The company’s line operations are managed by the President and CEO, who carries out his or her duties in accordance with the instructions and regulations lay down by the Board. The President and CEO informs the Board of Directors of the development of the company’s business operationsand financial situation as well as oversees the legality of the company’s operations and accounting and the reliable organization of treasury management.
The President and CEO is elected by the Board of Directors, which decides on the President and CEO’s salary and other benefits. The terms and conditions of the President and CEO’s employment are specified in writing in his or her written employment contract that is approved by the Board of Directors. The Chairman of the Board of Directors is the President and CEO’s supervisor. The President and CEO participates in Board meetings as a presenting officer, but is not a Board member.
The biographical details and the holdings of the President and CEO are disclosed in the Annual Report and on the company’s website in the same extent than the respective information of Board members. In addition, the company publishes the President and CEO’s salary and other financial benefits included in his or her contract, shares and stock options received as remuneration, retirement age and the criteria for determining his or her pension, period of notice and the terms and conditions of salary for the period of notice and eventual other compensation payable on the basis of termination.