Isconova’s executive and shareholder functions consist of the general meeting, the board of directors, chief executive officer and auditor. Board members are elected annually at the general meeting for the period until the end of the next annual general meeting, in accordance with Swedish law. The general meeting also appoints the auditor for a period of four years. The board of directors appoints the chief executive officer
Internal control
The board of directors is responsible for protecting the company’s assets and therefore to take action to prevent and detect fraud and other irregularities. Maintaining an environment for effective control and tending the internal control system is however the responsibility of the chief executive officer. The internal control is a process used to insure that the operations are conducted efficiently, that the financial reporting is reliable and the applicable laws and rules are observed.
Chief executive officer
Isconova’s chief executive officer is responsible for the continuous management of the company in accordance with the Swedish Companies Act (2005:551). The board of directors have established an instruction for the chief executive officer containing a description of his or hers sphere of responsibility as well as a report-instruction. The company’s chief executive officer is according to said description responsible for the company’s accounting and management of assets. The chief executive officer is also to establish directions for delegating work to different officers in the company as well as hiring, dismissing and establishing terms for the company’s employees.
Swedish Corporate Governance Code
Isconova does not currently conform to the Swedish Corporate Governance Code since the company’s shares are not traded on a Swedish regulated market. The company does however have the intention to, in the future, gradually begin to implement the code.