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Committees 2011

At the statutory meeting of the Board, held in conjunction with the Annual General Meeting, April 12, 2011, the following members of the Board were elected to the Board Committees.

Remuneration Committee
Jacob Wallenberg (Chairman)
O. Griffith Sexton
Lena Treschow Torell

Audit Committee
Sune Carlsson (Chairman)
Jacob Wallenberg
Peter Wallenberg Jr

Finance and Risk Committee
Grace Reksten Skaugen (Chairman)
Gunnar Brock
Jacob Wallenberg

Remuneration Committee

In 2011, the members of the Remuneration Committee were Jacob Wallenberg (chairman), O. Griffith Sexton and Lena Treschow Torell. The composition of the Remuneration Committee meets the independence criteria set forth by the Code. The Remuneration Committee held eight meetings during the year. During 2011 the Committee:

Evaluated and approved remuneration structures for personnel and salary reviews for Management.
Evaluated and assessed the President’s goals and terms and conditions for remuneration for 2011, which were then approved by the Board.
Monitored and evaluated variable salary programs that were in effect or concluded during the year.
Evaluated and implemented the guidelines for remuneration and the long-term variable remuneration program for Management and employees that was adopted by the 2011 AGM.
Monitored and evaluated the development of remuneration programs and remuneration levels in the market initiated a project that made a thorough evaluation of the longterm variable remuneration program for the Management and the employees which was adopted at the AGM 2011.
Proposed to the Board to submit to the AGM 2012 a long-termvariable remuneration program which is substantially identical to the program from 2011.

Audit Committee

During 2011, the Audit Committee consisted of Sune Carlsson (chairman), Jacob Wallenberg and Peter Wallenberg Jr. The composition of the Committee meets the independence criteria set forth by the Code and the Swedish Companies Act. The Audit Committee held seven meetings during the year, typically in conjunction with issuance of the quarterly and annual reports. During 2011 the Committe:

Analyzed each interim report and the year-end report for completeness and accuracy.

Focused particularly on the correct treatment and accounting of each business area subsequent to the restructuring within Investor.

Maintained regular contact with the company’s external auditor and followed up on any findings reported.

Evaluated the audit work and presented its conclusions to the

Nomination Committee.

Monitored the efficiency in the organization and the internal control by among other things the results of reviews conducted by the

Internal Controls function during 2011, with a special focus on the ontrols that are in place for business processes and the consolidation

including connections between the IT systems that are used for processing financial reporting.

Finance and Risk Committee

The members of the Finance and Risk Committee in 2011 were Grace
Reksten Skaugen (chairman), Gunnar Brock and Jacob Wallenberg.
The independence criteria do not apply to the members of this Committee.
The Finance and Risk Committee held three meetings during
the year. At each meeting, representatives from the specialist functions
gave presentation on the current risk status and follow-up on
limits and mandates in relation to policies. During 2011 the Committee
focused on:

Investor’s financial flexibility because of the uncertainty about the future global economic situation.
Monitoring of risk exposure and strategy.
The internal restructuring of the business areas and the organization.
The termination of Active Portfolio Management and the creation of the new, limited-scope Trading operation.
The work accomplished by the Security function was reported.
Updates of policies and instructions were approved.

Information updated 2012-04-24 13:04:51