AAK Annual Report 2018

109 the company has an effective executive management team and appropriate remuneration terms; to ensure the transparency and accuracy of the company’s external reporting; and that external reporting provides a fair presentation of the company’s performance, profitability and financial position and exposure to risk; to monitor the financial reporting, including instructions to the CEO and the establishment of requirements for the content of the financial reporting to be submitted to the Board on a continuous basis; to ensure the company’s insider policy and logging procedures are adhered to in accordance with legislation and the guidelines of the Swedish Finan- cial Supervisory Authority; to ensure there are effective systems for follow-up and control of the company’s operational and financial position against set goals; to follow up and evaluate the company’s development and to recognize and support the work of the CEO in carrying out the required measures; to ensure there is sufficient control of the company’s compliance with legislation and other rules applicable to the operation of the company, to ensure the required ethical guidelines are set for the company’s behavior; and to propose to the Annual General Meeting any dividend, repurchase of shares, redemption or other proposals falling within the competence of the Annual General Meeting. The Chairman of the Board of Directors is responsible for evaluating the work of the Board. During 2018, he conducted surveys of the members and, based on this and interviews in the previous year, analyzed the results. The results of the surveys were then presented and discussed on the Board and on the Nomination Committee as the basis for assessing the size and composition of the Board. The evaluation focused on Board work in general and on the contributions of indi- vidual members, including the Chairman of the Board and the CEO. The Board evaluations clearly contributed to continued development of the work of the Board and the committees. Composition of the Board Under the Articles of Association, AAK’s Board shall consist of at least three and at most ten members. The current Board consists of six members elected by the Annual General Meeting. Under Swedish law, employee organizations have a right to be represented on the Board, and have appointed two ordinary members and two deputies. In accordance with the proposal by the Nomination Committee, four members were re-elected Shareholders Annual General Meeting Board of Directors CEO and Group Management Group Functions Business Areas Food Ingredients Chocolate & Confectionery Fats Technical Products & Feed Nomination Committee Remuneration Committee External Audit Audit Committee CORPORATE GOVERNANCE