Responsibilities of the Board of Directors

The Board considers all matters stipulated to be the responsibility of a board of directors by legislation, other regulations, and the company's Articles of Association. The most important of these are:

  • the annual and interim financial statements
  • matters to be put before the General Meetings of shareholders
  • the appointment of the President and CEO, the Executive Vice Presidents and the CEO's deputy, if any
  • the organisation of financial supervision within the company

The Board is also responsible for considering any matters that are so far-reaching with respect to the area of the Group's operations, that they cannot be considered to fall within the scope of the Group's day-to-day administration. Examples of such matters include:

  • approval of the long-term goals of the Group and its businesses as well as the strategies to achieve them
  • monitoring the developments, opportunities and threats in the external environment, and their impact on goals and strategy
  • approval of the annual business plan and target setting for the Group
  • approval of risk management principles
  • monitoring and assessing the performance of the President and CEO
  • approval of the remuneration and pension benefits of the President and CEO, the Executive Vice Presidents and the CEO's deputy
  • approval of the corporate governance principles
  • overseeing that the Company complies with legal and regulatory requirements and its Code of Conduct and other established values and ethical principles in its operations
  • discussing and monitoring the R&D and product development plans of the Company
  • appointing of the Board committees
  • the granting of charitable donations
  • approval of other matters that are strategically or financially important, such as significant investments, acquisitions or divestments.