The duties of the Board of Directors are governed by the Swedish Companies Act, the Articles of Association and the Code, which will be formally applicable on the Company following the listing on Nasdaq Stockholm.
The work of the Board of Directors is also governed by the written rules of procedure that the Board of Directors adopts annually. Among other things, the rules of procedure regulate the allocation of work and responsibilities between the Board of Directors, the Chairman of the Board and the CEO, as well as the decision-making within the Board, the Board's meeting schedule and the Board's work on accounting, auditing and financial reporting. The Board has also adopted an instruction for the CEO and adopted other special policy.
The Board of Directors is responsible for the Group's organisation and the management of its affairs; adoption of the Group's overall objectives; development and monitoring of the overarching strategies; decisions regarding major acquisitions, disposals and capital expenditures; decisions on investments and loans in accordance with the financial policy, regular monitoring of the operations, adoption of quarterly and annual accounts and the regular assessment of CEO and the Group management. The Board of Directors is also responsible for securing the quality of the financial reporting, including a systems for monitoring and internal control of the Company's financial reporting and position. In addition, the Board of Directors shall ensure that the Company's external disclosure of information is characterized by openness, that it is correct, relevant and clear. At Board meetings, the following constitute standing items on the agenda: the business situation, forecasts and economic and financial reporting.
Through continuous contacts with the CEO, the Chairman of the Board follows the business of GARO. The Chairman of the Board organizes and leads the work of the Board, and is therefore responsible for that the other members of the Board receive adequate information and basis for decision making. The Chairman of the Board is also responsible that the Board of Directors on a regular basis update and deepens its knowledge about the Company, and receives the necessary training to carry out its work efficiently. The Chairman of the Board is also responsible for ensuring that the Board of Directors conducts an annual assessment of its work.