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Corporate Governance

Sound corporate governance generates the values which benefit all interested parties.

Corporate governance describes how rights and obligations are distributed amongst the company’s various corporate bodies in accordance with applicable legislation, regulations and internal processes. Corporate governance also identifies the systems for decision-making and the structure through which the owners, directly or indirectly, control the company.

Balco is a Swedish company listed on Nasdaq Stockholm. The corporate governance of the Company is based on Swedish law, internal rules and regulations, Nasdaq Stockholm’s Rules for Issuers and the Swedish Code of Corporate Governance (the Code). The Code applies to all Swedish companies whose shares are listed on a regulated market in Sweden.

Auditing

The Board has established an audit committee with the aim of giving the work with financial reporting, internal control, risk management and auditing a special forum. The audit committee includes Johannes Nyberg, Mikael Andersson and Vibecke Hverven. The chairman is Johannes Nyberg.

It’s main tasks are to:

  • monitor the company’s financial reporting, including the sustainability report, and make recommendations and proposals
  • to monitor the effectiveness of Balco’s internal control, internal audit and risk management within financial reporting
  • stay informed about the audit of the annual accounts and the consolidated accounts
  • inform the board of the results of the audit
  • review and monitor the management of market and credit risks
  • meet Balco’s external and internal auditors on an ongoing basis and review and monitor the auditor’s impartiality and independence
  • decide on guidelines for which services other than auditing that Balco may procure from the Group’s auditors
  • annually evaluate the work of the external auditors

Balco’s auditor is KPMG AB, with certified public accountant Michael Johansson as the auditor-in-charge.

Remuneration committee

The Board has established a remuneration committee. The committee includes Ingalill Berglund, Carl-Mikael Lindblom and Thomas Widstrand. The chairman is Ingalill Berglund.

The Remuneration Committee has both an advisory and a preparatory function. The Remuneration Committee works in accordance with rules of procedure adopted by the Board. The main tasks of the Remuneration Committee are to prepare the Board’s decisions in matters concerning remuneration principles, remuneration and other terms of employment for the company management. The committee shall also monitor and evaluate ongoing and completed programs for variable remuneration during the year and ensure that the guidelines for remuneration to senior executives decided on by the Annual General Meeting are applied.

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