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The Board's work

Here you will find information about the Boards' work, remuneration and potential changes to the Board of Directors at Axfood.

The Articles of Association prescribe that Axfood's board of directors shall consist of:

  • a minimum of three and maximum of ten AGM elected ordinary directors with a maximum of two deputies.
  • members who possess a well-balanced mix of expertise that is vital for managing Axfood's strategic work in a responsible and successful manner. Examples of such expertise include:
    • knowledge about the retail industry
    • corporate governance
    • compliance
    • finance
    • financial analysis
    • compensation matters
    • previous board experience
  • pay attention to diversity with e.g. respect to:
    • age
    • gender
    • education
    • professional background

On the Annual General Meeting (AGM) 2020, eight directors was elected to Axfood's Board, who each have important expertise and experience. Three directors and three deputies are appointed by the employees. Axfood's CEO, Klas Balkow and Axfood's CFO, Anders Lexmon are not members of the Board, but participates at board meetings in a reporting role. Axfood’s General Counsel, Sandra Brånstad, serves as company secretary.

Changes in the board during 2020

The AGM resolved, in accordance with the Nominating Committee's proposal. The Annual General Meeting (AGM) re-elected all of the Company’s board members and elected Christian Luiga as a new director.

Mia Brunell Livfors was re-elected as Chairman of the Board. At the statutory board meeting on 18 March 2020, Lars Olofsson was re-elected as Vice Chairman of the Board.

Independence

The Swedish Corporate Governance Code stipulates that the majority of the AGM-elected directors shall be independent in relation to the Company and the Company's management. At least two of these shall also be independent in relation to the Company's major shareholders.

Independence in relation to Axfood and the Executive Committee

Axfood's board has been judged to meet the requirements for directors' independence, as all of the AGM elected directors are independent in relation to the Company and the Executive Committee.

Independence in relation to Axfood's larger shareholders

Five of the directors, Lars Olofsson, Fabian Bengtsson, Jesper Lien, Christer Åberg, and Christian Luiga are also considered to have met the requirement for independence in relation to the Company's major shareholders.

Three board members have been judged as non-independent in relation to the Company's major shareholders. Mia Brunell Livfors is President and CEO and Stina Andersson is Chief Operating Officer at Axfood's largest shareholder, Axel Johnson AB. Caroline Berg serve as Chairman on Axel Johnson AB's board.

The board's work

Each year the Board adopts a written work plan that lays out:

  • the Board's responsibilities
  • regulates the Board's and directors' internal division of duties
  • the decision-making process within the Board
  • the Board's meeting schedule
  • summonses to board meetings
  • agendas and minutes of board meetings
  • the Board's work with accounting and auditing matters
  • how the Board is to receive information and documentation as a basis for its work so as to be able to make well-grounded decisions.

Axfood's board holds a statutory meeting immediately after the Annual General Meeting. Thereafter the Board is to have at least four meetings per calendar year. Each of the regular board meetings follows a set agenda that is stipulated in the Board's work plan and includes such points as:

  • the CEO's report
  • financial reports
  • investments
  • strategic matters

Prior to the board meetings, the directors received written material covering the items of business to be dealt with at each meeting.

The Board has chosen to appoint a compensation committee from among its members to deal with compensation matters more in-depth. The Board as a whole serves as an audit committee.

For the Boards's work 2019, see the Corporate Governance Report 2019.