It is the function of Teleste Corporation's Board of Directors to carry out any administrative duties in accordance with the law, statutory regulations, Articles of Association and decisions taken by the General Meeting. The operating procedures and main duties of the Board of Directors have been specified in the Board's Rules of Procedure.
The Board shall resolve any matters of great importance in terms of scope and magnitude to the Group's operation. The Board oversees and assesses the operation of the CEO and the Management Group. The Board decides on the criteria of the company's compensation system and makes decisions on any other far-reaching issues related to personnel.
The Board shall conduct an annual evaluation of its performance and working methods. The Board of Teleste Corporation has laid down rules of procedure according to which the essential duties of the Board include the following:
• Provision for the company business strategy and its revision at regular intervals,
• Approval of annual budgets and supervision of their implementation,
• Decisions concerning major investments and divestments,
• Handling and approval of annual financial statements and interim reports,
• Appointment of the CEO and discharging him from his duties and specification of his responsibilities and conditions of work,
• Decisions concerning incentive and bonus systems involving management as well as personnel and presentation of any related proposals to the AGM as required,
• Annual revision of any essential risks related to the company operation and management thereof,
• Laying down the company values and policies.