Composition of the board
In accordance with the Articles of Association, the Board of Directors shall consist of no less than three and no more than ten ordinary members. The Board members are elected annually at the AGM for the period until the end of the following AGM.
The Board consists of five members and has a general composition of sector knowledge and competence from Board work and management of listed companies as well as finance, accounting, structural change as well as sales and strategic purchasing.
The employees have appointed two members and one deputy to the Board. The company’s CFO attends the Board meetings and serves as secretary.
The board’s duty and responsibilities
The duty of the Board of Directors is to manage the company’s affairs on behalf of the shareholders. The Board of Directors judges the group’s financial situation on an ongoing basis, prepares budgets and annual financial statements. The Board of Directors is also responsible for formulating and monitoring the company’s strategies through plans and objectives, decisions on acquisitions and divestments of operations, major investments, appointments and replacements of the CEO and senior management and ongoing monitoring of operations in the year.
Each year, the Board of Directors adopts an approvals list, finance policy, instructions for financial reporting and for the Board of Directors, and rules of procedure, which formalise matters including the division of responsibilities between the Board of Directors and the CEO, alongside the Instructions for the CEO. The Chairman of the Board leads the Board of Directors’ work and ensures that it is conducted in accordance with the Swedish Companies Act, applicable regulations for listed companies, including the Code and other laws and ordinances. The Chairman is also responsible for maintaining ongoing contact with the group management, and for ensuring that the Board’s decisions are implemented appropriately.
The Board’s work is evaluated yearly through a survey that is compiled and reported to the Board of Directors and the Nomination Committee.
Work of the board of directors in 2020
Each scheduled Board meeting conducts a review of operations, results of operations and financial position of the group and outlook for the remainder of the year. In addition, the Board takes a standpoint on overall issues such as the company’s strategy, marketing and sales, financing, budget and long-term operational planning.
During the year, the Board held six Board meetings where minutes were taken. Employees of the company participated in Board meetings to submit reports. The company’s Auditor attended one Board meeting in the year.