CEO AND MANAGEMENT

The CEO is subordinate to the Board of Directors and is principally responsible for the ongoing administration and day-to-day running of the Company. The division of work between the Board of Directors and CEO is specified in the rules of procedure for the Board and the CEO’s terms of reference. The CEO is also responsible for drawing up reports and collating information from management before Board meetings, and for presenting the material at the Board meetings.

According to the instructions for financial reporting, the CEO is responsible for keeping the Board of Directors informed about developments in Kancera’s operations, profit/loss and financial position, liquidity and credit situation, important commercial events, and other relevant circumstances.