The Board of Directors appoints and dismisses the President and CEO and approves the President and CEO’s written executive contract including financial benefits. The Board of Directors appoints also the members of the Group Executive Team and approves the main terms and conditions of their executive contracts and financial benefits. The President and CEO decides on the dismissal of the members of the Group Executive Team but shall first consult the Chairman of the Board.
The President and CEO’s duty is to manage and oversee the company’s business operations. The President and CEO reports to the Board on the company's business and financial performance, and supervises the execution of the Board resolutions. He is responsible for the arrangement of the company’s day-to-day administration and supervises that the accounts of the company are in compliance with the law and that its financial affairs have been arranged in a reliable manner.
The President and CEO may take measures that are considered unusual or extensive in view of the scope and nature of the company's business only with the authorization from the Board of Directors, unless the time required to obtain such authorization would cause substantial harm to the company. In the latter case, the Board of Directors shall be notified of the measures taken as soon as possible.
The Group Executive Team’s authority is not based on the Limited Liability Companies Act or the company’s Articles of Association but its position in the company’s management system. The members of the Group Executive Team report directly to the President and CEO. The Group Executive Team's duties include approval and execution of group-level guidelines and procedures.
The group’s business operations and global functions are divided into six business areas and six main support functions each headed by a member of the Group Executive Team. Each executive’s area of responsibility is presented in the illustration below.