Board of Directors
Chamber of Commerce's business direction and activities are defined by a “Board of Directors” (the Board) consisting of a minimum of 7 and a maximum of 20 voting members. The Board is appointed by the annual assembly for a term of one year unless extraordinary assembly shortens the period. If a member resigns prior to the expiry of their membership term it will be substituted by a nominee with highest vote (not enough to be elected) at the general assembly. Only natural persons who are members or individuals who are appointed by a company or an organization can be elected.
The Board of Directors meets twice a year to go through “Executive Committee's” half-year report for the previous 6 months and discuss and approve the “Executive Committee's” roadmap for the consecutive 6 months. The Board of Directors has the responsibility of approving of the guidelines which will define the “Executive Committee's” direction for its activities.
Quorum of the Board of Directors
The Board of Directors obtains quorum when more than half of the entire number of members are present. The Board's decisions are taken by simple/VU's majority of those present while Chairman shall have the casting vote.
Chamber of Commerce's business direction and activities are defined by a “Board of Directors” (the Board) consisting of a minimum of 7 and a maximum of 20 voting members (as described in §7).
The Executive Committee
The Executive Committee (“Committee”) shall represent the Chamber of Commerce and can decide on behalf of the Chamber of Commerce. The “Committee” shall implement the decisions according to theprovisions and guidelines laid out by the “Board of Directors”. Likewise the “Committee” shall oversee the economic affairs of the Chamber of Commerce and keep accounts, as well as give an annual report to the annual assembly which has already been approved by the “Board of Directors”. The “Committee” is responsible for the budget and activity plan.
The Committee consists of 5 to 8 members and 1 secretary. The final number of members will be determined by the Board of Directors. The Board of Directors will also appoint the Chief Executive Director for the CommiThe “Committee” has the right and may delegate certain tasks and responsibilities, within the trusted tablets provisions provided in the guidelines by the “Board of Directors”, to a limited company ("Company"), as stated in § 11 which then takes over the full responsibility of the delegated tasks.
The Chamber of Commerce may use a limited company ("Company") for its business activities. Employment of such company is defined by authorities within the “Executive Committee” (“Committee”) as stated in § 10.
The roles of the Chairman and Executive Director
The annual assembly will select the Board of Directors among the nominees. The Board of Director shall appoint a Chairman for the Chamber of Commerce. The Board of Directors will consequently appoint an Executive Director as the head of the “Executive Committee”. The “Executive Director” and the Executive Committee’s mission is to lead the Chamber of Commerce's day to day operations according to the guidelines that is approved by the “Board of Directors”.
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Chamber of Commerce business activities shall be underwritten by the “Chief Executive Director” and two other members of the “Executive Committee” under the provisions provided in the guidelines by the “Board of Directors”.