The Board of Directors, which also appoints the CEO, is ultimately responsible for the organization of Anoto and the management of its operations. According to Anoto’s Articles of Association, the Board shall consist of not less than three and not more than eight directors with not more than five deputies. The Board of Anoto Group AB consists of five members, elected at the Annual General Meeting held on May 12th, 2011.The Board members are; Jörgen Durban who is the Chairman of the Board, Stein Revelsby who also is the CEO of the company, Andrew Hur, Gunnel Duveblad and Nicolas Hassbjer.
The Anoto Group AB CFO participated in the board meetings and was the secretary of the Board. When appropriate, other employees of the company participate in reporting capacities concerning their particular areas of expertise. The Board continuously evaluated the performance of Anoto, the CEO and Anoto’s management team.
During the year the Board have appointed a new CEO. Twelve of the twentyone meetings in 2011 were part of the Board’s annual schedule. In addition to the Board’s ongoing effort to issue directives and monitor the company’s activities – including the budget, state of the market and strategic direction – the main issues discussed at the meetings were as follows:
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February: Review of quarterly and annual accounts with the Company’s auditor
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May: Review of quarterly accounts and meeting of the Board members following election at the Annual General Meeting
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June: Review of the business strategy of Anoto
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August: Review of quarterly accounts and decision to acquire Destiny Wireless Ltd.
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November: Review of quarterly accounts and discussion of Company’s direction
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December: Adoption of 2012 budget
Documentation was normally distributed approximately one week prior to a meeting. The CEO submitted a monthly written report to the Board. The Board had, up until May 12, 2011, two Committees – an Audit Committee and a Compensation Committee – preparing items for the Board to deal with and in certain cases reach decisions delegated to them by the Board. Thereafter, the work of these committees was performed by the Board as a whole. The CEO did not participate in matters concerning compensation to the Management of the company.
The Board Members attendance at Board Meetings and Committee Meetings is set forth below:
| Board Member |
Number of Board Meetings |
Number of Audit Committee Meetings |
Number of compensation committee meetings |
| Jörgen Durban |
21/21 |
1/1 |
1/1 |
| Charlotta Falvin* |
4/5 |
1/1 |
1/1 |
| Paddy Padmanabhan* |
5/5 |
1/1 |
1/1 |
| Stein Revelsby |
19/21 |
1/1 |
1/1 |
| Joonhee Won* |
3/5 |
1/1 |
1/1 |
| Nicolas Hassbjer** |
16/16 |
|
|
| Gunnel Duveblad** |
15/16 |
|
|
| Andrew Hur* |
16/16 |
|
|
*) Board Member until the end of the AGM 2011
**) Board Member elected at the AGM 2011