Credit committee The Credit committee makes decisions on behalf of the Board regarding the majority of credit cases referred to the Board for its decision. It also prepares credit cases which, because of their particular importance, must be presented to the whole Board. The regulations regarding conflicts of interest in the Swedish Companies Act are stringently observed.
The chairman of the Board, the vice chairmen, the group chief executive and the head of the Bank's Central Credit department are permanent members of this committee. Other board members circulate on the committee with two-year mandates.
The Credit committee met thirteen times during 2007.
Members Hans Larsson, chairman Anders Nyrén Pirkko Alitalo Pär Boman Tommy Bylund Sigrun Hjelmquist Fredrik Lundberg Sverker Martin-Löf The Head of the Central Credit department is also a member of the Credit committee.
Remuneration committee The task of the Remuneration committee is to prepare proposals to the Board regarding adjustments to the salaries and benefits of the group chief executive and the head of the Bank's internal auditing department. This committee also establishes the principles and overall policy for the salaries, benefits and pensions of the executive vice presidents. The committee reports annually on the results of its work to the Board. The Remuneration committee has also been assigned to prepare the Board's proposal to the Annual General Meeting regarding remuneration principles and other employment terms for the Bank's senior management team.
The chairman of the Board is also chairman of the Remuneration committee. The committee also includes two independent members.
The Remuneration committee met three times during 2007.
Members Hans Larsson, chairman Pirkko Alitalo Sigrun Hjelmquist
Audit committee/Work with accounting and audit issues The Audit committee prepares the work of the Board to ensure compliance with the principles established for financial reporting and internal control. The committee normally performs this by processing crucial accounting matters and material events after the balance sheet date, and any other circumstances which may affect the qualitative content of the financial reports. The Audit committee maintains regular contacts with the Bank's external and internal auditors. In conjunction with the six-monthly financial accounts, the internal and external auditors are to inform about the risk analyses which have been performed, including co-ordination between the internal and external auditors and observations made at their summary audit of the financial report. In conjunction with the full-year financial accounts, the internal and external auditors are to inform about material uncertainties in reported values, observations relating to internal control, compliance, irregularities and observations made when auditing the full-year figures.
A written annual report of observations from the regular audits and an examination of six-monthly and annual accounts is submitted every year by the external auditors to the chairman of the Board and the group chief executive. In addition, the chairman of the external auditors comments on these reports at separate meetings of the auditors and the chairman of the Board and the group chief executive, respectively, and at Audit committee meetings. When the audit has been completed, the head of internal auditing and the chairman of the external group of auditors provide a verbal report of their observations to the Board. The chairman of the external group of auditors also meets the Board once a year without the group chief executive or other members of the Bank's management being present. The chairman of the external auditors also presents a report of the Bank's auditing to the Annual General Meeting of shareholders.
The Audit committee consists of the chairman of the board, plus two members who are independent of the company and its management. One of these members is also independent of the Bank's major shareholders. One of the independent members is the committee’s chairman.
The Audit committee met three times during 2007.
Members Sverker Martin-Löf, chairman Hans Larsson Bente Rathe
