The Board of Directors
The Board of Directors is elected by the shareholders at the AGM for a mandate of one year. The Board has overall responsibility for managing Swedbank’s affairs in the interests of the bank and the shareholders.
The Board consists of ten members elected by the AGM. It also includes two employee representatives and their deputies in accordance with special agreements with the Financial Sector Union of Sweden and Akademikerföreningen.
The Board’s responsibilities and delegation of responsibilities
The Board sets financial goals and strategies; appoints, dismisses and evaluates the CEO; ensures that effective systems are in place to monitor and control operations and that laws and regulations are followed; and ensures that the information released is transparent and accurate.
The overarching responsibility of the Board cannot be delegated. On the other hand, the Board has committees that monitor, prepare and evaluate issues within their respective areas for resolution by the Board.
Risk & Capital committee - supports the Board in its risk management work.
Remuneration committee - controls that remuneration systems in the bank generally conform to effective risk management and are designed to reduce the risk of excessive risk-taking.
Audit & Compliance committee – provides the Board with access to information on business activities. Its purpose is to identify any deficiencies in routines and in the organisation in terms of governance, risk management and control.
The Board meets the requirements of the Code with respect to its members’ independence. All members except Göran Hedman are considered independent in relation to the bank, its executive management and the major shareholders.