The Investment Committee assists the Board in discharging its responsibilities in overseeing the Company’s investment portfolio. The role of the Investment Committee is to determine that the Company has a clearly articulated investment policy, to develop, review and recommend to the Board investment strategies and guidelines in line with the Company’s overall policy, to review and approve investment transactions and to monitor compliance with investment strategies and guidelines. The responsibilities and duties include considering annual budgets, supplementary budget approvals, investment proposals, commitments, acquisition and disposal of assets and performing other investment related functions as the Board may designate.
Group and senior management tasks and duties
The tasks of the CEO and the division of duties between the Board and the CEO are defined in the Rules of Procedure and the Board’s instructions to the CEO. In addition to the overall management of the Company, the CEO’s tasks include ensuring that the Board receives all relevant information regarding the Company’s operations, including profit trends, financial position and liquidity, as well as information regarding important events such as significant disputes, agreements and developments in important business relations. The CEO is also responsible for preparing the required information for Board decisions and for ensuring that the Company complies with applicable legislation, securities regulations and other rules such as the Corporate Governance Code. Furthermore, the CEO maintains regular contacts with the Company’s stakeholders, including shareholders, the financial markets, business partners and public authorities. To fulfil his duties, the CEO works closely with the Chairman of the Board to discuss the Company’s operations, financial status, up-coming Board meetings, implementation of decisions and other matters.
Under the leadership of the CEO, senior management is responsible for ensuring that the operations are conducted in compliance with the Code of Conduct, all Company policies, procedures and guidelines and the HSEQ Leadership Charter in a professional, efficient and responsible manner. Regular management meetings are held to discuss all commercial, technical, CR/HSEQ, financial, legal and other issues within the Company to ensure the established short- and long-term business objectives and goals will be met. A detailed weekly operations report is circulated to senior management summarising the operational events, highlights and issues of the week in question. Senior management also travels frequently to oversee the ongoing operations, seek new business opportunities and meet with various stakeholders, including business partners, suppliers and contractors, government representatives and financial institutions. In addition, senior management liaises continuously with the Board, and in particular the Board Committees, in respect of ongoing matters and issues that may arise, and meets with the Board at least once a year at the executive session held in connection with a Board meeting in one of the operational locations.