Asetek's Board of Directors consists of between 4-10 individuals elected by the annual general meeting. The directors hold office until the next general meeting.
Asetek's Articles of Association.
The Board maintains a number of committees which assist the Board with its tasks. Among the shareholders directly, a Nomination Committee is formed with the purpose of assisting the Board and the general meeting with selection, assessment and compensatory matters related to the Board.
Since the ordinary annual general meeting in April 2017, the remuneration of Board members consists exclusively of cash. Prior to this date, the remuneration consisted of parts cash and parts warrants/options.
The Board believes that remuneration in the form of warrants best strikes the balance between preserving cash, adhering to good corporate governance recommendations and director expectations. Warrants granted to directors are issued with 12 months vesting reflecting the compensation over 12 months of service between the annual general meetings.
The Board members do not receive additional payment for the work performed as committee chairpersons or members.
It is the Nomination Committee that proposes the compensation of the Board for approval by the annual general meeting.