The main task of the Board is to manage Electrolux Professional’s operations in such a manner as to assure the owners that their interests, in terms of a long-term good return on capital, are being met in the best possible manner.
The Board’s work is governed by rules and regulations including the Swedish Companies Act, the Articles of Association, the Swedish Corporate Governance Code and the working procedures established by the Board.
The Board deals with and decides on group-related issues such as:
- Main goals.
- Strategic orientation.
- Essential issues related to financing, investments, acquisitions and divestments
- Follow-up and control of operations, communication and organization, including evaluation of the Group’s operational management.
- Appointment of and, if necessary, dismissal of the President.
- Overall responsibility for establishing an effective system of internal control and risk management.
The work of the Board of Directors follows an annual agenda established in the Board’s Procedural Rules. In preparation for each Board meeting, the Board receives reports and documentation compiled according to established procedures.
The Chairman leads and organizes the work of the Board, ensures that the Board fulfils its tasks and ensures that the Board’s decisions are implemented. The Chairman’s other responsibilities include forwarding the owners’ opinions to the Board of Directors.
The Board 2021
Board meetings in 2021
In 2021, the Board held eleven meetings, ten of which were held either as physical meetings, web meetings, or a combination of the two. One meeting was held per capsulam. All members have full attendance at all meetings in 2021, with the exception of two members who have attended ten of eleven meetings.
Key focus areas for the Board during 2021
- At the beginning of 2021, the business was still heavily affected by the Coronavirus pandemic and a significant focus continued to be addressing, monitoring and adapting operations, and adopting streamlining measures to improve efficiency in the organization.
- A new division, Beverage and Food Preparation, was created in the Food & Beverage segment.
- M&A activities resumed resulting in the decision to acquire Unified Brands Inc, which was announced on October 12 and closed on December 1.
- The board also decided to sign a seven-year EUR 60m sustainability-related loan from the Nordic Investment Bank (NIB) related to the reduction of CO2 emissions, water consumption, and the use of HFC-gases (Hydrofluorocarbons).
Evaluation of the Board of Directors
The Board evaluates its work annually with regard to working procedures, the working climate, and the focus of the Board work. This evaluation also focuses on access to, and requirements for, special competence on the Board. The evaluation is a tool for the development of the Board work and also serves as input for the Nomination Committee’s work.
Each year, the evaluation of the Board is initiated and led by the Chairman of the Board. Evaluation tools include questionnaires and discussions. In 2021, Board members responded to written questionnaires. The evaluations were discussed at a Board meeting and the result of the evaluations