Updated on 17 April 2023
The Board of Directors is responsible for the administration of the company and the due organisation of operations. The Board of Directors’ operating principles and main duties are specified in the Limited Liability Companies Act, the Company’s Articles of Association, and the standing orders drawn up for the Board’s activities.
The Board of Directors’ duties include
- leading and supervising the Company’s operations in accordance with the Limited Liability Companies Act, SRV’s Articles of Association, and any other applicable legislation and regulations;
- deciding on matters of principle and far-reaching significance to the Group, including:
- approving and overseeing the Group’s strategy;
- approving and overseeing the annual budget and action plan;
- approving and overseeing the principles for risk management and internal control;
- the most important business matters (such as acquisitions and significant contract agreements, investments and divestments);
- appointing the President & CEO and other members of the Corporate Executive Team, and approving the terms and conditions of their service contracts and remuneration schemes;
- approving remuneration schemes for other personnel.
The Board of Directors meets regularly according to a preset schedule, and also when necessary. The Board of Directors is quorate when more than half of its members are present and one of them is the chair or the vice chair. The CEO and General Counsel, who serves as the secretary of the Board, participate in Board meetings. Other members of the Corporate Executive Team participate in Board meetings by invitation of the Board.
The Board of Directors conducts an annual assessment of its activities and working procedures, and develops its activities based on the results.