Corporate Governance
InvivoSense will as a main principle follow the recommendations of the Norwegian Corporate Governance Code (the “Code”) to the extent not considered unreasonable due to the size or situation of InvivoSense. If not fully implemented InvivoSense will provide explanations of non-compliance to the market in accordance with the Code.
We refer to the corporate governance review in annual report 2007.
In the following the current status of non-compliance with the Code is provided.
The Board is always represented in a General meeting, but due to the residency of the Board members the whole Board is normally not present in accordance with the Code Chapter 6. The auditor is present when the annual accounts are resolved. Furthermore the Company does not have formal routines which ensure independent chairing of the General meeting as recommended in Chapter 6. However, the Board has on an ad hoc basis evaluated independent chairing and in the past ensured such if considered necessary.
The Company has not appointed an independent nomination committee at this time as recommended in Chapter 7 of the Code. It is not considered in the best interest of the Company and the shareholders to have an independent nomination committee at the time of the listing, due to the Company’s stage of development and the nature of its business. The Company will however continuously evaluate the need for an independent nomination committee.
Furthermore the Board has not conducted an annual formal self-evaluation, but will as a listed company evaluate the need to do so.