Board procedures for management of sustainable performance (4.9)

As stated in the board’s rules of procedure, the board must annually discuss the Group’s strategic plan and the Group’s total risk exposure. At board seminars held each year, the board receives more detailed information about and discusses Vattenfall’s long-term development, strategy, competitive scenario and risk management.

Antitrust issues and major disputes are reported annually to the board. The most important policies and instructions relating to finance, risk, the environment, etc. (including the Code of Conduct) are to be approved by the board.

The board also has an audit committee which assists the board on issues regarding financial risks and reporting as well as external auditing. The committee is thereby responsible for preparation of the board’s work to ensure the quality of Vattenfall’s financial statements. Furthermore, the audit committee is responsible for the application of the Code of Corporate Governance. The board’s risk management process is further described in the Corporate Governance Report and on the corporate governance pages at www.vattenfall.com.