The nomination committee's work
Report on how the Nomination Committee has conducted its work
The Nomination Committee, which comprises of its Chairman, Carl-Olof By, Industrivärden, Curt Källströmer, Handelsbanken's pension foundation and pension funds, Staffan Grefbäck, Alecta pension insurance, Marianne Nilsson, Swedbank Robur funds and Sandvik's Chairman, Clas Åke Hedström, has held five meetings.
The Nomination Committee has, through Sandvik's Chairman, obtained information on the Board's self evaluation. The Nomination Committee has discussed the main requirements to be placed on the Board members, including requirements pertaining to independent members. The issue concerning more equal gender distribution has been duly noted.
The Nomination Committee has concluded that the present size of the Board, eight members, is the most suitable. The assessment is that the proposed Board fulfills the requirements which will be placed on the Board as the result of the company's position and future direction.
The Nomination Committee proposes the reelection of George Ehrnrooth, Fredrik Lundberg, Egil Myklebust, Anders Nyrén, Lars Pettersson and Clas Åke Hedström and election of Simon Thompson as new member. Clas Åke Hedström is proposed as Board Chairman. Simon Thompson has held a number of senior posts within Anglo American plc and has wide experience in the global mining industry. He is a Board member of AngloGold Ashanti and United Company RUSAL. Sigrun Hjelmquist has declined reelection.
Against the background of the evaluation of the audit work and the audit fees for the years 2004 to 2007, the audit team, under the direction of Authorized Public Accountant, Caj Nackstad has, during these years, built an experience level which will be a considerable asset to Sandvik and Sandvik's shareholders, and it is recommended that KPMG be reelected as the audit firm until the 2011 Annual General Meeting, that is, primary responsibility for a mandate period of three years, until the 2011 AGM.
All decisions of the Nomination Committee have been unanimous.
Sandviken March 2008
Sandvik Aktiebolag (publ)
Sandvik AB Nomination Committee