The Board of Directors conducts an annual self-assessment process to improve the performance of the Board and its cooperation with Executive Management. This process is directed by the chairman and is facilitated by internal or external consultants.
The assessment process is based on written questionnaires and evaluates the Board’s composition and the skills of its members, including whether each board member and executive participates actively in board discussions and contributes with independent judgement. It is further assessed whether the board member is inspirational and whether the environment encourages open discussion at board meetings.
The self-assessment conducted in 2015 was facilitated internally and revealed continued strong performance by the Board and Executive Management. The process also resulted in the identification of a number of areas within research, manufacturing and sales where more insight will be provided to the Board.
The Nomination, Remuneration and Audit Committee also conduct an annual self-assessment. The self-assessment by the Audit Committee is based on written questionnaires, while written questionnaires will be used by the Nomination and Remuneration Committees as from 2016.
The performance of each executive is continuously assessed by the Board, and once a year the chairman of the Board also conducts a formal interview with each executive.