The Board’s work

In 2007, the Board of Directors had eight meetings. The company’s auditors participated in the Board meeting in February 2008 and presented the revision. Issues specially considered during the year were the termination of LCM in England and Loomis Sweden’s authorization. The acquisitions of companies were also discussed, amongst others Brinks in Great Britain. In 2007 the budget for 2008 was discussed and approved by the Board.

Board responsibilities

The Board is responsible for Group organization and administration according to the Swedish Companies Act and it appoints the President and CEO, audit committee, and remuneration committee. The Board also determines the President and CEO’s salary and other remuneration. The Board meets at least six times a year. The company’s auditors participate in the Board meeting held in conjunction with the annual financial statements.

Rules of procedure

The Board’s rules of procedure regulate its work and the allocation of responsibilities between the Board and Group Management. The rules of procedure state that the Board makes decisions about the Group’s overall strategy, company acquisitions, and investments in real estate, and sets the framework for Group operations by approving the Group budget. These rules also include rules of procedure for the CEO and instructions for financial reporting.