About the board of Directors

Clas Ohlson’s shareholders elect the Board of Directors annually at the AGM. The Board comprises eight members, who are elected by the AGM. In addition to these members, the Board includes two representatives and two deputy for the trade-union organisations in the company. These individuals are elected by their own organisations.

The Board fulfils the independence requirement of the Code. All members, with the exception of Mathias Haid and Göran Sundström, are deemed independent in relation to the company, executive management and major shareholders.

Clas Ohlson strives towards diversity, compricing to over time have an equal distribution of men and women in the Board. Gender distribution in the Board among the members elected by the AGM in the past financial year was five men (62.5 per cent) and three women (37.5 per cent). In the preceding year, the corresponding distribution was four men (50 per cent) and four women (50 per cent).

All of the Board members were re-elected at the 2021 AGM.

Board meetings

Immediately following the AGM, the statutory Board meeting is held, at which the rules of procedure for the Board and instructions to the company’s CEO are approved. The members of the Board’s Audit Committee and People Committee (remuneration committee) and authorised signatories for the company are also appointed at this meeting. In addition to this meeting, the Board holds at least seven further meetings during the financial year. These are
held quarterly in conjunction with the publication of the company’s financial reports, once in June prior to concluding the Annual Report, once in connection with the Annual General Meeting and once during the autumn for strategic discussions. The strategy meeting usually takes place over
two days, while other meetings are held on one day. The strategy meeting mainly discusses issues relating to the Group’s targets and strategies, product range, store establishment strategy, major investments and so forth. Other meetings primarily deal with the usual Board issues, the company’s reports and reporting by the Board committees.

The company’s auditors attend three of the Board meetings to report on what has emerged during the audit. The Board meets the auditors once annually without the presence of Group Management. The Board held 13 Board meetings during the financial year. The Board assesses its work annually.

How the Board works

The rules of procedure for the Board of Directors stipulate which items on the agenda are to be fixed and which may vary. Each Board meeting is normally to be devoted to a specific topic so that the Board can gain more in-depth knowledge and understanding of the various parts of the company’s operations. There are also presentations on these topics by employees of the company.

The issues that the Board dealt with during the year included strategic direction, monitoring of the business plan, a review of risk management, significant business processes, development of current markets, expansion and sustainability targets.

The work of the Board's committees is an important element of the Board’s work. The Board has prepared instructions for the committees’ work. The People Committee and Audit Committee discuss issues that fall within the
committees’ remit. Issues that have been addressed in the committee meetings are minuted and notified to the other Board members at the Board meetings.

The rules of procedure also state that the Board must meet with the company’s auditors at least once per year. In addition, the rules of procedure also regulate certain formal matters, such as rules for the notification of meetings
and secrecy

Composition of the Board and attendance during the financial year 2019/201

Member 2,3
Elected Independent5,6
Board meetings Audit Committee People Committee Nomination Committee9
Kenneth Bengtsson 2013 Yes 13/134   4/44 2/2
Mathias Haid7    2015 Yes5 /No6 11/13
  3/4  
Mengmeng Du 2020 Yes 12/13      
Göran Sundström7 2014 Yes5 /No6 13/13 7/74   2/2
Anne Thorstvedt Sjöberg 2017 Yes 13/13    
 
Charlotte Strömberg 2017 Yes 13/13 7/7    
Patrik Hofbauer 2020 Yes 13/13   4/4  
Håkan Lundstedt 2018 Yes 10/13 5/7    
 

The trade-union organisations have had four representatives on the Board.

For further information on Board members, Board members, see this page. The work of the Board and its committees is described in more detail in Annual Report 2021/22 pages 69-75.

2 For information on date of birth, work experience, assignments and shareholdings, see this page.
3 Remuneration of Board members, see this page.
4 Chairman

5 Independent in relation to major shareholders of the company according to the Swedish Corporate Governance Code.
6  Independent in relation to the company and executive management according to the Swedish Corporate Governance Code.
7 Representative or major shareholder. see this page.

The Board’s working schedule

board_calendar.JPG

Valikko Kieli