About the Board

Board members

Vattenfall’s Articles of Association stipulate that the Board shall have of a minimum of five and a maximum of ten members, for the part of the Board that is elected by the AGM. Vattenfall’s board currently includes eight AGM-elected directors. By law, the unions are entitled to appoint three board members plus three deputies.

No members of the Executive Group Management (EGM) are members of the board. Thus in accordance with the Swedish state’s ownership policy, nor is the CEO a member of the Board. Of the board members, three are women and two are foreign citizens. The average age of board members in 2010 was 56.
The Board’s composition and presence 

Appointment of the Board

For enterprises that are wholly owned by the Swedish state, and that are not listed in a marketplace, uniform and joint principles for a structured nomination process are applied, which take the place of the Code’s rules on drafting work for decisions on the nomination of board members and auditors.

The nomination process is coordinated by the State Enterprises Division of the Ministry of Finance. A work group analyses competency needs based on the company’s operations, situation and future challenges, as well as the composition of the respective boards. Thereafter, any recruitment needs are determined and recruitment work is initiated. Board members are chosen from a broad recruitment base in the aim of benefiting from the expertise of women and men as well as of individuals with varying backgrounds and experience.

Once this process has been completed, any nominations are to be publicly announced in accordance with the Code’s guidelines; however, no report is made on the directors’ independence with respect to the state as a major shareholder. Vattenfall provides orientation training for new directors who are elected by the AGM.

Additional stipulations on the nomination of board members are set forth in the Swedish state’s ownership policy.
The State as a Company Owner (new window)