Duties
In addition to the Chairman of the Board, the Compensation Committee shall consist of at least one director elected at the General Meeting, who shall be independent in relation to the Company and company management. The members of the Compensation Committee shall possess the requisite knowledge and experience on issues relating to compensation to senior executives. The President shall be present at meetings of the Committee in order to report on matters. The Compensation Committee’s duties are stated in the Board’s rules of procedure. The Compensation Committee presents proposals to the Board of Directors regarding the President’s salary and other employment terms, establishes salaries and employment terms for other members of the Group Executive Committee and establishes limits regarding salary and employment terms for other senior executives. The Compensation Committee assists the Board in its task of drawing up proposals for guidelines for determination of salary and other compensation for the President and other members of the Company’s management, to be decided upon at the Annual General Meeting.
Work in 2010
In 2010, the Compensation Committee held five meetings at which minutes were taken. The Compensation Committee comprised Sverker Martin-Löf (Chairman), John Tulloch and Lars Westerberg. The President is co-opted to the Committee but does not participate in discussions concerning his own salary and employment terms.