The mission
The obligation to follow the Code did not arise until the Company became listed. The shareholders did not at the Annual General Meeting in 2006 appoint a Nomination Committee. Nevertheless in efforts to comply with the Code to the extent possible an informal Nomination Committee procedure was set up. In connection with the Listing of our shares, the Chairman of our Board of Directors, Mr. Urban Jansson, consequently initiated a process for appointing an informal Nomination Committee. However for the above reasons it was not possible to issue a press release with the names of the members of the Nomination Committee six month prior to the date of the Annual General Meeting as the Code prescribes.
The responsibility of the Nomination Committee is to nominate the persons to be appointed to our Board of Directors at the Annual General Meeting of shareholders. The Nomination Committee makes recommendations for the Board of Directors and recommendations regarding the allocation of remuneration among the Chairman and other members of our Board of Directors and regarding the allocation of remuneration in respect of committee work, if any. Such recommendations are presented at the Annual General Meeting. The Nomination Committee also makes recommendations regarding the appointment of auditors and remuneration of the auditors.
The 2007 Annual General Meeting shall decide upon the criteria to be used in appointing members of the Nomination Committee for the following year.
Members
The intention as set out in our Listing prospectus was that the members of the informal Nomination Committee should represent the three largest shareholders. As a result the informal Nomination Committee has consisted of Mrs. Marilyn Carlson Nelson who has taken steps to set up a Nomination Committee. Mrs. Marilyn Carlson Nelson, who represents the owners Carlson Hotels Worldwide Inc and Carlson Summit Inc (together "Carlson"), owns 35%, Mr. Benny Zakrisson, who represents SAS AB (publ) owns 6.74% and Mr. Brian Meyer, who represents Fir Tree Partners, USA owns 5.02% (as disclosed by Fir Tree, Inc. in a press release dated January 8th, 2007, New York). The informal Nomination Committee has thus included two members of the Board. The Nominations Committee has informed the Company that this was necessary due to time constraints.