The Board of Directors (BoD) is responsible for strategy and organizational development and exercises supervision and control over the management (GM). It determines business policy and strategy. It defines the business principles and is regularly informed about the course of business of the company. The Board of Directors is authorized to pass resolutions on all matters that are not reserved for the General Meeting of Shareholders or that fall under the remit of another body of the company by law, the Articles of Association or other regulations.
The members of the Board of Directors are elected by the General Meeting of Shareholders for a term of one year. The Board of Directors is self-constituting.
The committee meetings have been integrated with in the regular BoD meetings, due to the small size of the BoD no separate committee meetings are taking place.
The full Board of Directors monitors the consistency of the budget, finances and organization, reviews the interim and annual financial statements and the budget and supervises relations with the external auditors. The review of the internal control system (ICS) and the risk management procedures, as well as the monitoring of processes for compliance with legal and regulatory requirements, are also the responsibility of the full Board of Directors.
Within the BoD, Katharina Lehmann takes the lead for the topics that have been dealt with in the Remuneration and Nomination Committee (RNC) so far. The full Board of Directors ensures appropriate terms and conditions of employment for the Executive Management and the senior management of the subsidiaries.
The full Board of Directors assesses new members of the Board of Directors and management, determines compensation regulations and monitors corporate governance.
As the basis for the compensation of the Board of Directors provide the framework for the compensation of the Board of Directors.
Compensation will be decided on the basis of recommendations and proposals of the Committee “Remuneration & Nomination Committee” (RNC) by the BoD.
Details of the purpose, share capital, administration and the accounting standards of Precious Woods are set forth in the Articles of Association.
Details of Precious Woods’ internal organization, the duties and responsibilities assigned to each of the requisite managerial positions and the reporting structure are set forth in the Bylaws.