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 three 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. According to the rules of procedure for the Board of Directors and the Articles of Association, the retirement age for Board members is 70 years.
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.
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. Two of the three Board members elected by the shareholders are independent of special interests. Cemat's Deputy Chairman is not independent, as he controls 14.4% of the capital in Cemat.
The Audit Committee monitors the Company's financial reporting, accounting policies, in-ternal control procedures and the framework for the external auditors. In connection with a change in the structure of the company in mid-2016 the tasks of the former audit committee will be performed collectively by the three members of the Board of Directors.
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.