Board and 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

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.

In total, the Board held ten scheduled meetings in 2021, one of which was statutory. One extra Board meeting was held during the year. In addition to the Board meetings, the Board also conducted one strategy conference that was held together with part of the Management Team

Evaluation of the Board of Directors

According to the Rules of Procedure, the Board of Directors must conduct an annual evaluation of its work. An evaluation was conducted in 2021 through online questionnaires for each Board member, managed by the Chairman. The results were then followed up by the Board. 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 also used as the basis for the Nomination Committee’s work with bringing forward new candidates for the Board of Directors and as a basis for developing the Board’s work.

Board committees

Audit Committee

The Board of Directors has appointed an Audit Committee consisting of three Board members. The Committee’s areas of responsibility are regulated in the rules of procedure established by the Board. The overall responsibilities of the Audit Committee include:

  • Preparing the work of the Board on quality assurance of the financial reporting, which in turn includes addressing
    material accounting issues • Monitoring the work of company management on internal control, tax management and risk and corporate governance issues
  • Evaluating the audit work and preparing the election of an auditor
  • Issuing guidelines concerning the advance approval of non-audit related services performed by the elected
    external auditor

The Audit Committee receives continual information about the orientation, scope and results of the audit. This takes place through the Committee studying the auditor’s written reporting and the auditor being present at certain Committee meetings. For 2021, the Audit Committee consisted of Ann-Sofi Danielsson, who was also the Chairman, Eva Halvarsson and Ulrika Francke. All members have the competence in accounting required under the Companies Act. The Committee held six meetings during the year

For more information about the work of the Audit Committee, please refer to Vasakronan’s Annual Report.

Remuneration Committee

The Board of Directors has appointed a Remuneration Committee consisting of two Board members. The Committee’s areas of responsibility are regulated in the rules of procedure established by the Board. The Committee prepares the work of the Board of Directors on remuneration for senior executives and in the profit-sharing programme for other employees.

In 2019, the Remuneration Committee consisted of Ulrika Francke as Chairman and Niklas Ekwall. Niklas replaced Johan Magnusson on his departure from the Board. During the year, the Committee held four meetings at which issues of remuneration for senior executives and principles for profitsharing for other employees were primarily discussed. The January meeting addressed the work of the Committee and which issues were priorities. The CEO and the SVP for Human Resources, who is the secretary of the Committee, participated in all the meetings and the company’s auditors submitted their report from the review of remuneration for senior executives at the meeting in May.

Board members

Ulrika Francke (1956), Chairman
University studies.

Other assignments: Board member of Knightech, Hexagon, CIrcura, SIS, Sven Tyréns stiftelse, SGBC, VREF, Liquid Wind AB and President Elect ISO.
Previous experience: Various management posiitions at Tyréns AB, SBC (Sveriges Bostadsrättscentrum AB), Stockholms stad, Fastighets AB Brommastaden.
Elected: 2018.

Kristin Magnusson Bernard (1979), CEO First National Pension Fund
PhD in Macroeconomics

Other assignments: Board member of Swedish House of Finance and member of The Financial Stability Contact Group (FSCG).
Previous experience: Several leading positions at the International Monetary Fund (IMF), the European Central Bank (ECB) and Nordea.
Elected: 2020

Ann-Sofi Danielsson (1959), Board professional
M.Sc. Economics.

Other assignments: Board member of Pandox AB and Nordomatic AB.
Previous experience: CFO of Bonava, CFO of and other leading positions at NCC.
Elected: 2017

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, the KVA Investment Committee, Polhem Infra and Swedish House of Finance.
Previous experience: CEO Nordea Investment Management, Vice President Third National Pension Fund, various leading positions at Nordea, Carnegie and Handelsbanken.
Elected:  2016

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

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

Hannes Hasselrot (1980), CEO Kronans Apotek
University studies in Biochemistry in education

Other assignments: Board member of Sveriges Apoteksförening.
Previous experience: Peak Performance, Liberty London and H&M.
Elected: 2022

Pablo Bernengo (1974), CIO Third National Pension Fund
Graduate in Economics

Previous experience: CEO Öhman Fonder, CIO Öhman Fonder, Portfolio Manager DNB, Skandia. Carlson Investment Management.
Elected: 2022

Magnus Meyer (1967), Board professional
M.Sc. in civil engineering.

Other assignments: Board member of Kinnarps, Coor, HiQ, Slättö Förvaltning and Confederation of Swedish Enterprise
Previous experience: Technical Attaché in Los Angeles, various leading positions at the Ljungberg Group, GE Real Estate, Tengbom and WSP.
Elected: 2019

Kia Orback Pettersson (1959), Board professional
M.Sc. Economics.

Other assignments: Board member of SVT, ÅWL Arkitekter, Chefakademin, Knowit, the Karl Adam Bonnier Foundation, AquaDental and RO-gruppen.
Previous experience: Marketing Director Dagens Nyheter, Deputy CEO Guldfynd and CEO Sturegallerian.
Elected: 2019

Management

Responsible for operating activities

The CEO is appointed by the Board of Directors and is responsible for operating activities in Vasakronan, in accordance with the Board’s instructions established each year. The CEO is responsible for keeping the Board continually updated on operations and ensures that the Board is provided with the necessary ba Johanna Skogestig has been the CEO of Vasakronan since 1 November 2019.

The CEO has formed a Management Team that, in addition to the CEO in 2021, consisted of eleven directly subordinate
Senior Vice Presidents. Seven scheduled meetings were held in 2021. 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 principles of remuneration for the CEO and the Management Team are decided by the AGM. Salaries and other
benefits for the Management Team, including the CEO, consist only of fixed salaries with no variable remuneration. 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 with regard to remuneration for the Management Team, exclusive of remuneration for the CEO, which is not reported at the individual level in the annual report.

For more detailed information about remuneration to the Management Group, please refer to Vasakronan’s Annual Report.

Management Group

Johanna Skogestig (1974), CEO Vasakronan
M. Sc. in Surveying

Employed: 2015
Previous experience: AP Fastigheter, Sveafastigheter, Areim

 

Ronald Bäckrud (1958), SVP, Stockholm Region
M. Sc. in civil engineering.

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

 

Bo de Besche (1967), SVP, Uppsala Region
M. Sc. in Surveying

Employed: 2002
Elected: 2020
Previous experience: Linköpings kommunala fastigheter AB
Other assignments: Board member of Uppsala Citysamverkan.

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 of Hydda.

Jan-Erik Hellman (1975), SVP, Property development Stockholm
M. Sc. in Surveying

Employed: 2010
Elected: 2017
Previous experience: JLL, ICA Fastigheter
Other assignments: Board member  of Stora Ursvik AB and KB, Kista Limitless AB and Stadsutvecklarna i Värtahamnen.

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

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

Kristina Pettersson Post (1964), SVP, Gothenburg Region
M. Sc. in  Civil Engineering

Employed: 1993
Elected: 2011
Previous experience: Byggnadsstyrelsen
Other assignments: Board member of Trophi Fastighets AB, Eken Foundation, Nordstans Samfällighet, Fastighetsägarna GÖteborg and Göteborg citysamverkan.

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 and Fastighetsägarna Sverige.

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 tjänsteförbunden and Almega AB.

Nicklas Walldan (1971), SVP, Technology, Services and Development
M. Sc. in  Civil Engineering

Employed: 2001
Elected: 2008
Previous experience: Tyréns
Other assignments: Board member of Svensk Byggtjänst.

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 Hydda.