Work of the Board
Board proceedings during 2022
During the year, the Board held 17 meetings. The Presidents of all business areas presented their goals and strategies and the Board also reviewed the strategies and results from a number of the divisions. The Board addressed matters related to the overall Group strategy, IT strategy, new financial targets, issue of Euro Medium Term Note (EMTN) program, revolving credit facility, enterprise risk management, succession planning and talent management, compliance related matters, investments and operational restructuring and review of previously made investments. This year there was a special focus on handling the effects of the war in Ukraine on Sandvik’s business and the sanctions against Russia, as well as the continued recovery and reconstruction due to the COVID–19 pandemic. Further, the Board handled matters relating to the distribution and listing of the Sandvik Materials Technology business area and a number of acquisition projects, including the acquisitions of the mining related business of Schenck Process Group as well as Deswik, Frezite and Sphinx.
The Remuneration Committee, Audit Committee and the Acquisitions and Divestitures Committee reported from their respective meetings. With respect to the Audit Committee, reported matters included accounting principles, financial outcome, ERM, compliance, Speak Up and Code of Conduct, internal control and internal audit as well as the result of the external audit. The Committees also submitted matters for resolution by the Board and the minutes and reports from these meetings were made available to the Board members.
In the autumn of 2022, the Board visited Sandvik’s operations in Svedala, Sweden, and Lahti, Finland.
Remuneration of the Board
As resolved at the 2022 Annual General Meeting, the fee to the Chairman of the Board was SEK 2,750,000 and the fee to each of the non-executive Board members elected by the General Meeting was SEK 740,000.
In addition, SEK 325,000 was paid to the Chairman of the Audit Committee and SEK 185,000 to each of the other Committee members, in total SEK 695,000. The Chairman of the Remuneration Committee was paid SEK 155,000 and each of the other Committee members SEK 122,000, in total SEK 399,000. The Chairman of the Acquisitions and Divestitures Committee was paid SEK 210,000 and each of the other Committee members SEK 155,000, in total SEK 520,000.
For more detailed information on remuneration of the Board members, see note G4.
Evaluation of the work of the Board
To ensure the quality of the work of the Board and to identify the possible need for further expertise and experience, the work of the Board and its members is evaluated annually. In 2022, the evaluation, which was led by the Chairman of the Board, was carried out by way of each Board member responding anonymously to an online questionnaire. The Chairman also held separate evaluation discussions with all Board members. The compiled results of the evaluations were presented to the Board as well as to the Nomination Committee.
| Member | Board | Audit Committee |
Remuneration Committee |
Acquisitions and Divestitures Committee |
|---|---|---|---|---|
| Total number of meetings | 17 | 6 | 3 | 4 |
| Jennifer Allerton | 17 | |||
| Thomas Andersson | 16 | |||
| Claes Boustedt | 17 | 6 | 4 | |
| Marika Fredriksson | 17 | |||
| Fredrik Håf1) | 10 | |||
| Erik Knebel | 17 | |||
| Tomas Kärnström2) | 16 | |||
| Thomas Lilja | 17 | |||
| Johan Molin | 17 | 6 | 3 | 4 |
| Andreas Nordbrandt | 16 | |||
| Helena Stjernholm | 17 | 6 | 3 | 4 |
| Stefan Widing | 17 | |||
| Kai Wärn | 17 | 3 |
1) Appointed deputy employee representative in April 2022.
2) Resigned as employee representative in April 2022.