The Board of Directors' Committees

According to the rules of procedure adopted by the Board of Directors, the Board in itself elects and relieves a risk committee, an audit committee and a remuneration and corporate governance committee to decide on certain predefined matters and to draw up issues to be resolved upon by the Board of Directors.

Risk committee

Within the framework established by the Board of Directors, the risk committee can make independent decisions on risk-taking and risk management issues. In addition, the committee lays down measurement, limit and reporting structures for risk issues, oversees the capital management process and lays down methods for calculating economic capital, plus addresses reporting on risk issues, and draws up risk-related matters for the Board of Directors to pass decision on.

Members of the risk committee 2011 were:
- Kjell Sundström (Chairman)
- Marcus H. Borgström
- Lars-Erik Kvist 
- Dag Wallgren

The committee convened 9 times in 2011 and the attendance of committee members was: Sundström 7/9, Borgström 9/9, Kvist 5/9, Wallgren 9/9.

Members of the risk committee 2012 are:
Kjell Sundström (Chairman)
Kjell Hedman
Dag Wallgren

Audit committee

The audit committee draws up matters to be decided upon by the Board on preliminary information on Financial Statements, Final Accounts and Interim Reports. The committee determines the principles for internal auditing, sets down the Group’s internal audit schedule and adopts routines and procedures for compliance with statutory requirements. The Committee receives reports from external auditors, the internal audit and the compliance function, and monitors the internal reporting in general. The audit committee assesses the independence of the auditor or firm of auditors and, in particular, the provision of accessory services.

Members of the audit committee 2011 were:
- Nina Wilkman (Chairman)
- Hans Frantz
- Nils Lampi

The committee convened 8 times in 2011 and the attendance of committee members was: Wilkman 8/8, Frantz 7/8, Lampi 8/8.

Members of the audit committee 2012 are:
- Nina Wilkman (Chairman)
- Jannica Fagerholm
- Hans Frantz
- Nils Lampi

Remuneration and corporate governance committee

The remuneration and corporate governance committee prepares and puts forward proposals to be decided upon by the Board concerning guidelines for the remuneration and incentive schemes of executives, and approval of the Managing Director's most important external engagements. The committee prepares and takes initiatives in matters relating to the development of the Group's administration and control system. Further, the committee shall develop methods for monitoring the Board of Directors' work and administration of this.

Members of the remuneration and corporate governance committee 2011 were:
- Dag Wallgren (Chairman)
- Marcus H. Borgström
- Hans Frantz
- Marina Vahtola
- Nina Wilkman

The committee convened 3 times in 2011 and the attendance of committe members was: Wallgren 3/3, Borgström 2/3, Frantz 3/3, Vahtola 3/3, Wilkman 2/3. 

Members of the remuneration and corporate governance committee 2012 are:
- Dag Wallgren (Chairman)
- Hans Frantz
- Catharina Stackelberg-Hammarén
- Nina Wilkman