The company applies the Swedish Corporate Governance Code (the Code), which together with the State's 2009 owner policy, governs its operations.
The Chairman of the Board’s responsibilities follow from the Swedish Companies Act and the procedural rules of the Board of Directors.
The Board of Directors determines its procedural rules annually. These formalize activities such as reporting to the Board of Directors, the frequency and form of Board meetings, delegation and evaluation of the Board’s and President’s work.
Apart from appointing the President, the Board’s primary tasks are to establish business plans and budgets, approve major investments and significant changes in corporate organization and issue central instructions. Additionally, the Board of Directors monitors financial progress, and bears ultimate responsibility for internal controls and risk management.
The Board is responsible for the company’s financial reports. The quality of financial reports is assured by the Board examining and making comments upon interim and annual reports before they are published. At Board meetings issues that have essential influence on the financial reporting are dealt with.
Every year in an assignment letter, the Board sets out how auditors are to work and rules for procuring audit-related services. Auditors receive all written materials which are handed to the Board and they are supplied with the minutes of every meeting of the Board and its committees. In addition, auditors attend at least one Board meeting each year. The company president has regular meetings with auditors throughout the year at which the following are taken up: the direction and scope of auditing, co-ordination of internal and external auditing, internal controls, critical accounting matters and financial reports supplied by the company.
Terms and conditions of remunerationThe company follows the state's guidelines on the terms and conditions of remuneration for senior executives in companies with state owner-ship (April 20, 2009). In accordance with the guidelines, the company applies the general principle that pay and remuneration for senior executives (members of SEK's Executive Committee) should be reasonable and balanced. They should also be competitive, capped and suitable for the work undertaken, but not be higher than at comparable companies, and should instead be marked by moderation.
The Board has phased out variable remuneration for senior executives. With the exception of the President, the Chief Accounting Officer, senior executives, the company offers all employees a general incentive system. The maximum amount in the general incentive system is two month's salary.
There is no outstanding share or share price-related incentive program for the Board of members of the Executive Committee.
Information on SEK's remuneration system (FFFS 2011:1) is available in Pillar 3 2011
Departures from the Swedish Corporate Governance Code (“the Code”) On the following points, our corporate governance departs from the requirements of the Code.
Non-Compliance with the State Owner Policy (2009)SEK departs from the State Owner Policy (2009) on two points:
Swedish Export Credit Corporation (publ) Klarabergsviadukten 61 - 63 P.O. Box 194 SE-101 23 Stockholm, Phone:+46 8 613 83 00 Email: email@example.com Org. No. 556084-0315