Supervisory & Executive Boards

Last updated 29-06-2011

Duties of the supervisory and executive boards

The duties of the supervisory board are described in detail in the rules of procedure and consist of determining the company's targets, policies and fields of activity and deciding on matters of an exceptional nature or key importance. In addition, the supervisory board ensures that management's business strategies and action plans are complied with and reviewed when necessary.

Furthermore, the supervisory board oversees the organisation of the company and the management work of the executive board and ensures that BoConcept is operated properly and in compliance with the company's articles of association, other guidelines and policies, laws and regulations. The supervisory board stipulates guidelines for the allocation of the duties of the supervisory and executive boards, but takes no part in the day-to-day management of the company.

BoConcept Holding's supervisory board hires members of the company's executive board and stipulates this board's terms and duties. The supervisory board holds the executive board of BoConcept Holding responsible for ensuring that the day-to-day management of the group and any affiliates is conducted in a businesslike and legally responsible manner.

Composition of the supervisory board

The shareholders in general meeting, the body that has the ultimate authority in BoConcept Holding, elects a supervisory board made up of three to nine members, plus representatives elected by employees. The board elects its own chair and may elect up to two deputy chairpersons. The supervisory board is currently composed of three members elected by the shareholders and two members elected by the employees.

Supervisory Board. Supervisory board members elected by the shareholders in general meeting serve for terms of one year at a time, whereas employee representatives are up for election every four years. The articles of association of BoConcept Holding stipulate no age limits for board members. The supervisory board takes the view that the experience and qualifications of a board member are more important than that person's age.

In view of the company's size, the supervisory board has decided not to appoint a separate audit committee, but instead to allow the full supervisory board to perform the tasks described in section 31 of the Danish Act on Approved Auditors and Audit Firms.



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