The work of the Board of Directors

The Board of Directors has the overall responsibility for the management of Hofseth BioCare. This includes a responsibility to supervise and exercise control of the Company’s activities.

Furthermore, this includes developing the Company’s strategy and monitoring its implementation. In addition, the Board of Directors exercises supervision responsibilities to ensure that the company manages its business and assets and carries out risk management in a prudent and satisfactory manner. The Board of Directors is also responsible for the appointment of the Chief Executive Officer (CEO).

The Board prepares an annual plan for its work.
In accordance with the provisions of Norwegian company law, the proceedings and responsibilities of the Board of Directors are governed by a set of rules of procedures. The Chairman of the Board is responsible for ensuring that the work of the Board of Directors is carried out in an effective and proper manner in accordance with legislation.

The Board of Directors has issued a mandate for the work of the CEO. There is a clear division of responsibilities between the Board of Directors and the CEO. The CEO is responsible for the operational management of the group.

The company has not found the need to establish separate compensation Committee.

The Board carries out an annual evaluation of its own performance, working arrangements and competence.
The Board of Directors has adopted an audit committee (the “Audit Committee”) in accordance with Company’s Articles of Association Section 6 and the Code.

According to the Company’s Articles of Association Section 6, the Board decides the members of the committee.

The members of the Audit Committiee are:

  • Bjørn Tunheim
  • Roger Hofseth