The Management Team
There can be a management team in the company which role of the management team is to support the managing director in his/her tasks and duties. The tasks and responsibilities of the management team are not regulated in the Limited Liability Companies Act. This is because the management team is not an actual organ of the company according to corporate law, even though it has a meaningful role in the organisation of the company´s management. The company defines the composition of such management, as well as its tasks and areas of responsibility of each member of the management team. The managing director normally appoints the members of the management team and the board of directors approves the terms of the employment, especially of those who report directly to the managing director (the so called “one-over-one principle”).
The tasks of the management team are usually to prepare, together with the managing director, the strategy, business plan and budget of the company for the decision of the board of directors. In addition the management team also handles and decides on the most important operative matters. The tasks of the management team are normally described in the rules and responsibilities of the management team. Minutes are taken of the meetings of the management team.