According to Norwegian corporate law, the President & CEO constitutes a formal governing body that is responsible for the daily management of the company.
The division of functions and responsibilities between the President & CEO and the Board of Directors is defined in greater detail in the rules of procedures established by the Board.
The Corporate Management Board (CMB), including the President & CEO, has a shared responsibility for promoting Hydro's objectives and securing the company's property, organization and reputation. Members of the Corporate Management Board are also Executive Vice Presidents (EVPs) with responsibility for the respective business areas, Projects, Finance, and Central Staffs.
See page 160-161 in Hydro's Annual Report 2014 for developments in 2014.