The Board’s work was very intensive in 2019. It held 38 meetings, seven of which were by correspondence.
The Board was unanimous in its decisions, and no dissenting opinions were noted on any issue during the year. Potential conflicts of interest for Board’ members are reported at each meeting and mean that the member may not take part in discussions or decisions on the particular topic.
Large focus on anti-money laundering and counter-terrorist financing
The Board establishes a yearly work plan where it decides which issues to treat in depth. In 2019 the Board largely focused on the anti-money laundering and counter-terrorist financing work.
- The Board and within the Board established a work group to manage the ongoing regulatory investigations, follow up the anti-money laundering action plan established in 2019, and analyse reporting from the Anti Financial Crime, which was established during the year.
- The Board also hired attorney Biörn Riese as a legal advisor and Peje Emilsson from Kreab as an advisor on communication issues.
- In addition, the international law firm Clifford Chance was hired, with forensic expertise support, to conduct a comprehensive investigation to among other things describe how the bank has dealt with money laundering issues, shortcomings in routines and processes, internal and external information disclosures, and liability issues.
- Clifford Chance was also asked to review the bank’s current compliance work with respect to money laundering with the aim of issuing recommendations to ensure that the bank follows best industry practices.
- The Board decided in late autumn 2019 to expand its circle of legal advisors to include the US law firm Quinn Emanuel.
Other major issues
- The bank’s strategic plan with underlying strategies.
- Measures to improve customer satisfaction and restore confidence in the bank.
- Implementation of sustainability issues in the bank’s main processes: fund management, payments, lending and procurement.
- Greater focus on customers and digital channels.
- Information security issues.
- Corporate governance and other regulatory issues.
- Macroeconomic developments and their impact on the bank and its limits and exposures.
- Capital and liquidity issues with an emphasis on the new capital requirements.
- liquidity strategies and funding issues.
- The current risk and capital situation, including the Internal Capital Adequacy Assessment Process (ICAAP) and other stress tests.
- Credit decisions where the total Group credit limit exceeds a certain amount as well as limits for credit risk concentrations and loans to bank officials with a vested interest.
- Major ongoing projects within the bank.
- Competition and business intelligence.
- The Board was unanimous in its decisions, and no dissenting opinions were noted on any issue during the year. Potential conflicts of interest for Board’ members are reported at each meeting and mean that the member may not take part in discussions or decisions on the particular topic.