Corporate governance describes the ways in which rights and responsibilities are distributed among the various corporate bodies in accordance with applicable rules, processes and laws. In practice, corporate governance defines the decision-making systems and structure through which owners directly or indirectly control a company.
General overview of Black Earth Farming’s Corporate Governance structure
The Board of Directors is responsible for the organisation of the Company and the management of the Company’s affairs, such as compliance with law and the articles of association. The Board of BEF is appointed by the General meeting and consists of seven (7) members with well developed competence and a broad range of experience which is of great importance in supporting, following and managing BEF’s operations.
The CEO of BEF works on behalf of the Board of Directors and shall implement the decisions made by the Board and prepare for decisions to be considered by the Board. The CEO shall also oversee compliance with the objectives, policies and strategic plans for the Company that the Board has established and ensure that these objectives, policies and strategic plans are submitted to the Board for updating or revision when necessary. The CEO is responsible for the operative management of the Company and shall ensure that the Company fulfils the obligations regarding disclosure of information, etc., or other regulations with which the Company is required to comply. The CEO is responsible for ensuring that obligations, agreements or other acts in law that the Company enters into or effects are correctly documented and do not conflict with any applicable binding statutes.
Black Earth Farming is committed to high standards of corporate governance and ethics. We strive to ensure that this commitment permeates the entire organization and is always imbedded in the way we conduct business. While this strive hinges a lot on successful informal management communication we know that formal controls and procedures are integral to maintaining our high standards and we are constantly seeking ways to make our corporate governance even more effective and reliable. The Company has implemented several internal policies and directives that guide all employees in how they should work to meet legal and regulatory requirements and the ethical standards that we set for ourselves.
Black Earth Farming is governed on the basis of its Articles of Association, applicable Laws and the listing requirements of NASDAQ OMX Stockholm. Being publicly listed in Sweden we also strive to comply with the Swedish Code of Corporate Governance. The Code is based on the “comply or explain” principle, which means a company may deviate from individual rules but must then explain why it has done so.
For more information on general aspects of Swedish corporate governance, please refer to the document below containing the Code principles and the website of the Swedish Corporate Governance Board: