Board of Directors
The General Meeting elects the members of the Board of Directors.
The Board of Directors shall annually revise and oversee the overall strategy, business and action plan for RelyOn and approve the annual budget for the next financial year.
The Board of Directors has decided not to establish an Audit Committee, however the Board of Directors handles the tasks related to such an committee.
Outline of responsibility:
- Lay down general business and management principles of the Company
- Decide on strategy and risk policies for the Company
- Supervise the performance of the Company, the Executive Management and secure the proper organisation of the Company
- Monitor the independence of the external auditors and the planning, execution and the opinion of the external auditors
- Review the Company’s financial position, capital resources and reporting on financials and performance
- Appoint members of the Executive Management
The Board of Directors will convene at least four times per year.
Executive management
The Executive Management is appointed by the Board of Directors and consists of the Chief Executive Officer (Group CEO)
The Executive Management is responsible for RelyOn's day-to-day management of the Company in accordance with the directions provided by the Board of Directors, among others comprising:
Outline of responsibility:
- Develop the business and provide strategies for the Company to be approved by the Board of Directors
- Implement the strategy for the Company and execute on investments and divestments
- Develop the organisational structure of the Company and allocate resources
- Drive and monitor the performance of the Company
- Prepare internal and external financial reporting
- Establish internal policies and procedures for relevant topics such as accounting, finance, IT, etc.
- Oversee enterprise risk management
- Report to the Board of Directors
See Group management
Ownership
On the 24th of May 2024, RelyOn found a new strong financial sponsor, Mubadala Capital, allowing us to further accelerate our growth journey.
Mubadala Capital looks forward to facilitating the next phase of our transformational growth journey, building on our Scandinavian legacy, driving sustainable value for our customers, employees, investors and other stakeholders.
We are well-positioned to capitalize on substantial growth opportunities, not least in the energy sector, where demand is expected to triple from 2020 to 2040, necessitating a 65% increase in workforce by 2030.
About Mubadala Capital
Mubadala Capital is the wholly owned asset management subsidiary of Mubadala Investment Company, a c. $302 billion global sovereign investor headquartered in Abu Dhabi, UAE. Mubadala Capital manages c. $23 billion in aggregate across its own balance sheet investments and in third-party capital vehicles on behalf of institutional investors, including four flagship private equity funds, four early-stage venture funds, three funds in Brazil focused on special opportunities and a highly diversified evergreen investment strategy focused on private market opportunities, as well as a series of co-investment vehicles, SPVs and continuation funds.
Mubadala Capital has offices in New York, San Francisco, London, Rio de Janeiro, and Abu Dhabi.
You can read more about them here.
Recommendation outlined by active owners Denmark
RelyOn complies with all the recommendations of September 2019 except for recommendation 3.1. with respect to establishment of an audit committee. Considering the size and structure of RelyOn Nutec, the Board of Directors has decided not to establish a formal Audit Committee. Instead, such tasks are undertaken by the Board of Directors.
The complete Corporate Governance Statements are available here: