The Chief Executive Officer (“CEO”) is responsible for managing and controlling the company’s business and day-to-day operations in accordance with the directions and instructions by the Board of Directors. It is the duty of the CEO to ensure that the company’s operations are in compliance with the laws and regulations applicable at the time. The CEO is the chairman of the Leadership Team.

The CEO reports on his/her actions to the Board of Directors of the company. The Board of Directors shall decide on the appointment and dismissal of the CEO.

The CEO may have a deputy who will attend to the duties of the CEO in the event that the CEO is prevented from doing so him/herself.

Leadership Team

The Leadership Team consists of the CEO, and the Directors of both business units and Group services. The Leadership Team assists the CEO in planning operations and operative management, as well as prepares matters for discussion by the Board of Directors

The Leadership Team prepares the Group’s strategic and annual planning, supervises the implementation of plans and financial reporting, and prepares significant investments as well as mergers and acquisitions.

The Leadership Team members have extensive authorities within their individual areas of responsibility and have the duty to develop the company’s operations in accordance with the targets set by the Board of Directors and the CEO.

In addition to their main duties, the Leadership Team members are also members in the Boards of subsidiaries.

Leadership Team meetings are convened by the CEO on a regular basis. The CEO is responsible for the decisions made by the Leadership Team, and the Leadership Team members are responsible for implementing the decisions within their respective areas of responsibility.