The Board of Directors is the Company's second highest decision-making body after the General Meeting of Shareholders. Under the Swedish Companies Act, the Board of Directors is responsible for the administration and organisation of the Company, which means that the Board of Directors is responsible for setting goals and strategies, establishing procedures and systems for evaluation of set goals, continuously assessing Cassandra Oil's financial position and profit, and evaluating the Company's operational management.
The Board is also responsible for ensuring that the annual report and, where applicable, the consolidated financial statements and interim reports are prepared on time. The Board also appoints the Managing Director. Each year, the members of the Board of Directors are elected by the Annual General Meeting for the period extending to the close of the next Annual General Meeting.
According to the Company's Articles of Association, to the extent that the Board is elected by the General Meeting, it shall consist of not less than three and not more than eight members, without deputies.
The Chair of the Board is elected by the Annual General Meeting and has special responsibility for the management of the Board's work and for ensuring that the work of the Board is well organised and conducted in an effective manner. The Chair of the Board does not participate in the operational management of the Company. The business of the Board of Directors is conducted in accordance with written rules of procedure. These are revised annually and established at the inaugural Board meeting each year.
The Company's Board of Directors currently comprises three members.