Topsil's management comprises the Board of Directors and the Management Board.
Board of Directors
The Board of Directors has the overall responsibility for the management of the Group and supervises the Management Board. The Board of Directors lays down the policies for the Company's business strategy, organisation, accounting and financing and appoints a Management Board to be in charge of the day-to-day operations of the Group. The Board of Directors is made up of four members elected by the shareholders and two members elected by the employees
Pursuant to the Articles of Association, the members of the Board of Directors elected by the shareholders are elected for terms of one year at the annual general meeting. The term for the current Board of Directors expires on 14 April 2011 and the members are eligible for re-election. According to the rules of procedure for the Board of Directors, the retirement age for Board members is 70 years.
When composing the Board of Directors, the aim is for the majority of the Board members elected by the shareholders to be independent of special interests relative to the Group, major shareholders, chief suppliers and key accounts.
Three of the four Board members elected by the shareholders are independent of special interests. Topsil's Deputy Chairman is not independent, as he controls 12.2% of the capital in Topsil and owns and leases the property at Linderupvej 4, Frederikssund, to Topsil.
When composing the Board of Directors it is important that the members represent general management experience in globally oriented industrial businesses, have industry insight and possess professional skills pertaining to listed companies' financial and economic matters.
Management Board
Topsil's Management Board comprises two registered executive officers, the CEO and the EVP, Logistics, Sales & Marketing. The CEO is responsible for the day-to-day management of the Company in accordance with the guidelines laid down by the Board of Directors. Also, the Management Board is responsible for submitting proposals for the Group's overall strategies, action plans, objectives and operating and investment budgets to the Board of Directors.
