The task of the Board of Directors is to manage the company’s affairs on behalf of the shareholders. The Board members are elected by the shareholders at the Annual General Meeting for the period up to the end of the next AGM.
In addition to laws and recommendations, New Nordic's Board work is regulated by the Board's work plan which contains rules on the distribution of work between the Board and the Managing Director, financial reporting, investments and financing. The work plan is established once a year.
According to the Articles of Association, New Nordic's Board is to consist of at least five and no more than nine members elected by the AGM and no more than the same number of deputies. The Annual General Meeting determines the exact number of Board members.
During the financial year New Nordic normally holds five regular Board meetings, one of which is the statutory Board meeting. Extraordinary Board meetings are held when the need arises. The Board consists of five ordinary members elected by the Annual General Meeting. Four members of the Board are men and there is one woman; two of the five are employed by the company.
The Board meetings begin with a discussion of the company's financial situation, with costs and sales as the main focus. The Board goes through the various financial reports and the Annual Report and verifies these before they are published. The Board meetings also discuss matters such as overall strategy, expansion and dividend policy. The Managing Director is a member of the Board and report on the operational work within the Group and ensures that the Board is given relevant and objective information on which to base its decisions.
Attendance at the Board meetings is very good and the members participate in all discussions.Once a year New Nordic responsible Accountant participate in the Board meeting and present the yearly Accountant Post Memorandum issues.