Board of Directors in General
A limited liability company shall have a board of directors, which is responsible for the administration, representation and business management of the company. The general meeting of shareholders usually elects the board of directors unless the election is appointed to a special supervisory board in the articles of association. The board of directors has general competence meaning that matters, which are not the responsibility of others, are within the scope of competence of the board of directors. If the company has not appointed a managing director the board is responsible for the day-to-day administration, ensuring the lawfulness of the company’s bookkeeping and the reliability of its financial administration. The board of directors is responsible for the preparation and execution of the decisions of the general meeting of shareholders.
According to the Limited Liability Companies Act there shall be one to five regular members of the board of directors unless otherwise provided in the articles of association. If there are fewer than three members at least one deputy member shall be elected to the board. It is possible to stipulate in the articles of association that the term of office of the board members is fixed-term or until further notice.
The personal information of the members and the deputy members of the board shall be notified to be entered into the Trade Register.