Work of the board

The overriding duty of the Board is to manage the affairs of the company in the interests of the company and all shareholders. The Board shall continually assess the financial situation of the company and the Group and ensure that the company’s financial position can be satisfactorily verified. The Board shall also evaluate Group management.

The Board decides on questions including the Group’s strategic direction and organisation and resolves on important acquisitions, investments or disposals.

Each year the Board shall evaluate the work of the Board by means of a systematic and structured process, with a view to developing the Board’s procedures and efficiency.

The Chairman organises and leads the work of the Board. The secretary to the Board is Gränges’ General Counsel.

Formal work plan of the Board of Directors

Each year the Board adopts a formal work plan including instructions for the CEO, which amongst other things governs the division of work between the Board and the CEO. The formal work plan governs how the Board’s work should be divided among the Board’s members, how often the Board should meet and how the work should be divided in the Board’s committees. In addition, the formal work plan also states that there shall be a Remuneration Committee and an Audit Committee.

For more information about the work of the Board in 2015, see Corporate Governance Report 2015.