Responsibilities of the Board of Directors

Updated 14.2.2024

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