Statement by Sandvik AB’s Nomination Committee relating to proposed Board of Directors for approval at the 2011 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 was given special attention.
Georg Ehrnrooth and Lars Pettersson have notified the Committee that they are not available for re-election.
In its review, the Nomination Committee has concluded that the Board functions effectively and that the various Board members represent a broad spectrum of experience and knowledge. The Nomination Committee proposes the election of new Board members Johan Karlström and Olof Faxander, and the re-election of Fredrik Lundberg, Hanne de Mora, Egil Myklebust, Anders Nyrén, Simon Thompson and Lars Westerberg. Johan Karlström is President and CEO of Skanska AB and has extensive experience of international building and civil engineering operations. Olof Faxander is Sandvik AB's President and CEO. The proposed new Board members are considered to bring valuable experience and competence to the Board. It is proposed that Anders Nyrén be re-elected as Chairman of the Board.
The assessment of the Nomination Committee is that 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 2011
Nomination Committee of Sandvik Aktiebolag