Work of the Board of Directors

Role of the board of directors

The board of directors is ultimately responsible for the Company’s organization and management of the Company’s operations, which should be conducted in the best interest of the Company and all shareholders.

The main tasks of the board include managing strategical issues concerning operations, financing, establishments, growth, and result and continuously monitoring the Company’s financial position. The board shall also ensure that there are effective systems for monitoring and control of the Company’s operations and ensure that the information given by the Company is characterized by transparency and is accurate, relevant and reliable.

Working practices of the board of directors

The board of directors adheres to written rules of procedure which are revised annually and adopted at the inaugural board meeting, which is held in connection with the annual meeting. The rules of procedure govern, among other things, the practice of the board of directors, tasks, decision making within the Company, the board’s meeting agenda, the chairman’s duties and allocation of responsibilities between the board of directors and the CEO. Instructions for financial reporting and instructions for the CEO are also determined in connection with the inaugural board meeting.

Chairman of the board of directors

The role of the chairman is to lead the board of directors’ work and to ensure that the work is carried out efficiently, and that the board fulfils its obligations.

The chairman shall, through contact with the CEO, continuously receive the information needed to be able to monitor the Company’s position, financial planning and development. The chairman shall also consult with the CEO on strategic matters and verify that the board’s decisions are implemented in an effective manner.

The chairman is responsible for contacts with the shareholders in ownership matters and for communicating the views of the owners to the board.

The chairman of the board is elected by the general meeting.