The Board of Directors is the corporate body’s highest authority after the General Meeting. According to the Companies Act, the Board of Directors is responsible for the management and organization of the company which means that the Board of Directors is responsible, for example, to set goals and strategies, establish routines and systems to evaluate goals, to continually review Boule’s financial position, result and risk level and to evaluate the executive management. The Board of Directors is also responsible for ensuring that the Annual Report, Group Report and Quarterly Reports are prepared in time and that they fulfill applicable requirements. The Board of Directors appoints the CEO. The board members are elected each year at the Annual General Meeting for the period extending until the following Annual General Meeting. According to the company’s Articles of Association, the Board of Directors shall consist of not less than three and not more than seven members.
The Chairman is elected at the Annual General Meeting and has a particular responsibility for the leadership of the Board of Directors and to ensure that the work of the Board is well organized and carried out effectively. The Chairman does not participate actively in the executive management of the company.
The Board of Directors shall follow written rules of procedure set out annually at a board meeting. The procedures regulate Board practices, functions and the division of work between the board members and the CEO. The Board sets instructions for financial reporting and instructions for the CEO annually.
The Board of Directors shall hold not less than four ordinary Board Meetings between two consecutive Annual General Meetings. The Board may call additional meeting for issues that cannot wait for an ordinary meeting. In addition to Board meetings, the Board and the CEO shall have a regular dialog.
