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Board proceedings during 2023

During the year, the Board held 14 meetings. The Board addressed matters related to the Group strategy, the new Sandvik brand, financial targets and cash management, sustainability reporting, succession planning and talent management, investments and operational restructuring and review of previously made investments.

The Presidents of all business areas presented their goals and strategies and the Board also reviewed the strategies and results from a number of the divisions. Further, the Board handled matters relating to the acquisitions of Buffalo Tungsten, Inc., MCB Services and Minerals, Premier Machine Tools Ltd and Norgalv Ltd.

The Remuneration Committee, Audit Committee and the Acquisitions and Divestitures Committee reported from their respective meetings. With respect to the Audit Committee, reported matters included accounting principles, financial outcome, ERM, compliance, Speak Up and Code of Conduct, internal control and internal audit as well as the result of the external audit. The Committees also submitted matters for resolution by the Board and the minutes and reports from these meetings were made available to the Board members.

In the autumn of 2023, the Board traveled to Canada to visit Sandvik’s operations in Winnipeg and a customer mine where Sandvik’s Battery Electric Vehicles are being used.

Remuneration of the Board

As resolved at the 2023 Annual General Meeting, the fee to the Chairman of the Board was SEK 2,875,000 and the fee to each of the non-executive Board members elected by the General Meeting was SEK 770,000.

In addition, SEK 338,000 was paid to the Chairman of the Audit Committee and SEK 192,000 to each of the other Committee members, in total SEK 722,000. The Chairman of the Remuneration Committee was paid SEK 161,000 and each of the other Committee members SEK 127,000, in total SEK 415,000. The Chairman of the Acquisitions and Divestitures Committee was paid SEK 218,000 and each of the other Committee members SEK 161,000, in total SEK 540,000.

For more detailed information on remuneration of the Board members, see note G4 in the Annual report.

Evaluation of the work of the Board

To ensure the quality of the work of the Board, optimize the work processes and identify the possible need for further expertise and experience, the work of the Board and its members is evaluated annually. In 2023, the evaluation was led by the Chairman of the Board, without the involvement of an independent third party, and was carried out by way of each Board member responding anonymously to an online questionnaire. The Chairman also held separate evaluation discussions with all Board members. The compiled results of the evaluations were analyzed and subsequently presented to the Board as well as to the Nomination Committee.

Attendance at Board and Committee meetings in 2023
Member Board Audit
Acquisitions and Divestitures Committee
Total number of meetings 14 5 3 1
Jennifer Allerton 14
Thomas Andersson 14
Claes Boustedt 14 5 1
Marika Fredriksson 13
Fredrik Håf 14
Erik Knebel 14
Thomas Lilja 13
Johan Molin 14 5 3 1
Andreas Nordbrandt 14
Helena Stjernholm 14 5 3 1
Stefan Widing 14
Kai Wärn 14 3

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