According to current rules of procedures adopted by the Board, the Board must convene at least four times a year, in addition to the statutory Board meeting, and otherwise as necessary. In 2007 the Board held 11 meetings. Four of the Board meetings are coordinated with the dates of the presentation of the external financial reports. Additionally, in 2007, the Board attended a two-day meeting on strategic issues. Audit related matters have been addressed as a special item during a Board meeting at least once per year and in conjunction therewith; the Board meet with the company auditor without the Chief Executive Officer or any other member of management being present. During 2007 the Board has been working in accordance with the described working procedures. The main activities were as follows:
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Keeping informed about the financial position of the Company and the group
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Adopting a business plan
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Evaluating internal control
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Discussing and approving of certain hotel projects meeting defined criteria
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Development strategy and monitoring of growth target fulfilment
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Brand strategies
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Investor relations matters, communication policy & press communications
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Design and implementation of a share based long term incentive plan for key management
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Adopting a sales and marketing plan
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Deciding upon the purchase of the Company’s own shares
The Board liaises with the auditors regarding plans for the audit procedure and reviews what measures to take based on the auditors’ reporting. Major business areas are given an opportunity to give an in-depth presentation of their operations at a Board meeting at least once a year.