The board of directors has established an audit committee in accordance with the Swedish Companies Act. According to the Swedish Companies Act, members of the audit committee may not be employed by the company and at least one member of the audit committee shall hold accounting or auditing competence. The current audit committee consists of three members: Peter Törnquist (chairman of the audit committee), Gustaf Martin-Löf and Terje List, who are all independent of the company and its management. Terje List is also independent of the Company’s Principal Shareholder.
The audit committee is responsible for monitoring the company’s financial reporting, risk management and internal control, as well as accounting and auditing. The audit committee also reviews and monitors the auditor’s impartiality and independence, other services provided by the company’s auditor and assists the company’s nomination committee with the proposal for election of auditor.
The board of directors has established a remuneration committee. The remuneration committee consists of Kenneth Bengtsson (chairman of the remuneration committee), Peter Törnquist and Christoffer Sjøqvist, all of whom are independent of the company and its management. Kenneth Bengtsson is also independent of the Company’s Principal Shareholder.
The remuneration committee’s main tasks are to prepare the board of directors’ decisions on issues concerning, among other things, terms of employment and remuneration to the executive management. The renumeration committee shall produce a compensation policy to be presented to the board of directors. Furthermore, the renumeration committee shall prepare documentation in certain other remuneration matters of principal nature or otherwise of significant importance, e.g. stock option programmes and profit sharing systems and monitor and evaluate the application of the guidelines for remuneration that the annual general meeting is legally obliged to establish, as well as the current remuneration structures and levels in the company.