The Corporation has to comply with the Swedish Companies Act’s provisions on corporate governance. The Board have thereby established rules of procedure for their work, instructions regarding the division of labor between the Board and the Chief Executive Officer, which deals with its duties and reporting obligations, and establishes instructions for the financial reporting. The rules of procedure are reviewed on a yearly basis.
The Board has examined the question of whether special committees regarding auditing and remuneration issues should be established. In light of the Corporation´s size and scope of operations, the Board has made the assessment that these issues are of such importance that they should be prepared and decided by the Board in their entirety and that this can be done without inconvenience. The application of the Corporate Governance Code has been extended to apply to all companies whose shares are admitted to trading on a regulated market in Sweden. First North at Nasdaq Stockholm does not constitute a regulated market and the Corporations is therefore not required to comply with the Code. However, the Corporation continuously monitors developments in the area and intends to comply with those parts of the Code that may be considered relevant.
Corporate Governance Structure
Corporate governance and board representation
The Board of directors and management at ChromoGenics work with active corporate governance and the Corporations’ largest owners are represented on the board.
The work of the Board
ChromoGenics´ Board shall according to the Corporation’s Articles of association consist of a minimum of three and maximum of seven directors with maximum three deputies.
ChromoGenics´ Board currently consists of six directors, including the chairman, and includes a mixture of highly qualified individuals with impressive technology development combined with knowledge within expertise in growth companies and commercialization.
The board’s work is governed by the Swedish Companies Act, the Corporate Governance and the rules of procedure that ChromoGenics´ Boars has assumed. The Corporation´s rules of procedure stipulates, among other things, the division of responsibilities between the Board and the Chief Executive Officer. The Board always proposes principles for remuneration to the Chief Executive Officer.
During 2017 19 minuted board meetings took place. The Board discussed the Corporation´s future development, economic growth, budget, financing and customary follow-up of the Corporation’s operations.