Board Committees

The Board currently has two Board committees as part of efforts to streamline and strengthen the work of the Board on certain issues: a remuneration committee and an audit committee. The committee members are appointed for one year at a time at the inaugurating Board meeting and the work and authority of the committees are regulated by the committee instructions, which are reviewed and adopted annually. The committees primarily have a preparatory and administrative role.

Audit Committee

To support the Board in its role in supervising auditing issues, the Board has appointed a separate audit committee. The audit committee’s main role is to contribute to a good standard of financial reporting and sustainability reporting, and to ensure that the company is audited in a professional, efficient and independent way. Without having an impact on the Board’s other responsibilities and tasks, the audit committee has the responsibility to address important accounting issues and general taxation issues that affect the quality of the company’s external reporting. With regard to financial reporting, particular attention is to be paid to the effectiveness of the company’s internal control and risk management. The audit committee is also charged with assisting in the preparation of proposals for decisions by general meetings on the election and remuneration of auditors.

The committee continuously reports the results of its work, in the form of observations, recommendations and proposed resolutions and actions to the Board, which makes any decisions that result from the committee’s work. The audit committee consists of Florian Heiserer (Chairman), Regi Aalstad and Magnus Nicolin.

Remuneration Committee

The principal function of the remuneration committee is to prepare the Board’s decisions on matters relating to remuneration principles, remuneration amounts and other remuneration related employment terms for members of the Group Management Team. The committee also monitors and evaluates programs for variable compensation to the Group Management Team. Further, the Remuneration Committee also monitors and evaluates the implementation of guidelines for remuneration to senior executives, remuneration structures and remuneration levels. More specifically, the committee’s tasks include proposing a general policy on salaries, remuneration and other employment terms for Billerud’s Group Management Team, making proposals to the Board about the salary and other remuneration to the CEO and, on the recommendation of the CEO, making decisions on salary and other remuneration to the managers who report directly to the CEO. The remuneration committee consists of Board members Jan Svensson (Chairman) and Victoria Van Camp.


See also: Nomination committee