The governance and control of the operations of Avanza Bank Holding AB (publ), hereafter “Avanza”, can be described from several different perspectives. As a publicly listed Swedish limited liability company, Avanza’s operations are governed by a number of laws and regulations. Laws and regulations regarding internal control include the Swedish Companies Act (SFS 2005:551), the Swedish Annual Accounts Act (1995:1554), the Swedish Code of Corporate Governance, the Nasdaq rules for issuers, as well as International Financial Reporting Standards (IFRS).
From a shareholder perspective, Avanza is governed by the Annual General Meeting, through the Board of Directors and the Chief Executive Officer (CEO). The Board, elected by shareholders at the Annual General Meeting, sets forth the business framework, appoints the CEO and exercises control of the Company’s management. The auditor, appointed by the shareholders, submits an audit report addressing the audit of Avanza’s annual accounts, the Company’s appropriation of profits or treatment of loss, and the management of the Board of Directors and the CEO.
Corporate governance of Avanza Bank is regulated by a combination of written rules and established conduct. The principal source of rules and regulations is the Swedish Companies Act (SFS 2005:551) as well as, among others, the Swedish Code of Corporate Governance (the Code) and the rules and regulations consisting of the demands on being a public company and listing agreements valid on the regulated market where the company’s shares are traded.
The Code stipulates the system for decision-making by which the owners directly or indirectly run the company. Emphasis is placed on the Board of Directors in its key role in corporate governance. The Board of Directors shall annually provide a corporate governance report to inform the shareholders and the capital markets how the corporate governance of the company works and how the company has put the Code into practice.