The Work of the Board of Directors

The Board of Directors is ultimately responsible for administering the Company’s affairs and for ensuring that the Company’s operations are organized in a satisfactory manner. Moreover, the Board of Directors is responsible for establishing supervisory systems and for overseeing that the business is run in accordance with the Company’s core values and ethical guidelines.

The Board of Directors prepares an annual plan for its work, with emphasis on objectives, strategies and implementation. Furthermore, the Board of Directors approves the budget for the Group.

The Board of Directors has prepared Rules of Procedure for the Board of Directors which feature, among other things, guidelines on responsibilities, authorizations, notification, preparation and convening of board meetings,

The Board of Directors meets minimum six times a year and more frequently if required. A total of 13 board meetings (including those by means of telephone conferences) have been held in the course of the year ended December 31, 2012