Board of Directors 2012

During the year, the Board held 14 meetings, of which ten were regular meetings, one was statutory and three were extraordinary. The secretary of these Board meetings was General Councel, Petra Hedengran. Prior to each meeting, Board members were provided with comprehensive written information on the issues that were to be discussed.

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During the year, the Board devoted considerable time to the acquisition of additional shares in ABB, Ericsson and NASDAQ OMX, the investment in the new core investment Wärtsilä, the acquisition of Mölnlycke Health Care’s mezzanine debt, the investment in Gambro to finance the company’s strategic plan, the consolidation of real estate by the company Vectura, and the divestment of Gambro. Prior to each transaction, extensive analysis were presented to the Board.

The Board devoted time to both internal and external presentations of the financial markets in particular countries, as well as from a global perspective. The Board discussed the development and the effects on industries, markets and individual companies, paying particularly close attention to Investor’s holdings and the long-term strategies of such holdings. For example, guest speakers were invited to give presentations at Investor’s Board meeting that was held in June in New York. During the year the Board also has met with the CEOs of Investor’s holdings, inter alia Atlas Copco, Electrolux, Ericsson, Gambro and Sobi, for presentations of their companies. The financial reports presented at every regular Board meeting, including those prior to the year-end and interim reports, are an important aspect of the Board’s work. The Board also receives regular reports on the company’s financial position. At regular Board meetings, reports are delivered on the ongoing operations in the business areas, together with in-depth analyses and proposed actions regarding one or more of the company’s holdings.

Committee work is an important task performed by the Board. A more detailed description of the work conducted by the Committees during 2012 is presented below. During the year, the company’s Management presented value creating plans for Core Investments, including analyses of the holdings’ operations and development potential in the business areas where they are active. These analyses and their implications were discussed and assessed by the Board with a focus on the individual companies as well as in the context of overall strategic discussions.

The Board also received and discussed reports on the composition of portfolios and developments within Financial Investments, including Investor’s involvement in EQT and the operations of Investor Growth Capital. In addition to participating in meetings of the Audit Committee, the company’s auditor also attended a Board meeting during which Board members had the opportunity to pose questions to the auditor without representatives of the company’s Management being present. An evaluation of the work done by the Board was also conducted during the year, which provided the basis for the work of the Nomination Committee and for determining the focus of future Board work.

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