Statement by the nomination committee
Statement by Sandvik AB's Nomination Committee relating to proposed Board of Directors for approval at the 2010 Annual General Meeting
Through Sandvik AB's Chairman of the Board, the Nomination Committee has obtained information relating to the Board's self-evaluation as well as the company's operations, phase of development and other relevant circumstances.
The Nomination Committee discussed the principal requirements that should be imposed on Board members, including the stipulation covering the independence of Board members.
The issue of more equal gender distribution on the Board was given special attention. Extensive work has been conducted to identify women with suitable experience and expertise for inclusion in the Board of Directors of Sandvik AB. However, the individuals called upon explained that it was currently not possible for them to join Sandvik AB's Board due to prior engagements.
Clas Åke Hedström has explained that he wishes to retire from his position on the Board of Sandvik AB after 16 years, eight of which as Chairman.
In its review, the Nomination Committee has concluded that the Board is well-functioning and that the various Board members represent a broad spectrum of experience and knowledge. The Nomination Committee's proposal involves the election of new Board member Lars Westerberg and the reelection of Georg Ehrnrooth, Fredrik Lundberg, Hanne de Mora, Egil Myklebust, Anders Nyrén, Simon Thompson and Lars Pettersson. Lars Westerberg has suitable experience and knowledge from several international engineering companies. Anders Nyrén, currently Deputy Chairman of the Board, is proposed as the new Chairman of the Board following the retirement of Clas Åke Hedström from the Board.
In the opinion of the Nomination Committee, the proposed Board of Directors has the appropriate composition in view of the company's operations, phase of development and other relevant circumstances, and displays diversity and breadth in terms of the Board member's qualifications, experience and backgrounds.
Stockholm, March 2010
Nomination Committee of Sandvik Aktiebolag