The Board of Directors has appointed an Audit Committee consisting of Lars Ingelmark (Chairman), Martin Nicklasson, Björn O. Nilsson och Vincent Ossipow. All directors are independent in relation to the Company, senior executives and major shareholders. The Audit Committee’s members have the requisite accounting expertise.
The Audit Committee, whose work is regulated in the instructions that serve as part of the rules of procedure for the Board of Directors, is tasked with preparing issues on behalf of the Board of Directors pertaining to selection of auditors and remuneration, follow up of the auditors’ work and the Company’s internal control systems, follow up of the current risk scenario, follow up of external audits and the Company’s financial information, adoption of the interim reports for quarters 1 and 3, preparation of the interim report for quarters 2 and 4, as well as the Company’s annual report,
follow up of issues pertaining to financing, and preparations to adopt and revise financial policy and other issues that the Board of Directors entrusts to the Committee. The Audit Committee reports to the Board of Directors. The committee held ten meetings in 2015.
The Board of Directors has appointed a Remuneration Committee consisting of Björn O. Nilsson (Chairman), Leonard Kruimer and Birgitta Stymne Göransson. All directors are independent in relation to the Company, senior executives and major shareholders.
The work is regulated in the instructions that comprise part of the rules of procedure for the Board of Directors and include to consider and to resolve on issues pertaining to remuneration and benefits to senior executives. The work includes preparation of other remuneration issues of greater importance, such as incentive programs. Added to this are assignments to monitor and evaluate ongoing and completed programs for variable remuneration to senior executives, monitor and evaluate implementation of the guidelines for remuneration to senior executives applicable for the year, as well as applicable remuneration structures and levels within the Company.
After the 2015 AGM the Board of Directors decided to not establish a remuneration committee, considering it more appropriate for the entire Board to perform the tasks of a remuneration committee.