It follows from the Swedish Code of Corporate Governance ("the Code") that companies that are subject to the Code shall have an Election Committee that represents the company's shareholders. The Election Committee is thus a body of the shareholders' meeting that prepares decisions on certain appointments to be taken by the shareholders at the Shareholders' Meeting.
The main task of the Election Committee is to propose candidates for election to the Board of Directors including the Chairman of the Board, and, where applicable, candidates for election of auditors. When nominating persons for election to the Board of Directors, the Election Committee shall, according to the Code, i.a. determine whether, in its view, the persons nominated for election are considered to be independent of the company and its senior management as well as of major shareholders in the company.
In addition, the Election Committee shall propose a candidate for election of Chairman of the General Meeting of Shareholders. The Election Committee also prepares proposals concerning fees to directors and auditors, which fees are presented at the Annual General Meeting for resolution.