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Duties of the Board of Directors

The Board of Directors adheres to its Charter that is assessed and if necessary, updated annually. The rules of procedure govern, among other things, the composition and remuneration of the Board of Directors, duties of the Board of Directors and its members, the convening and protocol of the Board meetings, and the committees and working groups of the Board of Directors.

In addition to the statutory duties, the Board of Directors discusses matters that are significant to and which have a long-term impact on the extent and quality of the operations of the Company and the Nanoform group such as long-term vision and strategic goals, assessment of the Company’s and CEO’s performance, legal and regulatory compliance and budgets, strategically and financially important investments and other significant transactions.

Furthermore, the Board of Directors adopts the Company’s strategy, annual operating plan and budget and monitors their implementation. The Board of Directors appoints and dismisses the CEO as well as decides on the compensation and terms of employment of the CEO.

The Board of Director meets in accordance with an annual schedule and no less than six board meetings shall be held each year. In addition, additional board meetings can be convened as necessary and the Board may decide on matters without convening an actual meeting as well. In addition to the Board meetings, the Chair of the Board and the CEO have a continuous dialogue regarding the management of the company.