The board’s work is regulated by rules of procedure that are revised annually.
According to the Board's rules of procedure, five ordinary meetings shall normally be held each year, in addition to the statutory meeting. The Board may also meet whenever the circumstances demand.
The Board annually adopts rules of procedure and an instruction on the allocation of work between the Board and the President and CEO, as well as an instruction on financial reporting to the Board.
The rules of procedure contain, i.a., provisions on the number of board meetings to be held, a list of matters to be considered at the meetings, reporting from the auditors and special decisions to be taken at the statutory meeting. The rules of procedure and special instruction for the CEO set forth the delegation of responsibilities between the Board and its two committees, the Remuneration Committee and the Audit Committee, as well as between the Board and the CEO.
The instruction for the CEO sets out the CEO's duties and authority. The instruction also includes policies on investments, financing and reporting.
Board work 2010
During 2010, the Board held one statutory meeting, five ordinary meetings and six extraordinary meetings, totalling twelve meetings.
The Board members were present at the Board meetings of 2010 according to the following.
Members’ attendance at a total of 12 meetings
| Marcus Wallenberg |
12 |
| Åke Svensson |
10 |
| Erik Belfrage |
12 |
| Johan Forssell |
9 |
| Sten Jakobsson |
12 |
| George Rose |
9 |
| Per-Arne Sandström |
10 |
| Cecilia Stegö Chiló |
9 |
| Lena Treschow Torell |
10 |
| Joakim Westh |
8 |
During the course of the year, the Board was assisted by the Secretary of the Board of Directors , General Counsel Anne Gynnerstedt, who is not a member of the Board.
In 2010, the Board of Directors worked with the establishment of a budget and business plan. Financial reports are prepared monthly and submitted to the Board. The reports are presented at each Board meeting and before the quarterly reports and year-end report. During the year, the Board has followed up on the reorganisation decided on in 2009 and the company's strategy. The Board has also had several extra meetings in order to appoint a new President and CEO. The former President and CEO Åke Svensson left the company to become Director General of the Association of Swedish Engineering Industries. He was replaced by the new President and CEO Håkan Buskhe as from 1 September 2010. The Board has also followed up on significant export opportunities and related marketing investments. The efficiency of the cost-savings programme is continously monitored at every board meeting.
Committee work represents an important part of the Board's work. After meetings of the Audit and Remuneration Committees, the issues that have been handled are reported to the Board, and resolutions are adopted on issues where the committees have made recommendations.