The main responsibility
of the board of directors

The main responsibility of the board of directors is to, on behalf of the shareholders, manage the company’s business and operations and be responsible for the company’s organisation. The chairman of the board leads the work of the board. Immediately following the AGM the board shall have founding meeting and during the year the board shall meet regularly but in addition whenever requested. At the founding meeting resolutions are taken on signing on behalf on company, adoption of written instructions for the CEO and for the financial reporting and the rules of procedure for the board. The meetings of the board of directors includes i.e., the company’s financial situation, the development of the operations and other current topics where the board shall have information. The board of directors have the supervision of the work of the CEO, i.e. follow up that the CEO executes the decisions taken by the board of directors. Further, the board of directors prepares and proposes principles for remuneration of the management of the company which principles are adopted by the AGM. The board of directors also prepares and proposes any incentive program before the AGM. The company’s auditor is present and reports at board meetings whenever necessary. The board of directors is qualified to take any resolution if more than half of the directors are present at the meeting. Currently Isofol’s board of directors consists of three directors.

BOARD COMMITTEES

The board of directors has set up two committees, the audit committee and the remuneration committee. The board has adopted rules of procedure for both committees and a decision that the tasks of the committees will be handled by the entire board until the next annaul general meeting.

Audit committee

The audit committee’s role is primarily to monitor the Company’s financial position, to monitor the effectiveness of the Company’s internal control, internal audit and risk management, to be informed about the audit of the annual report and consolidated financial statements, and to review and monitor the auditor’s impartiality and independence. The audit committee shall also assist the nomination committee in proposals for resolutions on the election and remuneration of the auditor. Read more >>

Remuneration committee

The remuneration committee’s role is primarily to prepare matters regarding remuneration and other terms of employment for the CEO and other members of senior management. The remuneration committee shall also monitor and evaluate ongoing and completed programmes for variable remuneration to the Company’s management and monitor and evaluate the implementation of the guidelines for remuneration to senior management adopted by the annual general meeting. Read more >>

Last updated 07-13-2023