Ensuring a competent Board of Directors
The boards of directors within the PFA Group must possess the necessary competencies and qualifications. To ensure that these requirements are met, PFA has, among other things, a diversity policy that describes how the company ensures a diverse board of directors with the competencies necessary to carry out its present as well as its future tasks.
The Board of Directors is evaluated annually based on the company’s business model and the associated risks. The evaluation also includes an assessment of the results achieved by the board. Furthermore, the evaluation assesses the planning of the board’s work as well as whether the board members combined hold the knowledge, professional competencies and experience necessary to understand the company’s activities, including material risks, and to run the company in a responsible manner. Based on this evaluation, the board determines whether any initiatives need to be undertaken in order to ensure sufficient competencies and diversity among the board members at all times. If the evaluation reveals a need for strengthening the combined competencies of the Board of Directors and/or the Executive Board, resources will be earmarked for training, etc.
In addition, it is assessed on an ongoing basis whether any changes in the company’s business model or risk profile necessitate an upgrade of the qualifications of the Board of Directors and/or the Executive Board. The necessary staff resources and financial resources for introductory and supplementary training will be earmarked in the company’s training budget. Newly appointed board members are offered an internal training programme that is fitted to the company’s business model and complexity.