Annual cycle of the Board of Directors
• Business plan • Budget
• Inaugural Board meeting • The Board’s rules of procedure, CEO instructions and other governing documents • Financial reports and business update • Decision on quarterly report • Annual Report and Financial Statements • Notice of Annual General Meeting • Guidelines for compensation and other terms of employment for senior executives • Evaluation of board and CEO • Decision on quarterly report
• Preliminary financial and business update • Decision on quarterly report
Q4
Q1
• Financial reports and business update • Strategy meeting • Internal control and risk assessment • Decision on quarterly report
Q3
Q2
BOARD OF DIRECTORS The Board of Directors has the ultimate responsibility for the company’s organization and the administration of the company’s affairs. The Board’s duties include safeguarding the interests of the company and its shareholders by, among other things, appointing the CEO, continuously assessing the company’s financial situation, deciding on the
company’s strategy, ensuring that the company has good risk management and internal control, and ensuring that the company complies with applicable laws and regulations and the Articles of Association. None of the members of the Board is employed by the Group. Each year, at an inaugural meeting held in conjunction with the Annual General Meeting, the Board of Directors adopts rules
of procedure for its own work, as well as rules of procedure for the Board’s Audit Committee and Remuneration Committee. The Board also annually establishes an instruction for the CEO which includes instructions for financial reporting to the Board.
Composition of the Board According to the Articles of Association, the
Audit Committee
The Committee’s work in 2021 has covered issues such as:
• Analysis of the completeness and accuracy of the respective interim report, year-end report and annual report. • Review of Hemnet’s risks and internal controls, and their effectiveness, with a particular focus on financial reporting and cybersecurity. • Review and follow-up of the auditor’s reporting on audits. • Accounting and valuation policies have been evaluated, including estimates related to the value of the Group’s intangible fixed assets. • The audit work has been evaluated and presented to the Nomination Committee. • Updates to Group-wide policies have been reviewed.
32 · HEMNET GROUP | ANNUAL AND SUSTAINABILITY REPORT 2021
ADMINISTRATION REPORT
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