Work of the Board of directors during 2021

2021 was another challenging year for Pandox due to the effects of Covid-19. This required extensive and ongoing engagement from the Board of Directors, particularly in matters relating to profitability, financing and risk. During the year the Board also worked on Pandox’s strategy and business plan, budget, trends in the hotel market, general risk analysis and the recruitment of a new CEO and CFO.

The Board held 14 meetings during the year, one of which was the statutory meeting. At the statutory board meeting Bengt Kjell was re-elected as Vice Chair of the Board.

The Board conducts an annual evaluation of its work meth-ods and procedures to ensure that the Board has the requisite expertise and efficient processes for good decisions. The result of the evaluation is reported to the Nomination Committee and provides substantive information on which the Committee can base its work. The Board has determined that the members have appropriate and complementary expertise taking into account Pandox’s operations, and this opinion is shared by the Nomination Committee.

In 2021 Pandox’s Nomination Committee conducted interviews with all of the Board members and with the CEO. The conclusion was that the Board is working efficiently and that the members complement each other’s strengths.

The Nomination Committee applied rule 4.1 of the Code as a diversity policy when preparing its proposal for the Board of Directors, the objective being for the Board to be composed of members of varying ages, genders and geographical origins, and to represent a range of educational and professional backgrounds.

Two of the six members of Pandox’s Board are women. The Nomination Committee has determined that the Board of Directors meets the requirements of the Code concerning
independence.