The Board evaluation includes all members of the Board of Directors and Executive Management. The chair of the Board has the overall responsibility for the Board evaluation in collaboration with the Nomination Committee. Every third year, the evaluation is facilitated by external consultants, who interview all Board members and executives. For the subsequent two years, the evaluation is facilitated by the secretary of the Nomination Committee based on written questionnaires. The evaluation includes topics such as Board performance, effectiveness, composition and succession, performance of the Chairmanship and the Board committees as well as the collaboration between the Board and Executive Management. Each Board member and executive also receives feedback from all other Board members and executives on their individual performance.

In 2020, the Board evaluation was facilitated externally by a consultant working exclusively with Board effectiveness reviews. Overall, the evaluation revealed good performance by the Board and good collaboration between the Board and Executive Management. The evaluation resulted in continued focus on Board culture, evolving the induction for new Board members, Board documentation and presentations, Board competency profile and informal time between the Board members which has been affected by COVID-19.

The NominationRemunerationAudit & Research & Development Committee also conduct an annual evaluation. The evaluation by the Committees is based on written questionnaires.

The performance of each executive is continuously evaluated by the Board, and once a year the chair of the Board also conducts a formal interview with each executive.