The Board of Directors meets according to a pre-arranged schedule, 7–11 times per year, and holds additional meetings as necessary. In 2015, there were a total of 12 Board meetings with an average attendance rate of 97.6%. Sponda’s Board of Directors evaluates its own performance and working procedures once a year. The evaluation of performance was based on an external evaluation of the Board’s performance carried out in November 2015. The Board addressed the results of the survey and considered further actions in its meeting in December 2015. Among other issues, the evaluation focused on the composition of the Board, its work and the material delivered to the Board. The results of the survey will be used to improve the work of the Board of Directors.
The Board has established two permanent committees to assist the Board by preparing matters for which the Board is responsible. These permanent committees are the Audit Committee and the Structure and Remuneration Committee. The Board is responsible for carrying out the duties it assigns to the committees. The committees report regularly to the Board on their work. The Board confirms written rules of procedure for the committees. If required, the Board can appoint other committees and working groups from among its own members to prepare matters for the Board’s consideration and decision-making.
The President and CEO attends Board meetings regularly. Sponda’s Chief Financial Officer, the President and CEO and the Senior Vice President, Corporate Planning and IR, acted as secretaries of the Board of Directors in 2015.