Assessment of the Board of Directors and Executive Management
The Board conducts an annual self-assessment process to improve the performance of the Board and its cooperation with Executive Management. This process is directed by the chairman and may be facilitated by an external consultant.
Assessment criteria
Written questionnaires form the basis for the process, which evaluates whether each board member and executive participates actively in board discussions and contributes with independent judgement. It is further assessed whether the board member is inspirational and whether the environment encourages open discussion at board meetings. The self-assessment conducted in 2011 resulted in an update of the competence profile of the Board and in enhancements in the succession process and preparedness as well as improvements to nomination criteria for new Board members.
Audit Committee
The Audit Committee also conducts an annual self-assessment based on written questionnaires.
Assessment of executives
The performance of each executive is continuously assessed by the Board, and once a year the chairman of the Board also conducts a formal interview with each executive.
