According to Norwegian corporate law, the Board is responsible for the overall management of the Schibsted Group, while the CEO is responsible for the day-to-day management.
The role of the Board is to supervise the day-to-day management as carried out by the CEO and Schibsted’s general activities and ensure that appropriate management and control systems are in place. The Board appoints the CEO and stipulates the job instructions, powers of attorney and terms and conditions of employment for the CEO.
The Board has established internal rules of procedures that describe the Board’s responsibility, duties and administrative procedures. The rules of procedure also describe the duties of the CEO and his/her duties vis-à-vis the Board. The Board performs an annual self-assessment of its work which forms the basis for the Nomination Committee’s annual board evaluation work.
The Articles of Association define that the Board shall comprise from 6 to 11 members, in addition to deputy members. The Group’s employees shall be represented on the Board by the number of representatives in accordance with current agreements with the company. As of today, the Board consists of 10 members whereas seven are shareholder’s representatives and three are employee representatives. The Board’s shareholder-elected members are elected for one year terms. The employee-elected representatives are elected for two year terms.
Members of the Board
In addition to the elected board members, there is one observer attending the board meetings of Schibsted ASA. The observer is entitled to speak and submit proposals at the Board meetings.