Management duties and responsibilities
Chief Executive Officer (CEO)
The CEO is responsible for managing and controlling the company’s business and day-to-day operations with the aim of securing significant, sustained increase in the value of the company for its shareholders. The CEO prepares matters for decision by the Board of Directors, develops the group in line with the targets agreed upon with the Board of Directors and ensures proper implementation of the decisions of the Board of Directors.
It is further the duty of the CEO to ensure that the company’s operations are in compliance with the laws and regulations applicable at the time. The CEO may have a deputy who will attend to the duties of the CEO in the event that the CEO is prevented from doing so him/herself. The CEO shall make his/her most important decisions in Executive Board meetings, and such decisions shall be recorded in the minutes of these meetings.
The Executive Board, operating under the authority of the CEO, consists of the CEO, his/her deputy (if one has been appointed), the Chief Financial Officer and the Executive and Senior Vice Presidents responsible for the regions, business areas and global functions. The role of the Executive Board is to manage the Group’s business as a whole. The members have extensive authorities within their individual areas of responsibility and have the duty to develop the company’s operations in line with the targets set by the Board of Directors and the CEO. Executive Board meetings are convened by the CEO on a regular basis and all decisions made are recorded in minutes.
Appointments and benefits
The CEO, his/her deputy (if applicable) and the other members of the Executive Board are appointed by the Board of Directors, which also specifies their areas of responsibility, in addition to determining and approving their terms of service, including salaries, bonuses and pension and other benefits. The terms of service shall be recorded in written contracts.
External board memberships
The members of the Executive Board are allowed to accept memberships of boards of directors of other public companies and significant external private companies only with prior approval from the Board of Directors.