All AS companies must have a stock capital of at least NOK 100,000. In addition they must have a board of directors and an auditor. They may choose to have a Managing Director. If the company has assets exceeding NOK 3 million, the board must have at least three members and the Managing Director cannot be Chairman of the Board. Though not required by law, practically all Norwegian companies have a fiscal year running from January to December, though some foreign subsidiaries may have a different fiscal year to match the corporation.