Board of Directors
The Board of Directors is responsible for the administration of the company and for the proper arrangement of its business activities. The Board of Directors is responsible for ensuring that the supervision of the company’s accounting and financial management has been arranged appropriately.
As part of its duties, the Board of Directors takes major decisions concerning business principles, strategy, investments, organisation and financing. In addition, the Board decides on the selling or purchasing of business operations, on company acquisitions and on major property transactions.
The Board of Directors also:
- approves the annual business plan and budget;
- signs the annual report and financial statements;
- approves interim reports and financial statements bulletins;
- approves the company’s organisational structure and incentive schemes;
- appoints and dismisses the President and CEO;
- appoints the members of the Group’s Board of Management;
- approves the terms of employment for the President and CEO, members of the Group’s Board of Management, and other main key personnel in the Group;
- appoints the members of committees set up by the Board and confirms the working procedures for the committees;
- directs and oversees senior management;
- monitors operations to ensure that they comply with legislation, rules and regulations;
- approves long-term goals;
- approves the Group’s values and the principles and policies concerning the control and risk management system;
- prepares matters with the President and CEO that are to be considered in the Supervisory Board and
- convenes the general meeting of shareholders.
The Board of Directors has approved rules of procedure for itself that contain the main duties of the Board and the principles for assessing the work of the Board. The Board confirms changes and updates to the rules of procedure.
The Annual General Meeting of VR-Group Ltd elects the chair and other members of the Board of Directors annually. The Board elects a vice chair from among its members. The Board of Directors comprises the chair and at least four (4) and at most eight (8) ordinary members.
The Board of Directors evaluates its work each year mainly by self-assessment and where necessary utilising an external assessor, to ensure the effectiveness of its work and work procedures and to further develop these.