Scandinavian Tobacco Group has a two-tier management structure consisting of the Board of Directors and the Executive Management. The two governing bodies are independent of one another and have no overlapping members. The Board of Directors is responsible for the overall strategic direction of the Group and supervises the company’s activities, management and organisation. The Board of Directors appoints the Executive Management, which is responsible for the day-to-day management of the Group.
BOARD OF DIRECTORS
The Board of Directors currently consists of ten members, seven elected by the general meeting and three elected by the employees in Denmark. Board members elected by the general meeting are elected for the period until the next annual general meeting. Members elected by the employees are elected for a four-year term. The last election of employees took place in 2019.
The work of the Board of Directors is organised according to an annual plan. In 2020, the Board conducted six regular meetings as well as a full-day strategy seminar. The Board further conducted several shorter meetings with a primary focus on business and financial updates as a result of the extraordinary circumstances during the COVID-19 pandemic. The Executive Management attends the meetings of the Board of Directors and when relevant also members of the Executive Board and wider management are invited to the meetings. During the second half of the year, the Board of Directors carried out an evaluation of the performance of the Board of Directors and its collaboration with the Executive Management. The evaluation process was carried out by individual interviews conducted by the chairman. The overall result of the evaluation was that the Board is well-functioning, but based on the input from the evaluation, the Board of Directors will test ways to reduce the number of items on the agenda for each meeting and deal with certain topics in other ways.
The Board has established a Nomination Committee, a Remuneration Committee and an Audit Committee. Read more about the committees here.
The Board of Directors appoints the CEO and other members of the Executive Management. The Executive Management prepares for the Board of Director’s approval and implements the Group’s overall strategy. The Executive Management is responsible for the day-to-day management of the business.
The Executive Management, i.e. the formally registered management of the company, consists of the CEO Niels Frederiksen and the CFO Marianne Rørslev Bock. The day-to-day operation of the company is managed by a wider group, namely the Executive Board.