Director independence

Director independence according to listing requirements

The Board’s composition complies with the requirements of the listing agreement and the Swedish Code of Corporate Governance in terms of independent Board members.

Listing agreement: None of the Board members elected by the Annual General Meeting are senior executives of Swedbank or its subsidiaries. More than half of the Board members elected by the Annual General Meeting are independent in relation to Swedbank and its Management. Of the eight Board members elected by the Annual General Meeting, one has been dependent according to the definition of the listing agreement. At least two Board members elected by the Annual General Meeting, who are independent in relation to Swedbank, are also independent from Swedbank’s major shareholders, and at least one of these two has experience with the requirements placed on a listed company.

The Swedish Code of Corporate Governance: The majority of the Board members elected by the Annual General Meeting are independent in relation to Swedbank and its Management. At least two of the Board members who are independent in relation to Swedbank and its Management are also independent in relation to Swedbank’s major shareholders.