Board

The Board is the second highest decision-making body after the Annual General Meeting. According to the Swedish Companies Act, the Board is responsible for the company’s management and organization, which means that the Board is responsible for, among other things, setting goals and strategies, ensuring routines and systems for evaluating set goals, continuously evaluating Novakand Pharma’s financial position and profits and evaluating operational management.

The Board is also responsible for ensuring that the annual accounts and, where applicable, the consolidated accounts and the interim reports are prepared in a timely manner. In addition, the Board appoints the CEO. The Board members are elected each year at the Annual General Meeting for the period until the end of the next Annual General Meeting.
According to the company’s Articles of Association, the Board, to the extent that it is elected by the Annual General Meeting, shall consist of a minimum of three members and a maximum of eight members without deputies.

The Chairman of the Board is elected by the Annual General Meeting and has a special responsibility for the management of the Board’s work and ensuring that the Board’s work is well organized and efficiently executed. The Chairman of the Board does not participate in the operational management of the company. The Board follows a written rules of procedure that are revised annually and adopted at the statutory Board meeting every year.

The rules of procedure regulate, among other things, Board practice, functions and the division of work between the board members and the CEO. In connection with the first Board meeting, the Board also establishes instructions for financial reporting and instructions for the CEO.

The Board meets according to an annual schedule determined in advance. In addition to these meetings, additional meetings can be arranged to deal with issues that cannot be referred to a regular meeting. In addition to Board meetings, the Chairman of the Board and the CEO have an ongoing dialogue regarding the management of the company.

The company’s Board currently consists of three members.