Board of Directors

The matters reserved for the Board are prescribed primarily by the Swedish Companies Act and the Board’s Rules of Procedure. The main duties of the Board, apart from appointing the CEO and executive vice presidents, are:

• to set Vattenfall’s strategy;
• to ensure that Vattenfall has effective management and to monitor and control the organisation and administration of the Executive Group Management;
• to ensure that Vattenfall has good internal control, including risk management, and to stay continuously informed about and evaluate how the systems of internal control work;
• to continuously assess Vattenfall’s financial situation;
• to ensure that the organisation of Vattenfall’s bookkeeping and treasury management include means of maintaining satisfactory control; and
• to continuously control the extent to which the CEO is fulfilling his responsibility for the day-to-day administration.

In addition, the Board shall approve major investments, acquisitions and divestments, and set central policies and instructions.

Each year the Board establishes its Rules of Procedure. Apart from mandatory items stipulated by the Swedish Companies Act, the Rules of Procedure regulate such matters as the Chairman’s duties, information provided to the Board, the form of board meetings, the establishment of board committees, and evaluation of the work of the Board and the CEO.

The Chairman leads the work of the Board and is responsible for ensuring that other board members receive adequate information. The Chairman participates when necessary in important external contacts.

The Board has established within itself an audit committee, a compensation committee and a risk and safety committee, along with rules of procedure for the committees. In addition, the Board can, where necessary, establish other committees to look into matters in more defined areas. In other respects, the Board shall not delegate any special areas of responsibility or duties among its members.

Board Members