Board of Directors and Auditors
The 2008 AGM discharged the Board members and the President and CEO from liability and re-elected the Board members: Karl Olof Borg, Carl Borrebaeck, Lars Henriksson, Lars Ingelmark, Elisabeth Lindner, Svein Mathisen, Björn Nilsson and Kenth Petersson. The AGM elected Karl Olof Borg to be Chairman of the Board.
CEO Svein Mathisen is on the Board of Directors. Carl Borrebaeck, member of BioInvent's Board of Directors, is employed as a senior scientific advisor for the Company. He does not work with BioInvent's operations in his capacity as scientific advisor. Other elected directors are independent in relation to major shareholders, as well as to the Company and senior management.
The Board´s fees were set at SEK 1,110,000, of which SEK 360,000 should be the fee for the Chairman of the Board and SEK 150,000 should be the fee for each other member of the board not employed by the Company. In addition hereto, it was decided that SEK 160,000 shall be the fee for committee work (not including the chairman of the board), of which SEK 40,000 shall be the fee for each of the members in the Audit Committee (3 persons) and SEK 20,000 shall be the fee for each of the members in the Remuneration Committee (2 persons).
The work of the Board is governed by rules of procedure that are
revised and re-adopted by the Board at least once a year. The rules
of procedure consist primarily of directions for the work of the
Board, instructions for the division of duties between the Board
and the CEO and instructions for financial reporting. In 2008 the
Board of Directors held seven regular meetings and two extra
meetings. The Board of Directors met with the Company's auditor on
two occasions, including one occasion without the presence of the
CEO or other persons from senior management. Attorney Madeleine
Rydberger served as the secretary of the Board during the year.
Regular items on the agenda at the meetings included following up
on the operation in relation to the Company's budget and strategic
plan. In addition the Board has considered and resolved on issues
pertaining to research and development, financing, intellectual
property, strategic focus and planning, the budget, essential
agreements, audits, financial reporting and compensation related
issues.
To find out more about our Board of Directors, please click
here.
Auditors
The 2008 Annual General Meeting elected Ernst & Young AB to
serve as the company's auditors for the period until the end of the
Annual General Meeting held during the fourth financial year after
the auditors were elected, which is 2012. Johan Thuresson,
authorized public accountant, is principal auditor.