The Board of Directors is ultimately responsible for administering the Company’s affairs and for ensuring that the Company’s operations are organized in a satisfactory manner. Moreover, the Board is responsible for establishing supervisory systems and for overseeing that the business is run in accordance with the Company’s core values and ethical guidelines.

A Deputy Chairman has been elected to chair meetings of the Board of Directors in the event that the Chairman cannot or should not lead the work of the Board.

The Board of Directors meets minimum 6 times a year and more frequently if required.

Audit Committee
The Board of Directors has established an Audit Committee. The Audit Committee assists the Board of Directors in matters relating to the integrity of the Company’s financial statements, financial reporting processes and internal controls, and the qualifications, independence and performance of the external auditor. The members of the Audit Committee receive additional remuneration for duties relating to the committee responsibilities. Such remuneration is approved by the Ordinary General Meeting.