The Board

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Board remuneration

Board fees are payments that board members receive for serving on the board of a company. Board fees may also be referred to as board remuneration, but for both tax and practical purposes, they are considered salary for the time, work, and responsibility that board members undertake on behalf of the company. Are board fees mandatory? There are no general legal rules that require companies to pay board fees [...].

Who makes the decisions in a limited company?

A limited company has shareholders, a general meeting, a board of directors and, in most cases, a managing director. Who makes the decisions in a limited company? The general meeting According to Section 5-1 of the Limited Liability Companies Act, the general meeting is the highest authority in a limited company. This means that the really big decisions are made by the general meeting. This applies, for example, to decisions on dividends, demergers, mergers, etc. In addition, it is the general meeting that elects [...]

Remember to take out directors' and officers' liability insurance

Board members may be held personally liable for claims for damages from the company, shareholders, creditors, and others who claim to have suffered a loss due to the actions of the board member. This liability is normally referred to as board liability. A key form of protection for board members is directors' and officers' liability insurance. Do I really need directors' and officers' liability insurance? It is in the nature of the insurance system that it only comes into play in exceptional cases [...].

The role of the general manager

All companies must have a board of directors, but can manage without a managing director In a regular limited company, it is up to the company's general meeting to decide whether the company should have a managing director. In other words, it is not mandatory to have a managing director in a limited company. This is in contrast to a public limited company (ASA), where it is […]

How to conduct board meetings and annual meetings?

Following the pandemic, many new rules have been established for conducting board meetings, annual meetings, and general meetings, making it possible to choose between physical and digital meetings and general meetings for companies, co-ownerships, and housing cooperatives. Who decides how the meeting is to be conducted The board decides how the annual meeting/general meeting is to be conducted, and they can choose whether they want to hold [...]

What requirements are imposed on the company's board of directors?

Every limited company must have a board of directors. The following is a brief overview of the requirements for a board of directors in a limited liability company. Public limited companies are excluded. Number of board members The board of directors of a limited liability company must have one or more members. The general meeting elects the members of the board and decides whether to elect alternate members. This does not apply to […]