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The Chair of the Board of Directors ensures that the Board of Directors performs regular assessments of its own performance to verify that the Board of Directors is capable of fulfilling its function and responsibilities, and that the outcome of such evaluations are discussed with the Board of Directors. When performing these evaluations external assistance is obtained every year. The evaluation is based upon anonymous questionnaires on the work in the Board of Directors, the work in the board committees, the cooperation with the Executive Management, anonymous evaluation of the individual board members and an interview with an external consultant with each member of the Board of Directors and the Executive Management. Furthermore, the Board of Directors performs regular assessments of the Executive Management and of the collaboration between the parties to identify any areas in potential need of improvement.

In 2024, the Board of Directors’ self-assessment consisted of a questionnaire survey facilitated by an external consultant. As part of the 2024 self-assessment, each board committee evaluated its role, mandate, responsibilities and the tasks carried out.

The outcome of the Board of Directors’ 2024 self-assessment was positive, with only minor areas for improvement identified. Overall, there was a high degree of satisfaction with the board meetings and the collaboration in the Board of Directors and very good feedback to the board committees and the Chair of the Board of Directors. The competencies in the Board of Directors were considered in general to be adequate and well-balanced, and the attention to strategy and organizational themes was perceived to be at the desired level. Also, there was a perception that there is a high level of compliance with legal responsibilities and good corporate governance principles. There was very good feedback to the Executive Management and the Chief Executive Officer and it was further concluded that the interface between the Board of Directors and the Executive Management continued to be very strong.