Corporate governance

The Parent Company of the Vattenfall Group, Vattenfall AB, is a Swedish public limited liability company with registered office in Solna, Sweden.

The Swedish Companies Act thus applies for Vattenfall AB. The Board of Directors is elected by the Annual General Meeting (AGM). The Board, in turn, appoints the President and CEO, who is responsible for the day-to-day administration of the company in accordance with the Board’s guidelines and instructions.

Vattenfall is wholly owned by the Swedish state.

Major parts of the Group’s business is carried out in wholly and partly owned subsidiaries. For more information about legal entities within the Vattenfall Group, see note 23 of the Annual report 2012:
Vattenfall Annual Report including Sustainability Report 2012 (PDF 6 MB)

The Articles of Association and the Corporate Governance Report can be downloaded here:
Articles of Association (PDF 23 kB)
Corporate Governance Report (PDF 820 kB)

Previous Corporate Governance Reports can be reached in the
Corporate Governance Archive

Important internal and external rules and regulations

External rules and regulations:

• Swedish and foreign legal rules, particularly the Swedish Companies Act and the Swedish Annual Accounts Act
• The Swedish state’s ownership policy and other owner directives
• The Swedish Code of Corporate Governance (“the Code”)
• Stock excange rules: Vattenfall adheres to the stock exhange rules that apply for companies that have fixed-income securities registered on Nasdaq OMX Stockholm and other marketplaces.

Internal rules and regulations:

• Vattenfall's Articles of Association
• The Board’s Rules of Procedure, including the CEO’s instructions and instructions for reporting to the Board
• The Vattenfall Management System (VMS) and other internal governance documents

Deviations from the Swedish Code of Corporate Governance