The Board appoints the Remuneration Committee, which during fiscal year 2016, consisted of Sven Hagströmer and Jacqueline Winberg. The Committee is responsible for evaluating and recommending the principles for remuneration. The Committee prepares all proposals for remuneration, both fixed and variable, to Group Management, to the other members of the management of the subsidiaries Avanza Fonder AB and Försäkringsaktiebolaget Avanza Pension, and to the managers of the control functions Compliance and Risk Control. Remuneration is determined by the Board.
In addition, the Committee prepares questions relating to the CEO’s employment terms and benefits, all of which are approved by the Board. The salary for the CEO consists of a fixed portion and a variable portion. The variable portion, which is reviewed annually, is dependent on the achievement of the CEO’s individual goals.
In 2016, the Committee held five meetings, at which all members participated, and have also kept regular contact.
The Board appoints the members of the Credit Committee, which during the fiscal year 2016 consisted of the Board members Sven Hagströmer, Birgitta Klasén and Hans Toll. The committee is tasked with taking decisions in all credit matters that have previously been presented to the entire Board for resolution. This is with the exception of credit matters where there is a potential conflict of interest, which will continue to be decided by the entire Board. The committee’s meetings and decisions are recorded, and the minutes provided to the Board at each subsequent board meeting.
In 2016, the Credit Committee held seven meetings, at which all members participated, and have also kept regular contact.
Under the Companies Act and the Code, the Board of a public limited liability company is required to either have an Audit Committee, or, alternatively, to jointly perform the work of the Audit Committee. The majority of the Committee members must be independent of the Company and Group Management and at least one Member of the Committee is to be independent in relation to major shareholders. Avanza’s Board has chosen not to establish an Audit Committee, and instead, the entire Board performs the work of such a committee.
At the 2006 Annual General Meeting, it was decided that a member of the Board is to participate in the meetings where the auditor reports to Company management. The Chairman, Sven Hagströmer, has been the participating Board member since 2013.
The Board has ongoing contact with the Company’s auditor in order to be informed about the scope of the audit and to discuss the perception of the Company’s risks. On two occasions in 2016, the auditor reported on the progress of her audit to the Board and presented her recommendations. On two occasions in 2016, the internal audit function reported on the results of the year's independent review to the Board.