The Board of Directors has established two Committees: the Audit Committee and the Remuneration Committee.
The members of each committee are appointed for one year from amongst the Board members. The tasks of the committees and their work procedures are stipulated in written instructions issued by the Board. The committees’ primary task is to prepare issues and present them to the Board for resolution.
The Audit committee, which consists of three Board members, is appointed by the Board.
The Audit Committee currently consists of:
The Board secretary, Johanna Kreft, is also secretary of the Audit Committee.
During 2022 the Audit Committee has so far held four meetings at which Sandvik’s external auditor and representatives of the company’s management were present and plans to hold another two.
Areas addressed by the Audit Committee mainly related to
The Remuneration Committee, which consists of two Board members, is appointed by the Board.
The Remuneration Committee currently consists of
The Board secretary, Johanna Kreft, is also secretary of the Remuneration Committee.
The tasks of the Remuneration Committee are, among others, those prescribed by the Swedish Corporate Governance Code, which include preparing proposals regarding guidelines for remuneration of senior executives and long-term incentive programs for senior executives.
Based on the recommendations of the Remuneration Committee, the Board decides the remuneration and terms of employment for the President, who in turn decides on the remuneration to be paid to the Group Executive Management in consultation with the Remuneration Committee.
During 2022 the Remuneration Committee has so far held four meetings and plans to hold one more.