The Board has the ultimate responsibility for PowerCell’s organization and management. The Board has no deputies. The Board’s work is governed by the Swedish Companies Act, the Articles of Association and the formal work plan adopted by the PowerCell Board. The Company’s formal work plan stipulates instructions regarding the allocation of responsibilities between the Board and the CEO. At the Board’s meetings, the Board discusses the Company’s future performance, quarterly reports, budget and financing, and performs the standard follow-up of the strategic and operational activities of the Company. The Board also evaluates PowerCell’s financial reporting annually and sets requirements for its content and format to ensure a high level of quality. The Company’s auditor attends the meeting each year to approve the annual accounts. The Company’s CEO Richard Berkling is co-opted and regularly attends the Board’s meetings, as do the Company’s Deputy CEO Karin Nilsson, and the Company’s CFO Torbjörn Gustafsson, who also serves as secretary at the Board’s meetings. All Board resolutions are based on detailed decision data and are made following discussions led by the Board Chair. The Board’s work is evaluated annually under the guidance of the Board Chair, supported by an independent consultant through a survey. The results of the evaluation are presented to the Board and then discussed, with the aim of optimizing the Board’s work. The Chair’s work in the Board is evaluated in their absence. The conclusions from the evaluations and discussions are communicated to the Nomination Committee and actions are taken to improve the Board´s work.
The Board has appointed an Audit Committee and a Remuneration Committee tasked with preparing audit and remuneration matters, respectively, prior to Board resolutions.
