The board of directors’ work

The board of directors is the second-highest decision making body of the company after the general meeting. Members of the board of directors are normally appointed by the annual shareholders’ meeting for the period until the end of the next annual general meeting. According to the company’s articles of association the board members which are appointed by the general meeting shall be no less than three and no more than ten.

The responsibilities of the board of directors’ is governed by the Swedish Companies Act (Sw. aktiebolagslagen (2005:551)), SSM’s articles of association and the Swedish Corporate Governance Code (Sw. Svensk kod för bolagsstyrning). Furthermore, the board of directors applies written rules of procedure, which are revised annually. The rules of procedure govern the division of work between the members of the board of directors, the chairman and the CEO. The board of directors also establishes rules of procedure for the committees of the board of directors as well as guidelines for the CEO.

The board of directors meet according to an annual predetermined schedule. In addition to these meetings, additional board meetings may be convened to handle issues which cannot be postponed until the next ordinary board meeting.