With the exception of the President and CEO, the members of the Board are non-executives. Three of the nine members are not Swedish citizens. Three of the members are women. For information on Board members, see related pages.
Evaluation of independence
The Nomination Committee considers that the Board of Directors fulfils the requirements of independence under the rules of the Nordic Exchange in Stockholm as well as the Swedish Code on Corporate Governance. Only one of the proposed Directors, Hans Stråberg, President and CEO of Electrolux, is a part of the Group Management of Electrolux.
All proposed Directors, with the exceptions of Marcus Wallenberg, Peggy Bruzelius and Hans Stråberg, have been considered independent by the Nomination Committee, both in relation to the major shareholders of Electrolux and in relation to the company and the management of the company. Marcus Wallenberg has not been considered independent, neither in relation to the major shareholders in Electrolux, nor in relation to the company or the management of the company. Marcus Wallenberg is i.a. the chairman of the Board of Directors of SEB, with which bank Electrolux has extensive business relations. Peggy Bruzelius has been considered independent in relation to the major shareholders of Electrolux, but not in relation to the company and the company’s management. At the AGM 2008, Peggy Bruzelius has been a Board member for twelve years, why she under applicable rules (which currently are being revised) no longer shall be considered independent in relation to the company. Finally, Hans Stråberg has been considered independent in relation to the major shareholders of Electrolux, but not – in his capacity as Electrolux President and CEO – in relation to the company and the management of the company.
Committees
The Board has established a Remuneration Committee and an Audit Committee. The main tasks of the committees are preparatory and advisory. In addition, the Board may delegate decision-making powers on specific issues. The Board has also decided that issues may be referred to ad hoc committees that deal with specific matters.
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