tsakoswill extend words of welcome.
2.Adoption of Minutes of the last meeting
The draft Minutes of the AGM 2016held in Singapore are attached (Appendix 1).
The AGM will be invited to approve the minutes.
3.The Managing Director’s Report
Ms Katharina Stanzel will give a short report on issues not covered by the AGM Agenda, including INTERTANKO’s plans and budget for 2017.
4. Annual Review and Report 2016/17
The Annual Review and Report for 2016/17will be available shortly on INTERTANKO’s website at Annual Report and Review 2016
Hard copies will beavailable at the AGM in Houston.
The AGM will be invited to adopt the report.
5.Financial Statement for 2016
The following documents can be found on INTERTANKO’s Website at Financial Report and Accounts 2016
- Management Committee’s Financial Report 2016
- Profit & Loss Account for the year ended 31 December 2016
- Balance sheet as of 31 December 2016
- Notes to the Financial Statements for the year ended 31 December 2016
- Cash Flow Statement
- Auditor’s report
- Comments to INTERTANKO’s Financial Result for the year ending 31 December 2016
- Actual & Budget for 2016
The AGM will be invited to review and approve the above.
6.Appointment of Auditors
It is the Secretariat’s recommendation that the current auditor Ernst & Young AS be re-appointed for another year.
The AGM will be invited to appoint an auditor.
7.Annual expenditure and subscription 2018
Article 9 of the Articles of Association provides that:
9) Finances and accounts
All expenses incurred on behalf of the work of the Association shall be borne by the Association. The annual expenditures shall not exceed the annual subscription revenue unless agreed by a General Meeting. The accounts shall be examined and at least once in every year the balance sheet shall be certified by the Auditors.
The AGM pursuant to Article 9 will be invited to agree, for 2018 only, that the annual expenditures may exceed the annual subscriptionwith accumulated reserves being used to meet any shortfall.
8.Date and Place of next meeting
The AGM will be invited to consider the date and venue of next year’s AGM.
9.INTERTANKO current activities
An in-depth report on some of the current activities of the Association.
10.Any other matters
There will be a short presentation by Mr Russ Holmes, Director of Development at Mercy Ships.
The AGM will be invited to consider any other relevant matters.
Appendix I
DRAFT MINUTES
INTERTANKO’S ANNUAL GENERAL MEETING
Annual General Meeting 2016
Grand Ballroom, Capella Hotel, Sentosa, Singapore
Wednesday 25th May 2016 - 1400-1700
DRAFT MINUTES
1. Words of welcome by the Chairman
INTERTANKO’s Chairman, Mr Nikolas Tsakos, welcomed the participants.
The meeting was conducted in compliance with INTERTANKO’s anti-trust guidelines.
The meeting began with a short presentation by Katharine Cheong-Koh, Director (Asia Pacific) McQuilling who spoke on the Asian Chemical Markets.
2. Adoption of Minutes of the last meeting
The meeting adopted the Minutes of the 2015 AGM held in Athens on 20th May 2015 as circulated on 22nd April 2016.
3. The Managing Director’s Report
Ms Katharina Stanzel gave a brief report on the recent work of INTERTANKO.
4. Annual Review and Report 2015/16
The AGM adopted the Annual Review and Report for 2015/2016.
5. Financial Report and Accounts for 2015
The AGM approved the Financial Statement for 2015.
6. Appointment to the INTERTANKO Management Committee
The AGM approved the appointment of Mr Atle Bergshaven to the Management Committee.
7. Appointment of Auditors
The AGM reappointed Ernst & Young AS as auditors for a further year.
8. INTERTANKO current activities
An in-depth report on some of the current activities of the Association was provided by the Secretariat. This included:
Report from the INTERTANKO Asian Panel
Security
Gas Issues
Cyber Risk
Ballast Water Management
Tanker Safety
Commercial Issues - Payment Performance System and BP Voy 5
9. Date and Place of next meeting
The AGM was advised that the next AGM will be held in Houston 24thMay in conjunction with the Annual Tanker Event.
10. Any other matters
There being no further business, the Chairman thanked the attendees for their participation and declared the meeting closed.
P R O X Y
Annual General Meeting
Houston–24thMay 2017
I/we......
of......
being a Member of the International Association of Independent
Tanker Owners, INTERTANKO, hereby appoint(s) the Chairman or
(insert name)
......
as my/our proxy to vote for me/us at the INTERTANKO Annual General Meeting to be held inHoustonon24thMay 2017 and to any adjournment thereof.
Date:......
Signature:......
See Article 7) a) (4), which reads:
Any vote may be given by a member present in person or by proxy who shall be either a member of the Association, a partner or an executive officer. The proxy shall be duly signed by the member and shall be deposited at the office not less than forty-eight hours before the meeting.
INTERTANKO
Nedre Vollgate 4, P.O. Box 761, Sentrum, N-0106 Oslo, Norway
Fax: + 47 22 12 26 41
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