Under the Swedish Companies Act, the Board of Directors is responsible for the Group's organization and management and for ensuring that the control of accounting, asset management and financial conditions in general is satisfactory. The work of the Board is governed by the Swedish Companies Act, the Articles of Association, the Code and the rules of procedure adopted annually by the Board. The rules of procedure describe the division of the Board's work between the Board, its Chairman and the CEO. The rules of procedure also contain provisions to ensure the Board's need for continuous information and financial reporting and instructions for the CEO.
The Board's rules of procedure state, among other things, that the Chairman of the Board, in close cooperation with the CEO, shall monitor the development of the business and plan and chair the Board meetings. The Chairman is responsible for ensuring that the Board annually evaluates its work and reviews its own working procedures and ensures that the Board continuously receives the information required for effective Board work.
The Chairman represents the company in ownership matters. The Board is responsible for setting IAR Systems Group's overall objectives and strategies, deciding on the budget and business plan, reviewing and approving the annual accounts and interim reports, and establishing important policies and rules. The Board monitors financial performance, ensures the quality of financial reporting and internal control, and regularly monitors and evaluates operations based on the objectives and guidelines set by the Board. The Board shall also decide on major investments and changes in IAR Systems Group's organization and operations.
