The Compensation Committee’s task is to submit proposals to the Board regarding terms of compensation for the Managing Director and other senior officers. The work of the Committee is presented to the AGM, which decides on guidelines for the compensation. The committee also submits proposals to the Board for variable remuneration for senior officers in subsidiaries.
The terms for bonuses are always related to that part of the company’s performance that lies within the individual’s control. All variable compensation has a maximum limit in relation to the fixed compensation. The Compensation Committee consists of Mats Qviberg, Jon Risfelt and Jack Forsgren. The chairman of the committee is Jack Forsgren. During the year the Compensation Committee held two meetings in which all members participated.
The Audit Committee was enlarged in the spring of 2010 to three members and now consists of a chairman, Jon Risfelt, and members Jack Forsgren and Mats Holgersson. The principal duties of the Audit Committee are review of business environment and legal risks, review of the control environment with regard to internal and external audit, monitoring of the financial reporting, and review of the internal and external audit process. The duties of Bilia’s internal auditors have been formalised so that they present an account of their work to the Audit Committee and Bilia’s auditors on one occasion during the year.
The Audit Committee held three meetings during the year. Bilia’s auditors participated at all the meetings. The work of the committee has been based on material and information from the Group Management and the auditors as well as from the company’s legal counsel. The meetings were held in the presence of the Group’s Managing Director and Chief Financial Officer. The work was characterised by knowledge, transparency and insight.