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 & 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, as well as 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 &
CEO
- approval of the remuneration and pension benefits of the
President & CEO, Executive Vice Presidents, and the CEO’s
deputy, if any
- approval of the corporate governance principles
- overseeing that the company complies with legal and
regulatory requirements, its Code of Conduct, and other
established values and ethical principles in its operations
- discussing and monitoring the research and product
development plans of the company
- appointing the Board committees
- granting charitable donations
- approval of other matters that are strategically or financially
important, such as significant investments, acquisitions, or
divestments
