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Members of the board

Axfood's corporate governance

Axfood AB (publ.) is a Swedish, public stock corporation domiciled in Stockholm. Axfood’s shares have been traded on Nasdaq Stockholm since 1997.

Governance instruments

Corporate governance at Axfood is regulated by principles laid out in both external and internal rules and regulations.

External rules and regulations include relevant laws and statutes (e.g., the Swedish Companies Act, the Swedish Annual Accounts Act, the EU’s Market Abuse Regulation and IFRS), the stock exchange rules in the regulated market in which the Company’s shares are available for trading (Nordic Main Market Rulebook for Issuers of Shares), and the Swedish Corporate Governance Code (“the Code”).

Internal rules and regulations include the Company’s Articles of Association and the governance instruments adopted by the Company (mainly the Board’s Rules of Procedure as well as internal instructions, policies and guidelines).

Follow-up of internal rules and regulations is done yearly, and they are revised as necessary.

Sustainability governance

Axfood’s sustainability work is an integral part of the Company’s business model and governance. The foundation for this work is the Company’s sustainability programme.

Swedish Corporate Governance Code

Axfood applies the Swedish Corporate Governance Code with the following departure:

Departure from rule 2.4, second sentence
According to the Code, a board member shall not serve as chair on a company’s nominating committee. In 2020 Board member Caroline Berg served as chair of the Nominating Committee.

Explanation:
Caroline Berg is Chairman of the Board of Axel Johnson AB, which controls the majority of the shares in Axfood. Caroline Berg is Axel Johnson’s appointed representative on the Nominating Committee, and in view of this ownership position, it is natural that she serve as chair of the committee.

Governance model 2020.JPG