Members are elected for two-year periods. Neither the President and CEO nor any other member of the executive management is a director of the board.
According to Norwegian corporate law, the board has overall responsibility for company's management, while the President and CEO is responsible for day-to-day management. The board supervises day-to-day management as the President and CEO carries it out. It also oversees the company's activities of the company in general, as well as ensures that appropriate steering and control systems are in place.
The board's internal rules of procedure establish in more detail the board's role in relation to managing the company and the other corporate bodies. The President and CEO's authority and responsibilities are defined to allow the board to concentrate on the company's strategy and organization. The board's work follows an annual plan, and it conducts an evaluation every year of its work and procedures.
The Norwegian legal and regulatory corporate governance structure requires the entire board to be involved in deliberation and decision-making. The Norwegian Public Limited Companies Act says that a Board of Directors may not adopt a resolution without members of the board having been given an opportunity, to the extent possible, to participate in the discussion of the matter in question. Consequently, the formation and delegation of certain responsibilities of the board of a Norwegian company to one or more committees of the board is less common than for companies in some other jurisdictions.
Yara's Board includes two subcommittees: The Audit Committee and the Compensation Committee.
For full board member profiles, see the Board section.