The Board's work

The Board's fundamental duties are stipulated in the Swedish Companies Act and the Swedish Corporate Governance Code. 

Each year, the Board adopts its Rules of Procedure and a number of instructions. The Rules of Procedure and instructions regulate such matters as reporting to the Board, the allocation of duties between the Board, the CEO and the Board's committees, the Chairman's duties, the form and content of board meetings, and evaluation of the work of the Board and the CEO.

The Board's Rules of Procedure stipulate that the Board shall set the overarching goals for Vattenfall's operations, decide on Vattenfall's strategy for achieving those goals, and ensure that effective systems are in place for monitoring and controlling Vattenfall's operations and financial position towards the set goals. The Board is responsible for approving major investments, acquisitions and divestments, and for adopting central policies and instructions. The Board shall also approve certain important contracts, including contracts between Vattenfall and the President, Executive Vice Presidents and other persons in the Group who are defined as senior executives. The Board's duties pertain to Vattenfall AB as well as the Vattenfall Group.

The Chairman leads the work of the Board in accordance with the Swedish Companies Act and the Code, and is responsible for – among other things – ensuring that the board members receive relevant information, contacts with the owner on ownership matters, and conveying views from the owner to the Board. According to the Rules of Procedure, the Board – through the Chairman – is to coordinate its views with representatives of the owner when the company is facing particularly important decisions.

Board meetings

According to the Board's Rules of Procedure, the Board shall hold eight to twelve regular board meetings every year. In addition to the regular meetings, the Board meets when necessary. The Rules of Procedure stipulate that the agenda of every regular meeting shall include the following items of business:

  • The Group's business situation
  • Financial report for the Group
  • Reports from board committees
  • Matters that are not handled by the CEO in the day-to-day administration
  • Other matters of material importance for the Group

In addition, the following items of business are included on the agenda every year:

  • April: First quarter interim report, strategic personnel issues, risk mandate and risk policy, and the statutory board meeting after the AGM
  • July: Half-year interim report, report on major disputes
  • September: Strategic plan
  • October: Nine-month interim report
  • December: Business, investment and finance plans, the auditors' interim review, guidelines for remuneration of senior executives, Internal Audit's budget and internal audit plan, evaluation of the Board and CEO
  • February: Report from the auditors, year-end report, dividend, reporting of major disputes and integrity report
  • March: Annual Report including sustainability report, AGM notice, reports on nuclear safety and dam safety.

Investments are followed up one year after commercial operating date.

The Board holds at least one board seminar every year.

Other items on the Board agenda during 2015 are presented in the Corporate Governance Report

Last updated: 2016-03-23 08:00