Management

Cemat's management comprises the Board of Directors and the Management Board.

Board of Directors
The Board of Directors has the overall responsibility for the management of the Company and supervises the Management Board. The Board of Directors lays down the policies for the Company's business strategy, organisation, accounting and financing and appoints a Management Board to be in charge of the day-to-day operations of the Company. The Board of Directors is made up of four members elected by the shareholders.

Pursuant to the Articles of Association, the members of the Board of Directors elected by the shareholders are elected for terms of one year at the annual general meeting.

It is important that the members represent general management experience in globally oriented industrial businesses, have industry insight and possess professional skills pertaining to listed companies' financial and economic matters.

Independence
When composing the Board of Directors, the aim is for the majority of the Board members elected by the shareholders to be independent of special interests relative to the Group, major shareholders, chief suppliers and key accounts. Three of the four Board members elected by the shareholders are independent of special interests. Cemat's Deputy Chairman is not independent, as he controls 32.52% of the capital in Cemat.   
 

Audit Committee.
The Audit Committee monitors the Company's financial reporting, accounting policies, in-ternal control procedures and the framework for the external auditors. The audit committee is comprised by all members of the Board of Directors.

Management Board
Cemat's Management Board comprises one registered executive officer (CEO).

The CEO is responsible for the day-to-day management of the Company in accordance with the guidelines laid down by the Board of Directors. Also, the CEO is responsible for submitting proposals for the Company's overall strategies, action plans, objectives and operating and investment budgets to the Board of Directors.