Responsibilities of the Board of Directors

The Board considers all the 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
  • those matters to be put before General Meetings of shareholders
  • the appointment of the President and CEO, the Executive Vice President 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 Group's strategic plan and long-term goals
  • approval of the Group's annual business plan and budget
  • decisions concerning investments, acquisitions or divestments that are significant or that deviate from the Group's strategy
  • approval of product development projects and development programmes with strategic importance
  • decisions to raise loans and the granting of security or similar collateral commitments when their size is significant
  • approval of risk management principles
  • the Group's organisational structure
  • appointment of the company's Board of Management and approval of their remuneration and pension benefits
  • monitoring and assessing the performance of the President and CEO
  • approval of the company's management principles and steering systems
  • appointment of the Board of Director's committees
  • the granting of donations to good causes

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