Board and Management

BOARD & MANAGEMENT

The overall task of the Board is to be responsible for the organisation and administration of operations, while the CEO assumes responsibility for the operating activities. The CEO is assisted by a Management Group comprised of selected mangers within the company.

BOARD OF DIRECTORS

With responsibility for the company’s organisation and administration

The overall task of the Board is to be responsible for the organisation and administration of operations, and financial reporting pursuant to the Swedish Companies Act. The Board is also responsible for establishing efficient and appropriate systems for governance, internal control and risk management. The work is regulated through rules of procedure that are established at the statutory Board meeting every year. These rules include instructions on the Board’s areas of responsibility and limitations in relation to the committees and the CEO. The Chairman of the Board monitors the Board’s performance of its tasks. The Chairman also monitors operations in dialogue with the CEO and is responsible for ensuring the other members receive the information necessary to maintain a high level of quality in discussions and decisions. The Chairman is also responsible for evaluating the work of both the Board and the CEO.

Composition of the Board

The 2019 AGM re-elected seven of the nine Board members. Rolf Lydahl and Jan-Olof Backman declined re-election and Kia Orback Pettersson and Magnus Meyer were elected as Board members. Of the nine Board members, four are representatives of the owners and five are independent of the company and the owners.

Meetings during the year

The work of the Board of Directors follows an annual cycle of scheduled meetings on fixed dates, adjusted for such matters as the Board needing to adopt the financial reporting. At the scheduled meetings, the CEO presents general information on the operations, for example pertaining to key events in operating activities, follow-up of the business plan, the Group’s financial accounts and position, larger ongoing projects and transactions and, when necessary, the company’s funding. The chairpersons of the respective committees also report on their work.

Meetings in addition to the scheduled Board meetings are also held as needed, for example when a business decision requires the approval of the Board. In total, the Board had eight scheduled meetings in 2018, one of which was statutory.

Evaluation of the Board

The Rules of Procedure state that the Board of Directors must conduct an annual evaluation of its own work. In 2018, this was conducted using a written survey prepared by an external party. The results of the survey were presented to the full Board and were thereafter followed up by the Chairman interviewing each Board member. The purpose of the evaluation is to ensure that the Board is focused on the correct area, that the Board has the correct competence and that it is correctly composed. The results of the evaluation are used as the basis for the Nomination Committee’s work identifying new candidates for the Board of Directors.

BOARD MEMBERS

Ulrika Francke

Ulrika Francke (1956), ChairmanUniversity studies.

Other assignments: Chariman of Knightec, Deputy Chairman of Swedbank. Board member of Hexagon, SIS (Swedish Standards Institute and Avd. III IVA:
Previous experience: Various management posisitions at Tyréns AB, Sveriges Bostadsrättscentrum AB, Stockholms stad, Fastighets AB Brommastaden.
Elected : 2018.

Ann-Sofi Danielsson

Ann-Sofi Danielsson (1959), CFO Bonava
M.Sc. Economics.

Other assignments: Board member of Pandox AB.
Previous experience: CFO of NCC. Board member of RNB Retail and Brands.
Elected: 2017

Niklas Ekvall

Niklas Ekvall (1963), CEO Fourth National Pension Fund 
Ph.D. Financial Economics and M.Sc Industrial Engineering

Other assignments: Board member of the Hans Dalborg Stiftelse för Bank- och Finansforskning and the KVA Investment Committee.
Previous experience: CEO Nordea Investment Management, Vice President Third National Pension Fund, various management positions at Nordea, Carnegie and Handelsbanken.
Elected:  2016

Eva Halvarsson

Eva Halvarsson (1962), CEO Second National Pension Fund
Graduate in Economics.

Other assignments: Board member of UN-PRI, the Swedish Royal Opera, IWF, FinansKompetensCentrum and WIN WIN Award.
Previous experience: Auditor and manager State governance.
Elected: 2006

Kerstin Hessius

Kerstin Hessius (1958), CEO Third National Pension Fund
Graduate in Economics.
Other assignments: Board member of Hemsö, Trenum, Handelsbanken, SVEDAB and Öresund Konsortiet.
Previous experience: CEO Stockholm Stock Exchange, Deputy Governor of Swedish Central Bank, Chairman of the Board Finansmarknadsrådet and various positions in Östgöta Enskilda Bank and Alfred Berg.
Elected : 2004

Christel Kinning

Christel Kinning (1962), Board assignments and own business
Economics and marketing.

Other assignments: Board member of Stadium, Reima, Zoundindustries, Venue Retail Group and Björn Borg.
Previous experience: CEO Polarn O. Pyret, CEO RNB Retail and Brands and various management positions at Kellermann Scandinavia.
Elected : 2014

Mikael Angberg (1973), Chief Investment Officer, First National Pension Fund MSc Engineering

Other assignments:  Board member of J.S. Bång Fastigheter AB, Jutas Invest Finland Oy and First National Pension Fund Capital AB.
Previous experience: PIMCO, BNP Paribas, Goldman Sachs, AXA Investment Managers and CERN
Elected: 2019

Magnus Meyer (1967), vd WSP Sverige och WSP Europe
M.Sc. in civil engineering.

Other assignments: board member of Kinnarps and Slättö Förvaltning.
Previous experience: Technical attaché in Los Angeles, various management positions at the Ljungberg group and GE Real Estate. CEO of the Tengbom group.
Elected: 2019

Kia Orback Pettersson (1959), Board professionalM.Sc. Economics.

