Board of Directors and Board Committee

Board

The Articles of Association state that the Board of Directors, to the extent that it is appointed by the Annual General Meeting, shall consist of a minimum of three and a maximum of six members, and a maximum of three deputies.

The Board is responsible for FOREX's organization and administration. The Board of Directors appoints the CEO and members of the Risk and Audit Committee and decides on salary and other remuneration to the CEO and those who have overall responsibility for FOREX's control functions.

The Board's activities and the division of responsibilities between the Board and the CEO are regulated by the Board's rules of procedure. According to the rules of procedure, the Board of Directors makes decisions on strategy, acquisitions and investments. The Board also adopts a CEO instruction that specifies the powers of the CEO.

The Chairman of the Board is responsible for and leads the Board's work so that it is carried out efficiently, in accordance with laws, regulations and FOREX's internal regulations. The Chairman monitors the business in dialogue with the CEO and is responsible for ensuring that other Board members receive satisfactory information and decision-making documentation and conveys any views from owners to the Board. The Chairman is responsible for ensuring that the Board continuously updates and deepens its knowledge of FOREX and otherwise receives the training required for the work of the Board to be conducted in an efficient manner.

When appointing Board members, it shall be taken into account that the composition of the Board of Directors is such that the members together have the knowledge, insight, experience and suitability necessary to be able to fulfil their duties.

The Board of Directors has adopted a Policy regarding suitability assessments of the Board of Directors and of the CEO and responsible for the payment services business. The policy establishes the framework for the processes to be applied for suitability assessment by the Board of Directors, the CEO and the person responsible for the payment service business.

An annual competence inventory is carried out by the board and based on this, a training plan is established annually for the board. The Chairman of the Board is responsible for evaluating the Board's work annually.

The Board of Directors has chosen to establish a Risk and Audit Committee. The committee shall prepare and evaluate issues in the areas of risk and auditing. their respective areas before decisions by the board. The Board of Directors appoints the Chairman of the Committee.

The Board has adopted rules of procedure that clarify the committee's mission and work.

Risk and Audit Committee

The Risk and Audit Committee shall consist of at least three members of the Board of Directors. The committee shall, among other things, monitor that FOREX's framework for risk management provides the conditions for adequate risk management and control and, if necessary, propose changes to the Board of Directors, monitor that necessary measures are taken in response to reported observations from the Head of Risk and Head of Compliance, respectively, deal with issues of internal control over financial reporting, monitor that necessary measures are taken in response to reported observations from FOREX auditors and evaluate the work and independence of the external auditors, and thereafter inform the Annual General Meeting of the results of such evaluation.