The Board of Directors is constituted to provide effective support for, and control of, the activities of the executive management of the Company. The Board has adopted working procedures for its internal activities that include rules pertaining to the number of Board meetings to be held, the matters to be handled at such regular meetings of the Board, and the duties of the Chairman.

In order to carry out its work more effectively, the Board has appointed a Remuneration Committee and an Audit Committee with special tasks. These committees handle business within their respective areas and present recommendations and reports on which the Board may base its decisions and actions. However, all members of the Board have the same responsibility for all decisions made, irrespective of whether the issue in question has been reviewed by such a committee or not.

The Board has also adopted procedures for instructions and mandates issued to the Chief Executive Officer (CEO). These procedures require that investments in fixed assents with a value of more than €100,000 have to be approved by the Board. The Board also approves large scale programming investments and other significant transactions, including acquisitions and closures or disposals of businesses. In addition, the Board has also issued written instructions specifying when and how information, which is required in order to enable the Board to evaluate the Group and its subsidiaries’ financial positions, should be reported to the Board.