Other assignments: Chairman of the board MediaPlanet and Friskis&Svettis. Board member of Visual Art, Knowit and Karolinska Sjukhuset.
Previous experience: Marketing Director Dagens Nyheter, Deputy CEO Guldfynd and CEO Sturegallerian.
Elected: 2019

MANAGEMENT

Responsible for operating activities

The Board appoints the CEO and establishes an instruction each year that regulates the allocation of work between the CEO and the Board. This instruction states that the CEO bears responsibility for leading the company’s operations and the financial reporting. Johanna Skogestig has been the CEO of Vasakronan since 1 November 2019.

The CEO has formed a Management Group consisting of directly subordinate management. The Management Group meets regularly in order to address Group-wide and strategic issues. Ten meetings were held in 2018. At four of them, the interim reports and operational monitoring were discussed, and two were longer strategy meetings.

Remuneration for the CEO and Management Group

The AGM passes resolutions on principles of remuneration for the CEO and other members of the Management Group. Salaries and other benefits for the Management Group, including the CEO, consist only of fixed salaries with no variable remuneration.

In addition, Vasakronan applies the Government’s “Guidelines for Terms of Employment for Senior Executives in state-owned Companies” as regards remuneration and other terms of employment for company management. The company can, however, deviate from the guidelines if there is reason to do so. Vasakronan deviates from the Government’s guidelines in two aspects. The CEO’s period of notice totals twelve months instead of the six indicated by the guidelines, and remuneration for the Management Group, exclusive of remuneration for the CEO, is not recognised at the individual level in the Annual Report. On examination of the applicable policies ahead of the 2019 AGM, the auditor noted that the guidelines adopted at the 2018 AGM had been followed. For more detailed information about remuneration to the Management Group, please refer to Vasakronan’s 2018 Annual Report.

Management Group

Johanna Skogestig (1974), CEO Vasakronan
Civil engineer.

Employed: 2015
Previous experience: AP Fastigheter, Sveafastigheter, Areim
Other assignments: Board member of CIBUS and Idun Real Estate Solutions.

Ronald Bäckrud

Ronald Bäckrud (1958), SVP, Stockholm Region
Civil engineer.

Employed: 1995
Elected: 2008
Previous experience: J&W, Vattenbyggnadsbyrån, Skandia and Arne Johnson Förvaltning.
Other assignments: Board member of Byggherrarna.

Sheila Florell

Sheila Florell (1965), SVP, General Counsel
Law degree.

Employed: 2005
Elected: 2006
Previous experience: If Skadeförsäkring and the Association of Swedish Real Estate Agents.
Other assignments: Board member  at SSM Holding, Tmpl Work and Beyond Us.

Jan-Erik Hellman (1975), SVP, Uppsala Region
Civil engineer.

Employed: 2010
Elected: 2017
Previous experience: JLL, ICA Fastigheter
Other assignments: Board member  of Citysamverkan AB.

Christer Nerlich

Christer Nerlich (1961), SVP, CFO
Graduate in Economics.

Employed: 1995
Elected: 1998
Previous experience: Newsec and FastighetsRenting.
Other assignments: Board member of Akademiska Hus.

Anna Nyberg

Anna Nyberg (1973), SVP, Property development, Stockholm
Civil engineer.

Employed: 2007
Elected: 2015
Previous experience: Hufvudstaden, Ericsson, Dalkia and Stadshypotek

Anders Ahlberg (1957), Acting SVP, Chief Investment Officer 
Civil engineer.

Employed: 2000
Elected: 2019
Previous experience: Länsstyrelsen i Stockholm, Hyresbostäder Eskilstuna, Byggnadsstyrelsen, Hifab, Jaeger & J:son, Catella, AP Fastigheter.

Kristina Pettersson Post

Kristina Pettersson Post (1964), SVP, Gothenburg Region
Civil engineer.

Employed: 1993
Elected: 2011
Previous experience: Byggnadsstyrelsen.
Other assignments: Board member of Nordstans Samfällighet, Trophi Fastighets AB, CMB Chalmers and Göteborg citysamverkan ideell förening.

Anna Stenkil (1968), SVP, Malmö
Graduate studies in Economics.

Employed: 2011
Elected: 2016
Previous experience: Proffice, Newsec, Wihlborgs.
Other assignments: Board member of Fastighetsägarna  Syd.

Cecilia Söderström

Cecilia Söderström (1962), SVP, Human Resources
Graduate studies in personnel and labor market.

Employed:
2008
Elected: 2008
Previous experience: Svenska Spel and Ericsson.
Other assignments: Board member of Almega Fastighetsarbetsgivarna and  Almega tjänsteförbunden.

Nicklas Walldan

Nicklas Walldan (1971), SVP, Technology, Services and Development
Civil engineer.

Employed: 2001
Elected: 2008
Previous experience: Tyréns
Other assignments: Board member of Svensk Byggtjänst and Samhällsbyggnadslänken at KTH

Per Thiberg (1959), SVP, Business Development
Civil engineer.

Employed: 2002
Elected: 2010
Previous experience: JM and Newsec
Other assignments:  Board member of Stora Ursvik JV with Bonava and Järvastaden JV with Skanska.

Peter Östman

Peter Östman (1961), SVP, Corporate Communications
Master of Business Administration and Economics.

Employed: 1998
Elected: 1998
Previous experience: Storstaden
Other assignments: Board member of Idun Real Estate Solutions, Accessy  and Tmpl Work.