All AS companies must have a stock capital of at least NOK 30,000. In addition, they must have a board of directors and – depending on the size of its turnover, balance sheet total or number of employees – an auditor. They may appoint a managing director (MD) or chief executive (CEO). If the company has assets exceeding NOK 3 million, the board must have at least three members and cannot be chaired by the MD/CEO. Though not required by law, practically all Norwegian companies have a fiscal year running from January to December, though some foreign subsidiaries may have a different fiscal year to match the corporation.