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Vattenfall's corporate governance for the 2010 financial year departs from the requirements stipulated in the Swedish Code of Corporate Governance on the following points.
| Code requirement | Description | Chosen solution and justification |
|---|---|---|
| 1.3 The Board's quorums at Extrordinary General Meetings | As many board members shall be present at general meetings that the Board ha s quorum. | A majority of the board members were present, but not as many as to constitute a quorum as stipulated in the Articles of Association. |
| 1.4 Chairman to preside over the Annual General Meeting | The nomination committee shall propose a person to serve as AGM chairman. | Due to its ownership structure, Vattenfall has no nomination committee. Election of an AGM chairman is instead done at the AGM in accordance with the stipulations of the Swedish Companies Act. This is also in line with the Swedish state’s ownership policy. |
| 2. Nomination committee | The company shall have a nomination committee | Due to its ownership structure, Vattenfall has no nomination committee. The nomination process is instead conducted in accordance with the Swedish state’s ownership policy. Nor are the references to the nominating committee in points 1.3, 4.6, 8.1 and 10.2 thereby applicable either. However, information on the nomination of board memebers for new election or re-election is posted on the website in accordance with point 2.6. |
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