The AGM resolves upon the nomination process for the Board of Directors and the auditors. The AGM 2011 adopted an instruction for the Nomination Committee which applies until further notice. The instruction involves a process for the appointment of a Nomination Committee comprised of six members. The members should be one representative of each of the four largest shareholders, in terms of voting rights that wish to participate in the Committee, together with the Chairman of the Electrolux Board and one additional Board member.
The composition of the Nomination Committee shall be based on shareholder statistics from Euroclear Sweden AB as of the last banking day in August in the year prior to the AGM and on other reliable shareholder information which is provided to the company at such time. The names of the representatives and the names of the shareholders they represent shall be announced as soon as they have been appointed. If the shareholder structure changes during the nomination process, the composition of the Nomination Committee may be adjusted accordingly.
The Nomination Committee is assisted in preparing proposals for auditors and auditors’ fees by the company’s Audit Committee. The Audit Committee evaluates the auditors’ work and informs the Nomination Committee of its findings.
The Nomination Committee’s proposals are publicly announced no later than on the date of notification of the AGM. Shareholders may submit proposals for nominees to the Nomination Committee.
The Nomination Committee for the AGM 2014 was comprised of six members. Börje Ekholm of Investor AB led the Nomination Committee’s work.
For the proposal for the AGM 2014, the Nomination Committee made an assessment of the composition and size of the current Board as well as the Electrolux Group’s operations. Areas of particular interest were Electrolux strategies and goals and the demands on the Board that are expected from the Group’s positioning for the future. The Nomination Committee also considered that a variety as regards gender, age, nationality, educational background and term of office is represented among the Board members.
The Nomination Committee proposed Petra Hedengran as new Board member of Electrolux and Ronnie Leten as new Chairman of the Board. After the election at the AGM 2014, three out of eight Board members elected at the shareholders’ meeting are women (in this calculation, the President and CEO has not been included in the total number of Board members). A report regarding the work of the Nomination Committee was presented at the AGM 2014. Further information regarding the Nomination Committee and its work can be found on the Group’s website; www.electroluxgroup.com/corporate-governance.
The Nomination Committee for the AGM 2015 is based on the ownership structure as of August 29, 2014, and was announced in a press release on September 25, 2014.
The Nomination Committee’s members are:
Shareholders wishing to submit proposals to the Nomination Committee should send an e-mail to nominationcommittee@electrolux.com.