The Remuneration Committee's work
The Remuneration Committee prepares decisions for the Board in matters relating to remuneration guidelines and other terms of employment for the company's senior executives. The Committee monitors and evaluates programs for variable remuneration, the application of resolutions passed by general meetings on guidelines for remuneration of senior executives and the structures and levels for remuneration applicable within the Group. The Remuneration Committee prepares proposals for decision and recommends that the Board approve the proposed decisions.
In 2011, the Remuneration Committee comprised the Chairman of the Board and Board members Lars Olof Nilsson and Catharina Nystedt-Ringborg. The Chairman of the Board is also Chairman of the Committee. A total of four meetings were held during the year and the work primarily dealt with the following areas:
- The Remuneration Committee's evaluation of remuneration to senior executives
- Proposals for guidelines for remuneration of senior executives
- The structure of the new bonus scheme for key employees of the
PA Resources Group
The Audit Committee's work
The Audit Committee monitors financial reporting, the efficiency of the company's internal control, internal audit and risk management. The Committee ensures it stays informed regarding the audit, examines and monitors the impartiality and independence of the auditor as well as assists the Nomination Committee with proposals for the election of auditors at the AGM. The Audit Committee prepares proposals for decision and recommends that the Board approves the proposed decisions.
The Audit Committee comprised the Chairman of the Board and the Board members Per Jakobsson and Lars Olof Nilsson. Lars Olof Nilsson is Chairman of the Committee and the company is represented by the President and CFO. A total of four meetings were held during 2011 and the work principally focused on review and approval of the company's interim reports and year-end report. At the meeting held in conjunction with year-end report in February a deeper review was performed of the auditor's report.