The Board elects members to an Audit Committee, a Remuneration Committee and/or a Nomination Committee from amongst its members each year after the AGM when needed. The committees assist the Board of Directors by preparing matters falling within the competence of the Board. The Board remains responsible for the duties assigned to the committees. The committees have no decision-making authority of their own, and the decisions within its competence are taken collectively by the Board. Committees will not be established if the extent of the company’s business does not require it and then the Board itself performs the tasks of the respective committees.
The company’s general meeting may establish a Shareholders’ Nomination Board to prepare matters pertaining to the appointment and remuneration of the Board of Directors. The Shareholders’ Nomination Board shall consist of the company’s largest shareholders or persons appointed by the largest shareholders. The Shareholders’ Nomination Board may also include members of the Board of Directors.
Audit Committee
In its organization meeting held after the Annual General Meeting on April 26, 2022, the Board of Directors did not establish an Audit Committee; the Board itself performs the duties of the Audit Committee.
The Board has set rules and procedures for the Audit Committee.