Länsförsäkringar Bank AB is a wholly owned subsidiary of Länsförsäkringar AB, which in turn is owned by 23 customer-owned regional insurance companies and 14 local insurance companies.
Länsförsäkringar Bank AB´s intention is to follow the Swedish Code of Corporate Governance (the Code) in the applicable parts, with consideration of the fact that the bank is not a stock market company.
The major deviations from the provision of the Code and explanations for such deviations are presented below:
- Notice and holding of an Annual General Meeting. Deviation from the provisions of the Code with respect to the fact that the company is not a stock market company and has only one shareholder.
- The mandate period for Board members is, as a general rule, two years. Deviation from the provisions of the Code of a maximum mandate period of one year due to the supremacy of the Annual General Meeting to dismiss and appoint a member irrespective of mandate period. A mandate period that is longer than one year contributes to ensuring continuity and establishing competence within the Board.
Board of Directors and Management
Committees