The Board of Directors’ responsibilities and procedures
The Board of Directors is appointed annually at the Annual General Meeting (AGM) with a term of office until the end of the following AGM. The Board is accountable for the company’s organisation and administration, regularly evaluates the group’s financial situation and appraises the executive management. To aid its work, the Board of Directors has adopted written rules of procedure, which regulate matters including Board meetings, which issues should be submitted to the Board, and the duties of the Chairman. The work of the Board of Directors is also regulated by documentation including provisions of the Swedish Companies Act and the Swedish Code of Corporate Governance.
Composition of the Board of Directors
Audit Committee
The Board of Directors has appointed an Audit Committee whose duties include monitoring the effectiveness of internal controls and risk management of financial reporting.
The Audit Committee’s duties also include monitoring financial reporting, as well as monitoring and evaluating the management of complex accounting and valuation issues in consultation with Group Management. The Audit Committee also monitors and appraises the external audit and the auditor’s impartiality, independence, and performance.
The company’s auditors attend Audit Committee meetings, when the Committee is informed about the focus and scope of the audit, as well as the view of the group’s risks and work on internal controls. The Audit Committee’s duties also include recommending guidelines for services other than auditing that the company may purchase from its auditor.