Matters of importance addressed by the Board of Directors include: business strategy, interim reports and annual report, presentation of each country’s business plan and budget and approval of the budget for the next financial year, investments and acquisitions of operations, guidelines for remuneration and bonuses and other HR-related issues, review and adoption of the Company’s policies and instructions, issues relating to internal control, audit-related issues, financing and annual evaluation of the Board’s work.
In accordance with the Swedish Companies Act, the Board of Directors is responsible for the Group’s organization and administration and appoints the President and CEO, the Audit Committee and the Nomination Committee.
The Board also determines the salary and other remuneration for the President and CEO. The Board convenes at least five times a year. The Company’s auditors attend the board meeting held in conjunction with the closing of the annual accounts.
Rules of procedure
The duties of the Board and division of responsibilities between board members and Group management are stipulated in the Work Procedures for the Board of Directors, a set of rules adopted by the Board every year. According to this document the Board is to take decisions on such matters as the Group’s overall strategy, company acquisitions and investments in real property, and is to establish a framework for the Group’s operations by approving the Group’s budget. The rules include a work plan for the President and financial reporting instructions. The Rules of Procedure also contain instructions regarding an annual evaluation of the work of the Board.