Independent Members of the Board
In accordance with internal regulations, at least one third of the Board members must be independent directors. A Board member is considered independent if he or she has no relationship of any kind with the company or management that may impact his or her judgement. This independence for these purposes is defined as:
(i) not having been a director for more than twelve years
(ii) not having been an employee or officer of the company over the previous five years
(iii) not having had a material business relationship with the company over the last three years
(iv) not representing a significant shareholder holding directly or indirectly more than 5% of the voting shares
Seven of the current Board members are considered independent:
Mrs Tsega Gebreyes and Katrin Wehr-Seiter and Messrs Romain Bausch, Victor Casier, Conny Kullman, Ramu Potarazu and Kaj-Erik Relander.