The Board of Directors and the Executive Management of Vestas Wind Systems A/S believe that corporate governance initiatives should be a constant process and address the principles of corporate governance in an ongoing process with due consideration to current legislation, practices and recommendations.
Such evaluation includes a review of the company’s business concept, business procedures, goals, organisation, capital position, stakeholder relations, risks and exercise of the necessary control.
The Board of Directors finds that Vestas is run in a financially, socially and environmentally responsible manner, and that its owners and the capital markets are provided with an insight of Vestas through open and direct communications. This is ensured, among other things, in connection with the Board of Director’s disclosure of the company’s annual report and quarterly reports, which contain detailed information about financial and non-financial matters.
Responsibilities of the Board of Directors
The Board of Directors deals with the overall and strategic management of the company, including:
- appointing the Executive Management;
- laying down guidelines for and exercising control of the work performed by the Executive Management;
- ensuring responsible organisation of the company’s business;
- defining the company’s business concept and strategy;
- ensuring satisfactory bookkeeping and financial reporting;
- ensuring the necessary procedures for risk management and internal controls; and
- ensuring that an adequate capital contingency programme is in place at all times.
Responsibilities of the Executive Management
The Executive Management of Vestas Wind Systems A/S is responsible for the day-to-day management of the company, observing the guidelines and recommendations issued by the Board of Directors. The Executive Management is also responsible for presenting proposals for the company’s overall objective, strategies and action plans as well as proposals for the overall operating, investment, financing and liquidity budgets to the Board of Directors.
