Corporate Governance Report, internal control and risk management

As a company listed on the NASDAQ Stockholm, Billerud applies the Swedish Code of Corporate Governance (the "Code"). The Code forms part of Sweden's self-regulation with the purpose of improving corporate governance in Swedish listed companies. Billerud has applied the Code since 2005.

The Code is based on the principle of "comply or explain". This means that a company that applies the Code does not necessarily have to follow every rule of the Code in every instance. If the company finds that a certain rule is not appropriate taking into account the particular circumstances at hand, it may deviate from this rule. Such deviations must be accounted for.

Billerud annually publishes a corporate governance report in accordance with the rules of the Swedish Annual Accounts Act and the Code. The corporate governance report describes how the company has applied the Code and accounts for deviations (if any) from the Code.

Below you will find the corporate governance report for previous years, including (as applicable) the report on internal control and risk management.