Board of Directors

The Board of Directors is the Company’s highest administrative body below the AGM. The Board of Directors is charged with the organization of the Company and management of the Company’s affairs, ensuring that the Company’s organization is structured such that accounting, asset management and the Company’s financial affairs otherwise are supervised in a satisfactory manner and with assessing the Company’s financial situation on an ongoing basis. 

The work of the Board follows written rules of procedure to ensure that the Board obtains information on all issues, and that all aspects of the Company’s activities relating to the Board are addressed. The Board has also established a number of general policies for the Company’s activities. They include the Company’s Code of Conduct, which summarizes the Company’s responsibilities, values and goals.

The Board’s work follows an annual cycle in order for it to optimally accomplish its tasks.

• At the beginning of the year, the Board considers the year-end report and the annual report, as well as matters to be submitted to the AGM.
• At the end of the year, the Board considers the business plan for the year ahead.
• Every quarter, the Board reviews the Group’s earnings, and interim reports are approved for publication.
• An inaugurating Board meeting is held in connection with the AGM at which members of the Board’s committees are appointed and the Board decides on matters such as the right to sign on behalf of the Company.
• At least once a year, the Board has a meeting primarily dedicated to strategy issues, and the execution of the key strategic initiatives is subsequently followed up during the year.

Billerud has procedures for assessing the work of the Chairman and members of the Board each year. The assessment serves as input for an action plan for improvements and as background to the Nomination Committee’s work as they assemble a Board.

The Board held nine meetings in 2025, including the inaugurating meeting. For information on attendance at these meetings, see the table below.

The Board addressed, on an ongoing basis, strategic issues relating to the company’s operations and focus, follow-up of previous acquisitions and investments, new strategic investments, the company’s sustainability work, risk management and other matters.

One of the top priorities for the Board during the year has been to follow up on the implementation of the company’s updated strategy – Way Forward – which was presented at the company’s Capital Markets Day in December 2024. Consequently, the Board’s work has largely focused on the investment program decided for the North American region, aimed at gradually converting production capacity towards packaging materials, as well as the initiatives to strengthen the European region, including cost-efficiency measures, savings programs, securing access to competitive fiber and developing a strengthened value proposition. The Board has also worked on other strategically important matters, such as the company’s ongoing IT harmonization project, AI, and talent and succession planning.

n addition to participating in the audit committee meetings, the company’s auditor also participated in a Board meeting at which Board members had the opportunity to ask the auditor questions without representatives of the company’s management being present.

Attendance at Board meetings

1. In December 2025, after the final board meeting of the year, Magnus Axelsson was appointed as a board member (employee representative), replacing Per Bertilsson.
2. Gunilla Saltin joined the Board of Directors at the AGM 2025.