Duties of the Board of Directors
Sponda’s Board of Directors has prepared rules of procedure for itself and its committees as a guideline for operations. The rules of procedure define the tasks and responsibilities of the Board, its Chairman and Deputy Chairman and the committees. According to the rules of procedure, the Board is responsible for the company’s administration and for the appropriate organisation of its operations. The Board guides and supervises the company’s executive management, approves the company’s strategic objectives and the principles underlying its risk management function, and ensures the effective functionality of its management systems. The Board also approves the annual budget and decides on significant individual investments.
The Board of Directors appoints the President and CEO of the company, chooses the members of the Executive Board based on the President and CEO’s proposal, and decides their terms of employment and incentive schemes. The Board also decides on remuneration schemes for employees.
The Board of Directors has a quorum when more than half of its members are present.