Board of Directors
The General Meeting elects the members of the Board of Directors.
The Board of Directors shall annually revise and oversee the overall strategy, business and action plan for RelyOn Nutec and approve the annual budget for the next financial year.
The Board of Directors has decided not to establish an Audit Committee, however the Board of Directors handles the tasks related to such an committee.
Outline of responsibility:
- Lay down general business and management principles of the Company
- Decide on strategy and risk policies for the Company
- Supervise the performance of the Company, the Executive Management and secure the proper organisation of the Company
- Monitor the independence of the external auditors and the planning, execution and the opinion of the external auditors
- Review the Company’s financial position, capital resources and reporting on financials and performance
- Appoint members of the Executive Management
The Board of Directors will convene at least four times per year.
Executive management
The Executive Management is appointed by the Board of Directors and consists of the Chief Executive Officer (Group CEO)
The Executive Management is responsible for RelyOn Nutec’s day-to-day management of the Company in accordance with the directions provided by the Board of Directors, among others comprising:
Outline of responsibility:
- Develop the business and provide strategies for the Company to be approved by the Board of Directors
- Implement the strategy for the Company and execute on investments and divestments
- Develop the organisational structure of the Company and allocate resources
- Drive and monitor the performance of the Company
- Prepare internal and external financial reporting
- Establish internal policies and procedures for relevant topics such as accounting, finance, IT, etc.
- Oversee enterprise risk management
- Report to the Board of Directors
See Group management
Ownership
RelyOn Nutec Holding A/S (formerly Falck Safety Service Holding A/S) was successfully carved out of the Falck Group on 20 September 2018 and acquired by Polaris Private Equity via BidCo RelyOn Nutec A/S.
To read more see: Polaris acquires Falck Safety Services from Falck
Recommendation outlined by active owners Denmark
The ultimate owner is Polaris Private Equity IV K/S (Polaris). Polaris is a private equity company, owns 98.5% of BidCo RelyOn Nutec A/S (RelyOn Nutec) and is a member of Active Owners Denmark (formerly the “Danish Venture Capital Association” or “DVCA”) and is therefore covered by Active Owners Denmark’s guidelines and recommendations for responsible ownership and corporate governance for private equity companies and their portfolio companies. Thus, RelyOn Nutec must disclose how it addresses the recommendations, using a “comply or explain“ approach. RelyOn Nutec complies with all the recommendations of September 2019 except for recommendation 3.1. with respect to establishment of an audit committee. Considering the size and structure of RelyOn Nutec, the Board of Directors has decided not to establish a formal Audit Committee. Instead, such tasks are undertaken by the Board of Directors.
The complete Corporate Governance Statements are available here: