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Board responsibilities

The Board considers all the matters stipulated to be the responsibility of a board of directors by legislation, other provisions, and the company's Articles of Association. The most important of these are:

  • the annual and interim financial statements
  • the 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
  • and the organisation of financial supervision in 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 these matters are:

  • 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 Directors' committees
  • the granting of donations to good causes