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An open and solid governance structure is necessary for the company to be able to achieve its financial goals and meet its societal obligations. The company views it as important to make sure that its business is conducted within recommended norms.

This applies, among other things, to the integrity of the company and its employees, correct behaviour in the marketplace, regard for the natural environment, a good working environment and a safe workplace for the employees.

Corporate governance and company management are comprehensive disciplines that address in turn the relationship between society, the owners, the Board and the management of AF. For more detailed information concerning individual topics, please see the submenu under corporate governance.

Governance Structure at AF

AF is organised as a public limited company with its General Meeting as its highest authority. The General Meeting elects the company's Board members. Its daily operation is conducted by the group management within the strategies and framework set by the Board.

The employees and the company have entered an agreement to the effect that AF will not have a corporate assembly. The employees have, under the terms of the agreement, received expanded representation on the Board.

Work of the Board

The Board establishes an annual plan for its work with particular emphasis on its goals, strategy and execution. The Board has established instructions for itself containing more detailed rules concerning the Board's  work and procedures. Each year, the Board will evaluate its competence, and the need for Board committees will be handled on an on-going basis.

At least once per year, the Board will perform a review of the company's most important areas of risk and the internal controls within the company.

Equal Treatment of Shareholders

The company's transactions of its own shares, with the exception of sales to its employees, will occur at market price. The shares have no limitations on voting rights, are freely negotiable and each share has one vote. No shareholder agreements exist between the shareholders of the company.

Two of the Board members represent companies that are larger customers of AF. Transactions with these companies are done under market-related terms and conditions.

 

Read the complete Corporate Governance Report from the 2020 Annual Report here