Governance and CSR Management
The parent company of the Vattenfall Group, Vattenfall AB, is a Swedish public limited liability company with its registered office in Stockholm, Sweden.
The Group's corporate governance is based on the Swedish Companies Act (“Aktiebolagslagen”), and other applicable Swedish and foreign laws and regulations as well as the companies’ Articles of association and other documents, such as the Group Management System. Where applicable, Vattenfall also complies with the rules and regulations for companies with shares listed on the Stockholm Stock Exchange (“Stockholmsbörsen”). Vattenfall applies the Swedish Code of Corporate Governance (“Svensk kod för bolagsstyrning”) and considers it as one of several important sets of governing regulations for external reporting and communication. Vattenfall also adheres to the Swedish state’s ownership policy. The departures that Vattenfall makes from the Code are mainly due to the Company’s ownership structure – Vattenfall has only one owner, while the Code is written primarily for listed companies with broad ownership.
You can find a comprehensive disclosure of how Vattenfall is governed (in respect to GRI-indicators 4.1-4.3 and 4.5-4.11) on the corporate governance section on vattenfall.com.
Governance and direction of CSR
Vattenfall does not have a separate CSR organisation. CSR issues are governed at the Group level as an integrated perspective of all other business matters. The overall strategic direction is set at the Group level, and the Business Groups are managed through the strategy planning and business planning processes in which requirements are formulated and through the Group steering documents. The day–to–day running of operations is decentralised to the Business Groups.
Overall CSR responsibility at the Group level rests with the CEO of Vattenfall, Lars G. Josefsson. The CEO has assigned functional responsibility to the heads of the Group Functions to support and assist Group Management and the Business Group management teams. Important tasks of the Group Functions are to propose, develop and follow up Group policies, instructions and processes, which are to be approved by the EGM.
The Group Functions shall monitor the Business Groups with regard to their respective areas of functional responsibility. Each Group Function has been assigned authority and responsibility throughout the entire Vattenfall Group within its area of expertise and responsibility.
All Group Policies and Group Instructions are approved by the EGM. Some documents concerning risk management are approved by the Board of Directors. All governing documents are scrutinised with respect to their environmental aspects and must be approved by the Head of Environment in order to be valid.
