The Board of Directors is the second highest decision-making body after the general meeting. Pursuant to the Swedish Companies Act, the Board of Directors is responsible for the organization of the company and the management of the company’s affairs, which means that the Board of Directors is responsible for, among other things, determining the goals and strategy, securing of routines and systems for evaluation of determined goals, continuously evaluating the Company’s and the Group’s financial position and surplus as well as evaluating the operating management. The Board of Directors is also responsible for ensuring that the annual report and the consolidated annual report as well as the interim reports are prepared in a timely manner. In addition, the Board of Directors appoints the CEO.
Board members are elected annually at the Annual General Meeting for the period until the end of the next Annual General meeting. Pursuant to the Company’s articles of association, the Board of Directors elected by the general meeting shall consist of not less than three members and not more than eight members without deputy members.
The Chairman of the Board of Directors is elected by the Annual General Meeting and has a particular responsibility for the management of the board’s work and that the board’s work is well organized and conducted effectively. The Chairman of the Board of Directors does not participate in the operating management of the company.
The Board of Directors follows written rules of procedure, which are reviewed annually and established at the inaugural board meeting each year. The rules of procedure regulates, among other things, board practices, functions, and the division of work between the board members and the CEO. In connection with the inaugural board meeting, the board of directors also established instructions for financial reporting and instructions for the CEO.
The Board of Directors meets according to an annual schedule which is determined in advance. In addition to these meetings, additional meetings may be arranged to deal with matters which cannot be remitted to one of the ordinary meetings. In addition to board meetings, the Chairman of the Board of Directors and the CEO have a continuous dialog regarding the management of the company.
The Board’s work in 2018
The Board held 11 meetings in 2018. Important issues addressed by the Board in 2018, in addition to the adoption of the Annual Report and interim reports, and the business plan and attendant budget, included the following:
• Proposed dividend for 2018 of SEK 0.0 per share
• Opening of new stores
• Introduction of an audit committee
• Continued enhancement of operating activities
• Revision and adoption of the company’s policies