Appointed by the Board, the President and CEO is in charge of the day-to-day management of the Group, and the other members of Group Management as well as certain heads of Corporate Functions report to him.
In its instructions to the President the Board has laid down detailed rules for the President’s authority and obligations. Within the framework of the current work plan and instructions to the President, which regulate inter alia the relationship between the President and the Board, Group Management is responsible for business control, financial reporting, acquisitions and disposals of companies and major collaborations, financing, capital structure, risk management and communication with financial markets and other matters of a Group-wide nature.
The President works closely and exchanges information with the Chairman and also meets regularly with the Chairman to plan Board meetings. The President keeps the Chairman and the rest of the Board continually apprised of the company’s and Group’s operations and performance.
In addition to the President, Group Management is not a corporate body within the meaning of Swedish company law and as a collegial management body has no legal liability vis-à-vis the Board and shareholders. Group Management has recorded meetings every week. These meetings are chaired by the President, who reaches decisions after consulting with the other members of Group Management.
The management and control of the Group’s subsidiaries are primarily tied to active work on the boards of the respective subsidiaries .
In certain larger subsidiaries there are also representatives of the employees. Those of the Group’s main business areas that are not themselves a separate legal entity are led by Group Management through the representative for the respective business area.