Board of Directors

The Board of Directors has general responsibility for Infinited Fiber Company’s governance and the appropriate organization of operations. The principal duty of the Board of Directors is to adopt the company’s strategy and to monitor its implementation.

Operations of the Board

The principal duty of the Board of Directors is to adopt the company’s strategy and to monitor its implementation to ensure that it enables the achievement of the financial targets and maximizes the shareholder value in the long run, while taking into consideration corporate social responsibility and the company’s various stakeholders.

The Board’s duties include approving the company’s financial statements and interim reports, and it decides on e.g, strategically or financially important investments and corporate transactions. It also approves and confirms the company’s policies and guidelines and appoints and dismisses the CEO.

The Board of Directors has drawn up a written charter, which defines its main tasks and operating principles.

Board composition

Infinited Fiber Company’s Board of Directors comprises no fewer than three (3) and no more than eight (8) ordinary members. The members of the Board are elected by the AGM, based on the proposal of the Shareholders’ Nomination Board.

The company’s Board of Directors must have sufficient expertise and as a collective must have requisite knowledge and experience in matters of the company’s industry and business. A person elected as a member of the Board must have the competence required by the position and the possibility to devote sufficient amount of time to perform the assignment, as well as be of good ethical standing.

Board Diversity

The Board has approved the Board of Directors’ Diversity Principles prepared by the Shareholders’ Nomination Board. The diversity of the Board is supported by experience from the international operating environment and relevant industries, as well as cultural knowledge and the consideration of age and gender distribution. The company’s long-term objective is to achieve a balanced representation of both genders in the Board of Directors.

Board Committees

Infinited Fiber’s Board of Directors has decided to establish an Audit Committee and has prepared a charter for it. In addition a Customer committee and a Technology committee will be established and charters prepared. The Board may establish other permanent committees from among its members and prepare written charters for each committee, as well as ad hoc committees in individual cases for the preparation of a specific matter. The Board of Directors elects the members of the Committee from among its members.

Audit Committee

The Audit Committee assists the Board of Directors by concentrating on issues relating to the company’s financial reporting and internal control.

The Committee’s duties are to assess the compliance with laws and regulations and with rules, guidelines and recommendations given by authorities to the extent that they have an impact on the internal control, financial reporting, laws and regulations or on the assessment and control of risk management. The Committee’s duties and responsibilities are set out in the Audit Committee Charter.

Technology Committee

The Technology Committee is established for the purposes of handling Company’s patenting strategy , technology strategy and roadmaps.

Customer Committee

The customer Committee is established for the purposes of discussing matters involving Company’s customer pricing related information.