The Board of Directors

The Company's management

The Company is headed by the Board of Directors and by the President and Chief Executive Officer. In his absence, the Deputy CEO substitutes for the President and CEO. The President and CEO works with a Group Management team appointed by the Board of Directors.

The composition of the Board of Directors

The Board of Directors consists of the Chairman and six members as well as three deputy members. The Chairman, members and deputy members are elected by the AGM for the period until the end of the next AGM. In case the Chairman or a member of the Board will be absent, he or she has the primary responsibility for nominating the deputy who will be summoned in his/her place. The Articles of Association have not established any special system for the appointment of Board members. The Board has not appointed any committees.

The Board has not appointed an audit committee. Instead, all information related to audits is dealt with directly by the Board.

A person who is elected to the Board must be sufficiently competent for the task and have sufficient time to handle it. A Board member or candidate must provide the Board with enough information to assess his or her competency and independence as well as any changes in this information and present his or her own assessment of his or her independence.

Board members represent all shareholders, not only those shareholders who have nominated them. The number of members and the composition of the Board shall enable the effective management of the Board's duties. Both sexes are represented on the Board.

The Board assesses the members' independence annually. The majority of Board members shall be independent of the Company, with at least two of them also independent of significant shareholders. All members of the sitting Board are independent of the Company, and the majority are also independent of the Company's significant shareholders.

The Board has not appointed any nomination committee but instead proposes a candidate to the Board itself, taking into consideration the above principles.

The Annual General Meeting on April 20, 2017 elected the following Board of Directors:

Ben Lundqvist, chairman of the Board 
Nils-Erik Eklund
Erik Grönberg
Agneta Karlsson
Dick Lundqvist
Lars G Nordström
Peter Wiklöf

The deputy members of the Board are:

Ulrica Danielsson
Stefan Lundqvist
Johnny Rosenholm 

The work of the Board

The Board of Directors is in charge of the administration of the Company's affairs. It leads and oversees the Company's operational management, appoints and dismisses the President and CEO and the other members of Group Management, approves the Company's strategic goals and risk management principles and ensures that the management system is functioning. The Board establishes the Company's vision and values, which are observed in its operations.

The Chairman of the Board is appointed at the regular AGM. The Chairman is responsible for organizing the Board's work and ensures that the Board meets as required. The Company's Deputy CEO serves as secretary of the Board.

At its statutory meeting after the AGM, the Board of Directors adopts rules of procedure for the financial year. These rules of procedure shall contain information about and indicative dates for:

  • discussion of vision and strategy
  • discussion of financial statements, Half-Year Financial Report and interim management statements
  • discussion of audit reports
  • discussion of the Group's budget and plan of operations
  • appointment of any Board committees
  • evaluation of the work of the Board.

In addition, as appropriate, the Board deals with:

  • other items of business which are incumbent on the Board according to the Companies Act, the Articles of Association and other rules and regulations
  • significant investments and divestments
  • other items of business submitted by the operational management or by individual Board members.

The Company shall ensure that all Board members receive sufficient information about the Company's operations, operating environment and financial position and that new Board members are familiar with the Company's operations. At each Board meeting, the President and CEO provides information about the Company's operations. In addition, the Board continuously receives information in the form of regular reports and the minutes of Group Management meetings.

During the financial year 2016, the Board held 12 meetings. Board members' average attendance at meetings was 89.3 per cent.

Compensation to the Board

Fees adopted by the Annual General Meeting are paid as remuneration for the work of the Board. Reasonable travel expenses are paid as invoiced. The following fees were paid in compliance with the decision of the Annual General Meeting:

Compensation to Board members 2017 2016
Annual fee, Chairman of the Board € 28,000 € 28,000
Annual fee, other regular Board members  € 22,000 € 22,000
Annual fee, deputy members of the Board  € 5,000  € 5,000
Fee per meeting attended, Board and deputy members  € 1,000  € 1,000

For the financial year 2016, a total of EUR 260,000 in Board fees (2015: 237,000) was disbursed. These were allocated as follows:

Compensation disbursed to Board members 2016 2015
Ben Lundqvist € 40,000 € 36,000
Nils-Erik Eklund € 32,000 € 31,000
Trygve Eriksson € 32,000 € 29,000
Erik Grönberg € 34,000 € 31,000
Agneta Karlsson € 33,000 € 31,000
Dick Lundqvist € 32,000 € 30,000
Lars G Nordström  € 32,000 € 29,000
Ulrica Danielsson € 9,000 € 6,000
Stefan Lundqvist € 8,000 € 7,000
Johnny Rosenholm € 8,000 € 7,000
Total € 260,000 € 237,000