BioArctic’s corporate governance has, prior to the listing on Nasdaq Stockholm, been governed by the Swedish Companies Act and other applicable laws and regulations, the Company’s articles of association and internal policy documents. The internal policy documents primarily include the rules of procedure for the board of directors, instructions for the CEO and instructions for financial reporting. Furthermore, BioArctic also has a number of policy documents and manuals containing rules and recommendations which contain principles and provide guidance in the Company’s operations and for its employees.
Following the listing on Nasdaq Stockholm corporate governance will also be based on Nasdaq’s rules for issuers, the Swedish Corporate Governance Code (“the Code”), good practice in the stock market and other applicable rules and recommendations.
Companies applying the Code are not required to comply with every rule in the Code at all times. If the Company finds that a certain rule is inappropriate with respect to the Company’s specific circumstances, the Company may choose an alternative solution, provided that the Company clearly describes the deviation and the alternative solution as well as provides the reasons for the choice of the alternative solution (all in accordance with the principle of “comply or explain”). Any deviations from the Code will be reported in the Company’s corporate governance report.
Corporate governance structure
The figure below provides an overview of BioArctic’s corporate governance structure.