The Board's committees
The Remuneration Committee
The Risk & Capital Committee
The Audit & Compliance committee
The Remuneration Committee
The Board's Remuneration Committee monitors, evaluates and prepares remuneration issues for resolution by the Board. The 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.
The work of the Remuneration Committee includes:
- Salary, pension, variable remuneration and other benefits for senior executives in accordance with the guidelines adopted by the AGM and for the Head of Internal Audit
- The Board’s proposal to the AGM regarding remuneration guidelines for senior executives
- The Board’s remuneration policy
- Decisions according to or deviations from policies in the remuneration area
- Annual review and evaluation of the effectiveness of the remuneration instructions
- Preparation and recommendation to the Board on remuneration to consultants in cases where total remuneration exceeds SEK 20m
Read more about the Remuneration committee in the annual report 2012.
The Committee has the following members:
| Function | Name |
|---|---|
| Chair | Anders Sundström |
| Olav Fjell | |
| Lars Idermark | |
| Anders Igel |
The Risk and Capital Committee
The role of the Risk and Capital Committee is to support the Board in its risk management work. However, the Board has ultimate overarching responsibility for the risks taken by the bank and for assessing its capital requirements. The Board ensures that routines are in place to identify and define risks relating to business activities as well as to measure and control risk-taking. Through the Board’s risk and capital policy, the CEO receives guidelines for risk governance and management, risk control, risk and capital evaluation, and capital management.
The Committee covers the following areas:
- Market risk
- Credit risk
- Liquidity and funding (e.g. limits on liquidity risk)
- Capital (e.g. monitoring the capital base, risk-weighted assets and governance models)
The CEO is not a member of the committee but normally attends its meetings, as does the CFO and CRO.
Read more about the Risk and Capital Committee in the annual report 2012.
The Committee has the following members:
| Function | Name |
|---|---|
| Chair | Anders Sundström |
| Ulrika Francke | |
| Göran Hedman | |
| Lars Idermark | |
| Pia Rudengren |
The Audit and Compliance Committee
The Audit and Compliance Committee, through its work and in consultation with the outside auditor, the Head of Internal Audit and the Group Executive 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 work of the Audit and Compliance Committee is focused on internal control and governance processes and their adequacy, as well as monitoring the effectiveness of Swedbank’s internal audit, internal controls and risk management with respect to financial reporting. The area of compliance includes ensuring that the work being done within Swedbank follows external laws and regulations and internal policies and instructions, as well as information on ongoing contacts with supervisory authorities in countries where the bank has operations. The Audit and Compliance Committee also reviews the work of the internal and external auditors to ensure that it has been conducted effectively and in an otherwise satisfactory manner.
The committee’s work also includes:
- Reviewing and evaluating the Group's financial reporting process
- Responsibility for the quality of the company’s reporting
- Responsibility for ensuring that the interim reports and yearend reports are audited or reviewed by the Auditor
- Meeting the Auditor on each reporting date
- Staying informed of accounting standards
- Reviewing the quarterly reports and suggestions for improvements from Internal Audit, Risk Control and Compliance within their areas, including management of risks in accordance with the Group’s policy, and staying informed of risk evaluations and risk reports
- Evaluating and assisting the appointment of the Head of Internal Audit
The head of Internal Audit attends the committee’s meetings.
Read more about the Audit and Compliance Committee in the annual report 2012.
The Committee has the following members:
| Function | Name |
|---|---|
| Chair | Ulrika Francke |
| Charlotte Strömberg | |
| Karl-Henrik Sundström | |
| Siv Svensson |
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