Board of Directors' composition

The Board of Directors is elected annually at the Annual General Meeting for the period until the end of the next Annual General Meeting and shall, according to the Articles of Association, comprise a minimum of six and a maximum of ten members elected by the Meeting. Two of the members are appointed by the employee organizations in accordance with Swedish law. The employee organizations also appoint two deputies.

The Board of Directors has consisted of nine elected members and two employee representatives since the 2017 Annual General Meeting. With the exception of the CEO, none of the board members are members of the Executive Team. The CEO has no significant shareholdings or partnerships in companies with significant business relationships with ASSA ABLOY.

The diversity policy that ASSA ABLOY applies with respect to the company’s Board of Directors is based on Rule 4.1 of the Swedish Corporate Governance Code. The objective is that the composition of the Board of Directors, taking into account the company’s operations, phase of development and other circumstances, shall be appropriate, characterized by versatility and breadth regarding qualifications, experience and background of the elected members, and strive to achieve gender equality. In 2017 the Nomination Committee has taken the diversity policy into account when preparing its proposal for election of members of the Board of Directors prior to the 2017 Annual General Meeting, which resulted in the current Board, which in the opinion of the Nomination Committee is essentially appropriate for the purpose with respect to both the diversity policy and the company’s operations, phase of development and other circumstances. After the election at the 2017 Annual General Meeting, four of nine elected members of the Board of Directors are women. In addition, in-depth reviews of operations were conducted during the year at selected divisions and the Group’s common development center, Shared Technologies, in order to broaden the expertise of the Board of Directors within ASSA ABLOY. As a result of the Board’s evaluation, the Board will complete training at Shared Technologies in early 2018 to gain further understanding of ASSA ABLOY’s new technological solutions.