Companies that adhere to the Swedish Corporate Governance Code (“the Code”) are required to have a nomination committee. According to the Code, the general meeting shall appoint the members of the nomination committee or determine how the members shall be appointed. The nomination committee must consist of at least three members, and the majority of these must be independent in relation to the Company and its executive management. Furthermore, at least one member must be independent in relation to the largest shareholder by voting power, or the group of shareholders acting in concert in the governance of the Company.
Companies that apply the Code are not obliged to follow all its rules, as the Code itself allows for deviations, provided that any such deviations and the chosen alternative solutions are described and explained in the corporate governance report (according to the “comply or explain” principle). Any deviations from the Code will be disclosed in the company’s corporate governance report. Apart from not having appointed a nomination committee, the company currently does not expect to report any deviations from the Code in its corporate governance report.