The work of the Board includes development of the company’s strategy and business plan in such a way that the longterm interests of the shareholders are optimally served. The work of the Board of Directors is governed by a procedural plan that was most recently adopted at the statutory meeting of the Board on 3 May 2017. The work of the Board follows a yearly plan containing fixed decision points that is adopted yearly in connection with the statutory meeting. According to the procedural plan, the Board is responsible for the company’s organisation and management of the company’s affairs. Among other things, the Board’s procedural plan includes information about the separation of duties between the Board, the Chairman, the CEO and the Board’s committees.
The Board continuously monitors the financial situation of the company and the Group so that the Board is able to meet the monitoring obligations required by law, Nasdaq Stockholm’s Rules for Issuers and good board practice. The procedural plan states that it is the responsibility of the Board to decide on matters that are not part of operating activities or that are of major importance, such as material financial commitments and agreements and significant changes in the organisation.
Every year, Bure’s Board of Directors establishes and documents the company’s goals and strategies and discusses marketing, strategic and budgetary issues. The Board establishes the company’s finance policy and right of authorisation, as well as delegation and decision-making procedures. The Board has formulated specific instructions regarding the responsibilities and powers of Bure’s CEO. The management continuously provides the Board with reports and updates about operations. Information materials and decision data ahead of Board meetings are usually distributed around one week prior to each Board meeting.
The company’s auditors attend at least one board meeting every year to report on the year’s audit and their evaluation of the company’s internal control systems. The auditors present their observations from the annual audit directly to the Board. Once a year, the auditors meet with the Board without the presence of any member of the management.