The board of directors is primarily responsible for accountability of the management of the company’s business. Its authority is determined by the company’s By-laws. In addition, the board’s activities are governed by a set of procedural rules which are adopted by the board. The board regularly reviews its guidelines and policies.
The board meets regularly to conduct its business, which includes the approval of the quarterly unaudited and annual audited consolidated financial statements of the company.
The President and CEO ensures that the board regularly receives reports concerning the development of the company’s business and operations, including progress in respect to value creation, liquidity and significant contractual issues, including acquisition of assets.