Board proceedings during 2024
During the year, the Board held 12 meetings. The Board addressed matters related to the strategic objectives for the year, CSRD and sustainability reporting, the Sandvik digital shift, enterprise risk management, EHS, succession planning and talent management, investments and review of previously made investments.
During the year, there was a special focus on strategy updates within the framework of the Sandvik overall strategy. The Presidents of all business areas presented their goals and strategies, and the Board also reviewed the strategies and results from a number of the divisions. Furthermore, the Board handled matters relating to the acquisition of a majority holding in Suzhou Ahno Precision Tool Technology Co., Ltd.
The Remuneration Committee, Audit Committee and the Acquisitions and Divestitures Committee reported from their respective meetings. With respect to the Audit Committee, reported matters included accounting principles, financial outcome, ERM, compliance, Speak Up and Code of Conduct, internal control and internal audit, as well as the result of the external audit. The Committees also submitted matters for resolution by the Board and the minutes and reports from these meetings were made available to the Board members.
In the autumn of 2024, the Board traveled to India to visit Sandvik Machining and Manufacturing Solutions production sites as well as a local customer.
Remuneration of the Board
As resolved at the 2024 Annual General Meeting, the fee to the Chairman of the Board was SEK 3,000,000 and the fee to each of the non-executive Board members elected by the General Meeting was SEK 800,000.
In addition, SEK 352,000 was paid to the Chairman of the Audit Committee and SEK 200,000 to each of the other Committee members, in total SEK 752,000. The Chairman of the Remuneration Committee was paid SEK 167,000 and each of the other Committee members SEK 132,000, in total SEK 431,000. The Chairman of the Acquisitions and Divestitures Committee was paid SEK 226,000 and each of the other Committee members SEK 167,000, in total SEK 560,000.
For more detailed information on remuneration of the Board members, see note G4 in the Annual report.
Evaluation of the work of the Board
To ensure the quality of the work of the Board, optimize the work processes and identify the possible need for further expertise and experience, the work of the Board and its members is evaluated annually. In 2024, the evaluation was led by the Chairman of the Board, without the involvement of an independent third party, and was carried out by each Board member responding anonymously to an online questionnaire. The Chairman also held separate evaluation discussions with all Board members. The compiled results of the evaluations were analyzed and subsequently presented to the Board as well as to the Nomination Committee.
| Member | Board | Audit Committee |
Remuneration Committee |
Acquisitions and Divestitures Committee |
|---|---|---|---|---|
| Total number of meetings | 12 | 5 | 4 | 4 |
| Jennifer Allerton1) | 6 | |||
| Thomas Andersson1) | 6 | |||
| Claes Boustedt | 12 | 5 | 4 | |
| Marika Fredriksson | 12 | |||
| Fredrik Håf | 12 | |||
| Carl-Åke Jansson2) | 6 | |||
| Erik Knebel | 6 | |||
| Thomas Lilja | 12 | |||
| Johan Molin | 12 | 5 | 4 | 4 |
| Andreas Nordbrandt | 12 | |||
| Susanna Schneeberger2) | 6 | |||
|
Jessica Smedjegård2) |
6 | |||
| Helena Stjernholm | 12 | 5 | 4 | 4 |
| Stefan Widing | 12 | |||
| Kai Wärn | 12 | 4 |
1) Resigned in April 2024.
2) Appointed in April 2024.