The Nomination Committee's duties
The Nomination Committee’s duties include presenting proposals to the Annual General Meeting regarding:
- Chairman of the Board
- Auditors, where appropriate
- Chairman of the Annual General Meeting
- Fees to the Board
- Fees to the auditors
Composition of the Nomination Committee
The 2010 Annual General Meeting adopted guidelines for the Nomination Committee. According to these guidelines, the Chairman of the Board is charged with the task of requesting no fewer than three and no more than five of the largest shareholders in terms of votes to each appoint a member to constitute a Nomination Committee together with the Chairman of the Board. The total number of members shall not exceed six. The Chairman of the Nomination Committee shall be the representative of the largest shareholder.
The composition of the Nomination Committee was announced on the Company’s website on, www.ssab.com, September 27, 2010.
|Nomination Committee for the 2011 Annual General Meeting|
|Appointed by, name||Share in % of voting capital|
|Industrivärden, represented by
Carl-Olof By, Chairman
|Swedbank Robur Fonder,
represented by Thomas Eriksson
|LKAB, represented by Lars-Erik Aaro||5.0|
|1st National Pension Fund, represented by Ossian Ekdahl||1.7|
Chairman of the Board
Until December 31, 2010 shareholders have been able to submit proposals to the Nomination Committee, among other things by e-mail. The Nomination Committee’s proposals are published not later than in connection with the notice to attend the Annual General Meeting. In connection with issuance of the notice to attend the Annual General Meeting, the Nomination Committee will provide, on www.ssab.com, a detailed statement regarding its proposal for a Board.
The Nomination Committee’s work pending the 2011 Annual General Meeting
Since being appointed in the autumn of 2010, the Nomination Committee has held four meetings.
The Chairman of the Board has described to the Nomination Committee the process applied in the Company in conjunction with the annual evaluation of the Board of Directors and the President, as well as the result of the evaluation. In addition, the Chairman of the Nomination Committee has informed the Nomination Committee of the result of the evaluation of the Chairman of the Board. At one of its meetings, the Nomination Committee also met the Company’s President, who informed the members about the Company’s operations and strategy.
The Nomination Committee has discussed the Board’s composition and agreed upon the main demands which should be made on the directors, including the demand for independent directors. In this context, particular consideration has been given to the issue of a more equal gender division. The Nomination Committee has also had access to an external consultant in the work of identifying and evaluating potential new directors.
When producing its proposal regarding fees to the Board and its committees, the Nomination Committee has among other things conducted a comparative study of the levels of board fees in similar companies. In producing its proposals regarding the election of auditors and fees for audit work, the Nomination Committee has been assisted by the Audit Committee.