The Adevinta Board sets the overall strategic direction of the Company, and oversees the CEO and management team to ensure that the day-to-day management aligns with the Board’s strategic goals. The Board also appoints, and sets the terms of employment of, the CEO, in addition to setting out the parameters of the powers and responsibilities delegated to them.
The Board has two permanent committees: the Audit and Risk Committee and the Remuneration Committee. An Integration Committee has also been established to support integrating the recently acquired eBay Classified Group businesses into Adevinta.
To ensure the Board is functioning optimally, it performs an annual self-assessment of its work and from this, forms the basis for the nomination committee’s annual evaluation of the Board’s work.
The Articles of Association state that the Board shall comprise five to thirteen members. Within this range, the number of directors is determined by the general meeting of shareholders, and a majority of directors at any time must have been elected by the general meeting.
As of today, the Board consists of ten members, six of whom have been appointed by shareholders at the Annual General Meeting of the Company for a term of one year; the other four members have been appointed directly by the Company’s significant shareholders (Schibsted and eBay) in accordance with their rights under Article 6 of the Company’s Articles of Association.