The work of the Board of Directors Each year the Board adopts a written work plan that governs the Board’s work and its internal delegation of duties including the committees, decision-making procedures within the Board, meeting procedure and duties of the Chairman. The Board has also issued instructions for the CEO and instructions on financial reporting to the Board. In addition, the Board has adopted numerous policies, including a finance policy and an investment policy.
The Board is responsible for the Company’s organisation and for the administration of its affairs. This entails ensuring that the organisation is suited for its purpose and designed in such a way so as to ensure satisfactory control of its bookkeeping, treasury management and financial conditions in general.
In addition, the Board is responsible for ensuring that the Company has satisfactory internal control and continuously evaluates the extent to which the Company’s system for internal control works. The Board is also responsible for developing and monitoring the Company’s strategies by drawing up plans and setting objectives.
The Board oversees and evaluates the CEO’s and operative management’s work on a continuous basis. This particular matter is addressed yearly without any members of the Group Management present.
In accordance with the adopted work plan, the Board holds at least five regular meetings each year, including the statutory meeting after the AGM, and on any other occasions when warranted by the situation.
In 2018, the Board held a total of eleven meetings including the statutory meeting. The Board conducted its work during the year in accordance with the Board’s work plan. Matters requiring special attention by the Board during the year pertained to strategy, finance, acquisitions and sustainability.