The Board determines its working procedures each year and reviews them when necessary. The working procedures describe the Chairman’s special role and tasks, as well as the responsibilities delegated to the committees appointed by the Board. The Board has established a Remuneration Committee and an Audit Committee.
In accordance with the procedures, the Chairman shall ensure that the Board functions effectively and discharges its duties. The Chairman shall also organize and distribute the Board’s work, and ensure that the Board’s decisions are implemented effectively and that the Board evaluates its work annually. The working procedures for the Board of Directors also include detailed instructions to the President and other corporate functions regarding issues that require the Board’s approval.
Major topics dealt with by the Board in 2007 comprised:
- Development of the Group’s strategy and organization
- Restructuring, primarily in terms of relocation of production
- Deregistration from the SEC
- Clearer integration of sustainability considerations in operations
- Product development and brand strategy
During the year, the Board held eight scheduled and one extraordinary meeting. In addition, three per capsulam meetings were held to decide on urgent matters. Seven of the scheduled meetings were held in Stockholm and one in Poland. In connection with the latter, the Board visited one of Electrolux plants in Poland, as well as several retailers.
Each scheduled Board meeting includes a review of the Group’s results and financial position as well as the outlook for the following quarters, which is presented by the President and CEO. The meetings also deal with investments and the establishment of new operations, as well as acquisitions and divestments. The Board decides on all investments that exceed SEK 50m, and receives reports on all investments between SEK 10m and SEK 50m. Normally, the head of a sector also reviews a current strategic issue at the meeting.
