No less than once a year the Board of Directors evaluates its performance and achievements as well as the individual board members’ respective work and results.
The Chair of the Board of Directors ensures that the Board of Directors performs regular assessments of its own performance to verify that the Board of Directors is capable of fulfilling its function and responsibilities, and that the outcome of such evaluations are discussed with the Board of Directors. When performing these evaluations external assistance is obtained every year. The evaluation is based upon anonymous questionnaires on the work in the Board of Directors, the work in the board committees, the cooperation with the Executive Management, anonymous evaluation of the individual board members and an interview with an external consultant with each member of the Board of Directors and the Executive Management. Furthermore, the Board of Directors performs regular assessments of the Executive Management and of the collaboration between the parties to identify any areas in potential need of improvement.
In 2023, the Board of Directors’ self-assessment consisted of a questionnaire survey combined with one-to-one interviews with each member of the Board of Directors and the Executive Management facilitated by an external consultant. As part of the 2023 self-assessment, each board committee evaluated its role, mandate, responsibilities and the tasks carried out.
The outcome of the Board of Directors’ 2023 self-assessment was positive with only minor areas for improvement identified. Overall, there was a high degree of satisfaction with the board meetings and the collaboration in the Board of Directors and very good feedback to the board committees and to the chair of the Board of Directors. The competencies in the Board of Directors were considered in general to be adequate and well balanced, and it was the assessment that the Board of Directors currently has the right size. The attention to strategy and organizational themes was perceived to be at a high level and there was confidence in the present strategy and the execution thereof. Also, there was a perception that the Board of Directors’ attention to ESG, IT and cybersecurity is at a good level, and that there is a high level of compliance with legal responsibilities and good corporate governance principles. It was further concluded that the interface between the Board of Directors and the Executive Management continued to be very strong and that an excellent relationship exists between the Executive Management and the Board of Directors.
