Composition and Duties

The duties of the Company’s Board of Directors are set forth in the Companies Act and other applicable legislation. The Board of Directors is responsible for the management of the company. Its responsibilities include, inter alia, to: deliberate and decide on the Company’s strategy; confirm the business plan and budget as well as financing transactions (as far as not falling into the responsibility of the shareholders); deliberate on and approve interim reports and/or interim management statements, the annual accounts and the Board’s reports; confirm internal control and risk management systems and reporting procedures; decide on possible bonus and incentive schemes for the management and possible general or special pension schemes, profit sharing schemes or bonus schemes for employees of the Company; decide on any contracts which, given the scope and nature of activities of the Company, are of unusual nature, or significant importance such as long-term lease contracts; decide on related party transactions; and appoint or dismiss the CEO. Other employees belonging to the management team of the Company are appointed by the CEO and approved by the Board of Directors.

Pursuant to its articles of association, the company’s board of directors consists of a minimum of three (3) and a maximum of six (6) members. The Chairman, the Vice Chairman and the Members of the Board are elected by the Annual General Meeting. The term of the Members of the Board of Directors ends at the end of the first Annual General Meeting of Shareholders following the election. The Board of Directors has set up three committees; People, Working and Audit Committee.

In 2023, the Board of Directors convened 16 times. The participation degree was 97 percent.