Senior Management

Board of Directors duties and committees

The Board of Directors of Lundin Energy should at all times have an appropriate composition considering the current and expected development of the operations, with Board members from a wide range of backgrounds that possess both individually and collectively the necessary experience and expertise. An even gender distribution should be pursued.

Principal tasks of the Board of Directors

• Establishing the overall goals and strategy of the Company.
• Making decisions regarding the supply of capital.
• Identifying how the Company’s risks and business opportunities are affected by sustainability aspects.
• Appointing, evaluating and, if necessary, dismissing the CEO.
• Ensuring that there is an effective system for follow-up and control of the Company’s operations and the risks to the Company that are associated with its operations.
• Ensuring that there is a satisfactory process for monitoring the Company’s compliance with laws and other regulations relevant to the Company’s operations, as well as the application of internal guidelines.
• Defining necessary guidelines to govern the Company’s conduct in society, with the aim of ensuring its longterm value creation capability.
• Ensuring that the Company’s external communications are characterised by openness, and that they are accurate, reliable and relevant.
• Ensuring that the Company’s organisation in respect of accounting, management of funds and the Company’s financial position in general include satisfactory systems of internal control.
• Continuously evaluating the Company’s and the Group’s economic situation, including its fiscal position.

Composition of the Board

The Board of Lundin Energy shall, according to the Articles of Association, consist of a minimum of three and a maximum of ten directors with a maximum of three deputies, and the AGM decides the final number each year.

The Board members are elected for a period of one year. There are no deputy members and no members appointed by employee organisations. The Board is supported by a corporate secretary who is not a Board member. The appointed corporate secretary is Henrika Frykman, the Company’s Vice President Legal.

Board Meetings and Work

In addition to the statutory meeting following the AGM, the Board normally holds at least six ordinary meetings per calendar year, as per a yearly work cycle. At the meetings, the CEO reports on the status of the business, prospects and the financial situation of the Company.

The Board also receives management updates and presentations on the business and operations of the Company, financial status, Sustainability matters, risk management, legal questions and investor relations matters, to enable the Board to duly monitor the Company’s operations and financial position. Furthermore, the Board receives regular reports from the Company’s Audit Committee, Compensation Committee and the Sustainability Committee on issues delegated to the Committees.