Work of the Board of Directors
The basic duties of the Board are set out in the Companies Act. The Board adopts rules of procedure and a set of instructions every year.
Duties of the Board of Directors
The basic duties of the Board are set out in the Companies Act. The Board adopts rules of procedure and a set of instructions every year. The rules of procedure and the instructions regulate matters such as reporting to the Board, the division of duties between the Board and the CEO, the duties of the Chair, the format of board meetings and the format for evaluation of the work of the Board and the CEO. The rules also state forms and requirements for reporting other engagements that constitute or may constitute a conflict of interest with board duties.
The rules of procedure specify that the Board shall approve the objectives of the Company and the Group, significant policies, strategic plans and major investments. The Board’s rules of procedure also include instructions for the Board’s Audit, Remuneration and Finance Committees.
Board meetings
The Board holds a statutory board meeting directly after the AGM. The Board held nine board meetings in 2024 in addition to its statutory board meeting
Board committees
The Board’s overall responsibility cannot be delegated, but the Board has established an Audit Committee, a Remuneration Committee and a Finance Committee. These committees prepare, monitor and evaluate issues in their respective areas for consideration by the Board. The committee members are appointed at the statutory board meeting, and they work in line with Board’s rules of procedure and instructions.
Audit Committee
Finance Committee
Remuneration Committee
Evaluation of the Board’s and CEO’s performance
The board evaluates its own work and that of the CEO once a year in order to develop the work and the decision making processes. The 2024 evaluation did not lead to any changes in the existing routines and working methods.