Committees

Compensation committee

The Board has appointed a compensation committee, which held one meeting. The guidelines for compensation of senior executives were adopted by the 2010 Annual General Meeting. The Compensation Committee draws up recommendations for the CEO’s compensation and decides on compensation for the other members of the executive management.

The members of the Compensation Committee are Chairman of the Board Sverker Martin-Löf (committee chair) and director Hans Larsson. No compensation was paid for the directors’ work on the committee.

Audit committee

The Audit Committee, which held two meetings during the year, includes all of the members of the Board except for the CEO. Hans Larsson chairs the Audit Committee. The Audit Committee is tasked with reviewing the routines for the Company’s risk management, governance and control, and financial reporting.

The Company’s investment instructions and finance policy are adopted each year by the Board. The Audit Committee maintains regular contact with the Company’s auditor to ensure that internal and external reporting meet established requirements and to discuss the scope and focus of the audit work. The auditor reports his observations to the Audit Committee in connection with the audit of the year-end financial statements. No compensation was paid to the Audit Committee members for their work on the committee.