Saab 2010 Annual Report Download - page 132

ATTENDANCE AND BOARD REMUNERATION IN 2010
Name Audit Committee
Remu-
neration
Committee
Attendance
Board-
meetings1)
Attendance
Committee
meetings 2)
Board fees,
kSEK 3)
Audit Com-
mittee fees,
kSEK
Remuneration
Committee
fees, kSEK
Total
remu-
neration,
kSEK
Marcus Wallenberg x 12 3 1,100 80 1,180
Åke Svensson4) 10 - -
Erik Belfrage 12 425 425
Johan Forssell5) x 9 5 425 100 525
Sten Jakobsson 12 425 425
George Rose x 9 2 - -
Per-Arne Sandström x 12 6 425 150 575
Cecilia Stegö Chilò5) 9 425 425
Lena Treschow Torell x 12 3 425 135 560
Joakim Westh5) x 8 4 425 100 525
1) Of a total of 12 meetings
2) Of a total of 6 meetings for Audit Committee and 3 meetings for Remuneration Committee
3) BAE Systems’ board member does not receive a fee, nor former President and CEO Åke Svensson
4) Did not participate during appointment of the new President and CEO (2 meetings)
5) Elected April 2010, after which 9 Board meetings and 5 meetings of the Audit Committee were held
Work of the Board
According to the Board’s rules of procedure, ve ordinary meetings
shall normally be held each year, in addition to the statutory meet-
ing. e Board may also meet whenever the circumstances demand.
During , the Board held one statutory meeting, ve ordinary
meetings and six extraordinary meetings, totalling twelve meetings.
e Board annually adopts rules of procedure and an instruction
on the allocation of work between the Board and the , as well as an
instruction on nancial reporting to the Board.
e rules of procedure contain, i.a., provisions on the number of
board meetings to be held, a list of matters to be considered at the
meetings, reporting from the auditors and special decisions to be
taken at the statutory meeting. e rules of procedure and special
instruction for the  set forth the delegation of responsibilities
between the Board and its two committees, the Remuneration Com-
mittee and the Audit Committee, as well as between the Board and
the . e instruction for the  sets out the ’s duties and
authority. e instruction also includes policies on investments,
nancing and reporting.
During the course of the year, the Board was assisted by the Secre-
tary of the Board of Directors, General Counsel Anne Gynnerstedt,
who is not a member of the Board.
In , the Board of Directors worked with the establishment of a
budget and business plan. Financial reports are prepared monthly and
submitted to the Board. e reports are presented at each Board meet-
ing and before the quarterly reports and year-end report. During the
year, the Board has followed up on the reorganisation decided on in
 and the company’s strategy. e Board has also had several extra
meetings in order to appoint a new President and . e former
President and  Åke Svensson le the company to become Director
General of the Association of Swedish Engineering Industries. He was
replaced by the new President and  Håkan Buskhe as from  Sep-
tember . e Board has also followed up on signicant export
opportunities and related marketing investments. e eciency of the
cost-savings programme is continuously monitored at every board
meeting.
Committee work represents an important part of the Board’s work.
Aer meetings of the Audit and Remuneration Committees, the issues
that have been handled are reported to the Board, and resolutions are
adopted on issues where the committees have made recommendations.
Board of Directors’ committee work
Audit Committee
e Board of Directors has in accordance with principles set out in
the Swedish Companies Act and the Code appointed an Audit Com-
mittee consisting of three members. e work of the Audit Commit-
tee is mainly of a preparatory nature, i.e., it prepares matters for the
ultimate resolution by the Board. However, the Audit Committee has
decision-making power on some issues in limited areas. e Audit
Committee has e.g. established guidelines for the services other than
auditing that the company may procure from the auditors.
Since the Annual General Meeting in April , the Audit Com-
mittee has consisted of the following members: Per-Arne Sandström
(Chairman), Johan Forssell and Joakim Westh, of whom Per-Arne
Sandström and Joakim Westh are independent of the company and
the management as well as of the major shareholders. All members of
the committee have accounting- and auditing competence. e Gen-
eral Counsel, Anne Gynnerstedt, is secretary to the Audit Committee.
e Audit Committee’s assignment is set forth in the Board’s
rules of procedure. Among other things, the Audit Committee shall
monitor the company’s nancial reporting, monitor the eciency of
the company’s internal control, internal audit and risk control in
respect of the nancial reporting, keep the committee informed
about the audit of the annual report and the group accounts, review
SAAB ANNUAL REPORT 2010 129
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