Corporate Governance:
Board

The Board sets the Company’s objectives, strategy, budget and business plan. The work is guided by the Swedish Companies Act, the Articles of Association and the Board’s byelaws. The Board consists of three to nine elected members with maximum five deputies according to the Articles of Association. Board members are elected at the Annual General Meeting and serve until the next Annual General Meeting of the Company. 

In accordance with the Swedish Companies Act, OrganoClick’s Board has adopted a written charter for its work. The current Rules of Procedure and CEO instructions were adopted at Board meeting No. 4 on 28 June 2016. These rules of procedure regulate how the Board will operate and what matters will be handled by the Board. The working plan also regulates how the Board will regularly get information and financial reporting from the CEO.

In 2016, 7 meetings were held. Each regular meeting followed an agenda and relevant data were sent to the Board prior to each meeting. The CEO and other senior executives of the Company have attended Board meetings to present issues. The Board has addressed issues such as research and development, marketing plan development, commercialization of products, organization, financial reporting and monitoring, financial position and investment. 

The Board participates fully in the audit process, including the monitoring and evaluation thereof, the quality of financial reporting, assessment of the final reports of the external auditor and the auditor’s review of the position of the company. The Board has not established an audit committee. This has not been deemed necessary due to the company’s size and the Board’s workload.

The Board has established a remuneration committee composed of the Chairman and a board member. Compensation issues for senior executives are proposed by the committe and set by the Board.