Corporate Governance

Skuld has a tradition of high governing standards. Skuld’s Statutes set out the structure and roles of the governing bodies, how they are elected and their mandates.
 
The association’s more detailed “Corporate Guidelines” cover the responsibilities of the Board of Directors, its Chairman and the President and CEO. The purpose is independence and control in governing Skuld, while at the same time ensuring equal terms for equal members.

The General Meeting is Skuld’s highest authority. All members have a right to attend, and votes are distributed according to each member’s gross tonnage entered with the association.

The Committee, composed of member representatives, supervises Skuld’s business and elects the Board.

The Board of Directors, elected mainly among Skuld members, deals among other things with Skuld’s strategy plan, budget and premiums, changes to statutes or rules, International Group Association (IGA) issues, reinsurance contracts and internal control procedures.

The President and CEO is responsible for the day-to-day management of the association and communicates with the Board in matters of importance to Skuld. The CEO shall ensure the association’s compliance with all applicable legislation and adherence to the code of conduct of the company, i.e. “Ethical Guidelines”.

The Guidelines for the Board of Directors also focus on the responsibility for information related to board matters. Skuld aims at open and transparent communication with members, employees and other stakeholders. An example is the publishing of quarterly reports.