The General meeting of the Shareholders (Sw: Årsstämma) will take place May 18, 2016 at 11.00 at the offices of law firm DLA Piper in Stockholm. Please refer to the notice below. A form for Power of Attorney (Sw: Fullmakt) is provided below.
The Company’s corporate governance is governed by Swedish legislation and regulations such as the Swedish Companies Act (Sw. Aktiebolagslagen (2005:551)), the Swedish Accounting Act (Sw. Bokföringslagen (1999:1078)) and the Swedish Annual Reports Act (Sw. årsredovisningslagen (1995:1554)). The Company apply the First North Rulebook. The Swedish Corporate Governance Code is not applicable to Nasdaq First North, thus the Company is not obligated to apply or be in compliance with the Code. The corporate governance is exercised, inter alia, through the general meeting, the Board of Directors and the Managing Director. The Company’s auditor, who is appointed by the annual general meeting, supervises the Company’s accounts and the management of the Company by the Board of Directors and the Managing Director.
The shareholders’ exercise their voting rights at the general meeting of the shareholders. The majority requirements in the Swedish Companies Act apply to the decision-making of the general meeting. Notice of a general meeting shall be given through an announcement in the Swedish Official Gazette and by way of being published on the Company’s website. Simultaneously, through advertisement in the Swedish newspaper Svenska Dagbladet, information shall be provided that notice has been issued. To be entitled to participate in a general meeting, shareholders shall, firstly, be registered in the transcript or other list reflecting the entire share register regarding the shareholdings five workdays prior to the meeting and, secondly, notify the Company of their intention to attend the meeting not later than on the day stipulated in the notice convening the general meeting.
The Board of Directors holds meetings four times each year, or when there is otherwise reason to hold a meeting. The Board of Directors has adopted rules of procedure to govern its work. No committees have been appointed. The Board of Directors has furthermore adopted instructions for the reporting in the company and instructions for the Managing Director. The Board of Directors has furthermore adopted an insider policy and information policy which are applicable to all board members, members of management and employees within the Group.
The Managing Director is appointed by the Board of Directors and shall abide by the instructions adopted by the Board of Directors. The Managing Director is responsible for the Company’s day-to day management, which includes managing all operational aspects of the Company’s business in accordance with the business plan, principles and instructions adopted by the Board of Directors. The managing director is furthermore responsible for the preparation and presentation of matters to be addressed by the Board of Directors, as well as for the execution of decisions made by the Board of Directors. Jörgen Larsson is the managing director of the company and has been employed since October 2015. Before he became appointed as the Managing Director and employed by the Company, he acted as Managing Director on a consultancy basis. In addition to the Managing Director, the Executive Management of Stillfront consists of the Company’s CFO Sten Wranne. Sten Wranne was employed as the Company’s CFO in October 2015. Before his employment, he has acted part-time as the CFO on a consultancy basis.
Fees and other remuneration for members of the Board of Directors, including the Chairman of the board, are resolved upon by the annual general meeting. The general meeting has resolved that the chairman of the Board of Directors shall receive remuneration with an amount corresponding to approximately SEK 44 500 and that no remuneration shall be paid to the other board members.
Remuneration to the Managing Director and management consist of fixed salary, bonus, other benefits and pension. Neither the members of the Board of Directors nor the members of the management of the Company are entitled to any benefits following termination of their respective assignments.
Incentive program There is currently no incentive program for the management. Auditor The Auditing Company in Stillfront Group AB is Mazars SET Revisionsbyrå AB, reg.no. 556439-2099. The Auditing Company was appointed at the extraordinary general meeting on 12 October 2015. The auditor in charge is Michael Olsson, born 1974. Michael is an authorized public accountant and a member of FAR (professional institute for authorized public accountants).