The company's chief executive officer (CEO) is to manage its day-to-day management. Matters that in terms of the scope and nature of the company's operations are unusual kind or of great importance do not fall under the definition of day-to-day management.
The CEO is obliged to prepare, present and report to the board of directors any issues that fall outside the day-to-day management. The board is to issue written instructions for when and how such information that is needed for this assessment is to be collected and reported to the board.
The CEO is a corporate body subordinate to the board of directors. The board may give the CEO instructions on how ongoing management issues are to be handled or decided.
The CEO is obliged to follow such instructions within the framework set out in the Companies Act and the company’s articles of association. The board may also make decisions on matters that are part of the day-to-day management.
The CEO may be a member of the board, but may not be its chairman. Regardless of whether the CEO is a member of the board or not, he or she has the right to attend and speak at the board's meetings unless the board decides otherwise in a particular case.