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The Board’s task and responsibilities

The Board of Directors is BioArctic’s second highest decision-making body after the AGM. The Board has overall responsibility for BioArctic’s organization and the administration of BioArctic’s operations, as well as for working to create long-term value for the shareholders and other stakeholders. Together with company management, the Board is responsible for the overall strategy as well as BioArctic’s financing and financial position, and works to ensure BioArctic has proper risk management and internal control.

Board tasks and Board evaluation

The Board will carry out its activities jointly, under leadership of the Chairman. The Board of Directors’ rules of procedure are revised annually and adopted at the inaugural Board meeting every year. The rules of procedure govern such aspects as Board functions, work tasks, the decision-making procedure within the company, the Board’s meeting agenda, the Chairman’s duties and the allocation of responsibilities between the Board and the CEO. The Board also establishes instructions for the Board’s committees and the CEO.

The Chairman, who is selected by the AGM, has an expanded responsibility for governing and managing the work of the Board and of ensuring that the Board’s work is efficiently carried out, that the Board fulfills its commitments in accordance with the Companies Act and the Board’s rules of procedure, and that the decisions of the Board are implemented in an efficient manner. The Chairman is also responsible for conducting an annual Board evaluation, which is also presented to the Nomination Committee.

The Board meets according to a meeting schedule that is established yearly. At each regular Board meeting, an update on the operations and a financial follow-up is given. During the year, matters relating to the company’s strategy and future potential opportunities to sell on the Nordic market, as well as the formation of a sales and marketing organization, were also discussed. Development of the company’s project portfolio, collaboration with current and potential partners, the organization, financing issues, and competence needs were also addressed. In 2022, the Board held 16 (15) meetings, one of which was an inaugural meeting in connection with the AGM on May 5, 2022. The minutes taken at these meetings record decisions that have been taken.