Directors' independence

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

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.

The Board Members elected by the General Meeting, are independent of the company, with the exception of Göran Hedman, CEO of Sparbanken in Enköping. Göran Hedman is considered to be independent in relation to the management of the bank and the bank’s major shareholders.