Duties of the Board
The Board of Director has a duty to promote the interests of the company and all its shareholders. The Board of Directors discusses and decides on matters that are significant to the Group's finances, business or principles.
According to its charter and the Limited Liability Companies Act, the Board has the following duties:
- Seeing to the administration of the company and the appropriate organization of its operations (general competence);
- Arranging the control of the company accounts and asset management in an appropriate manner;
- Electing the chairman from among its members for each term of office;
- Appointing and dismissing the CEO;
- Appointing the deputy CEO and members of the company’s Executive Team based on the CEO’s proposal;
- Deciding on the salaries and compensation of the above-mentioned persons and their incentive scheme;
- Deciding on the strategy of the company and its business units;
- Controlling the implementation of the strategic objectives and business plans of the company and its business units;
- Deciding on strategically or financially significant investments as part of the annual company budget, business acquisitions and divestments, business transactions and contingent liabilities − any significant investments outside the annual budget are to be confirmed separately;
- Confirming the company’s values and other general Group principles by means of operating instructions;
- Confirming the company’s personnel strategy and annual personnel and training plans; deciding on the personnel incentive and reward scheme; and
- Seeing to internal control, risk management and internal audit.