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P. Corporate Governance.Indd DIRECTORS’ REPORT Corporate Governance Report ”At this time of writing, it’sit’s beenbeen lessless enable employees to work in a uniform direction with the over- than a year sincesince II waswas entrustedentrusted withwith all objective of generating shareholder value. leading thethe Board’sBoard’s workwork at at Castellum. Castellum. 2012 has been an intense business year for both Board and It isis aa pleasurepleasure to to work work closely closely with with management. In addition to the traditional governance issues the companycompany again;again; II hadhad the the privi- outlined above, the recruitment of a CEO to succeed Håkan privilegelege of advising of advising Castellum Castellum prior prior to Hellström has held a unique position. As part of the task, tothe the IPO IPO in 1997.in 1997. the Board focussed specifi cally on future issues to defi ne the Castellum’s organizationalorganizational form form possibilities and challenges that we expect a new CEO to take and business modelmodel havehave remainedremained on. This process was undertaken with a broad approach and intact, just asas objectivesobjectives andand generalgeneral it attracted strong candidates; both externally and internally. strategies havehave done.done. The The greatest greatest The Board now looks forward to further developing Castellum’s difference is that Castellum’s open and well-functioning governance with incoming CEO, property values have risen by a factor of three. The portfolio Henrik Saxborn. is also characterized by signifi cant activity, including the active Another area that required special Board attention was a management of existing properties as well as property acquisi- thorough evaluation of the remuneration structure for executive tions and project developments. management while renewing the incentive plan for submission Castellum’s corporate governance design is based squarely to the AGM. on the specifi c structure and operations of the company. To conclude, from 2012 Board efforts, I’d like to highlight Effective reporting systems and reliable controlling systems Castellum’s high activity in business development – refl ected comprise robust fi nancial factors of major importance. in increased volumes and the number of investment matters Of even more fundamental importance, however, are the requiring Board approval. To maintain the Board’s capacity stable culture and ethical fundamentals that permeate the entire to properly support and challenge management, we follow a organization - i.e., from executive management to the employee rolling schedule where “doing our homework” and providing closest to the customer. inspiration on crucial company issues alternate with hands-on Castellum’s operational risk has been reduced via a wide business visits, as critical and signifi cant components. distribution in the number of properties and customers. The Based on Castellum’s strong position, both the Board and Castellum management model and small-scale operational corporate management are determined to identify and capture structure are based on the belief that the best decisions are business opportunities that create sustainable shareholder value.” made close to the customer and in the local competitive January 2013 environment. The Group’s stated objectives, strategies, policies and guidelines point out the direction and framework that Charlotte Strömberg Chairman of the Board in Castellum Inom Vallgraven 57:2, Gothenburg 62 CASTELLUM ANNUAL REPORT 2012 DIRECTORS’ REPORT Swedish code for corporate governance Shares and shareholders Corporate governance covers the various means of decision The Castellum share is listed on NASDAQ OMX Stock- making by which the shareholders - directly and indirectly holm AB Large Cap. At year end, Castellum had approx. - control the company. Corporate governance has evolved 9,900 shareholders. Of the total share capital, 40% was ow- through laws, recommendations, the “Code” (Swedish Code ned by mainly Swedish institutions and mutual funds and for Corporate Governance), and through self-regulation. It 60% was owned by foreign investors. Castellum has no direct is based upon the comply-or-explain principle, meaning registered shareholders with holdings exceeding 10%. that all rules do not always have to be followed and there The share capital amounts to SEK 86,003,354, distributed is no crime in deviating from one or more particular rules among 172,006,708 shares with a par value of SEK 0.50. of the Code if there are motives and explanations. The Each share, except the company’s own repurchased shares Swedish code for corporate governance is conducted by of 8,006,708, entitles the holder to one vote and carries an the Swedish Corporate Governance Board and is found at www.bolagsstyrning.se. equal right to a share in Castellum’s capital. Potential shares Castellum applies the Code with the purpose of crea- (e.g., convertible bonds) do not occur. ting good preconditions for taking on the role of active and responsible ownership. The model below describes the over- all structure of corporate governance in Castellum AB. Castellum deviates from the paragraph, “making the members of the Election Committee public”, which according to the code shall be made six month prior to the AGM. The AGM 2011 deci- ded, according to previous practice, that an Election Committee should be established at the end of the third quarter, and that the names of the members of the Election Committee should be published in the company’s third interim report for the year. According to this composition of the Election Committee was published approximately fi ve months prior to the AGM. The time for publication of the election committee is proposed to be changed to the AGM 2013 so that the Code will be followed. Overall Structure for Corporte Governance Shareholders Election committee Annual General Meeting External Auditors Representatives fromRevisorerRe theviso 3 largestrer share- Review annual and half-year accounts, holders. Propose i. e. the Board and auditors. appointed by the AGM Remuneration committee The Board Audit committee Preparates remunerationRevisionsutskottRevisio principlesnsutskott and terms 4-8 boardmembers appointed Monitor i.e. the audit, internal controll of employment for senior executives by the AGM and fi nancial reporting CEO and executive group Internal control management responsible for the ongoing business Major external regulations Articles of association - Swedish Companies Act. The name of the company is Castellum Aktiebolag and the company is a public - Rules for issuers at NASDAQ OMX Stockholm limited company. The registered offi ce of the Board is in Gothenburg. - Swedish Code of Corporate Governance The objective of the company’s activities is to acquire, administer, develop Important internal reglations and sell real estate and securities – directly or indirectly through wholly or - Articles of Association partially owned companies – and to carry out other activities compatible with - Board of Directors’ rules of procedures these. Changes in Castellum’s articles of association are made in accordance - Policies for information to the stock market, with the regulations in the Companies Act. The articles of association, which fi nance, accounting also includes information on share capital, number of board members and - Processes for internal control and risk management auditors as well as rules for summons and agenda for the annual general - Code of Conduct meeting is available as a whole on the company’s web site. CASTELLUM ANNUAL REPORT 2012 63 DIRECTORS’ REPORT Annual General Meeting Annual General Meeting 2013 The decision-making rights of shareholders in Castellum are For the AGM on March 21, 2013 the board of directors proposes: exercised at the shareholders’ meeting. The AGM (ordinary • a dividend of SEK 3.95 per share and March 26, 2013 as record shareholders’ meeting) is held in Gothenburg during the day, fi rst half-year. The annual general meeting elects the board • guidelines for remuneration to members of the executive of directors and the company’s auditors as well as making management, decisions on changes in the articles of association and on • a renewed incentive program to the executive management, changes in the share capital. • a renewed mandate for the Board to decide on purchase or Participation in decision-making requires the shareholder’s transfer of the company’s own shares. presence at the meeting, either personally or through a The election committee proposes for the AGM; proxy. In addition, the shareholder must be registered in the • re-election of all the present board members; Mrs. Charlotte share register by a stipulated date prior to the meeting and Strömberg, Mr. Per Berggren, Mrs. Marianne Dicander must provide notice of participation in the manner prescribed. Alexandersson, Mrs. Ulla-Britt Fräjdin-Hellqvist, Mr. Christer Individual shareholders requesting that a specifi c issue be Jacobson, Mr. Jan Åke Jonsson and Mr. Johan Skoglund. Mrs. included in the agenda of a shareholders’ meeting can Charlotte Strömberg is proposed to be re-elected as chairman of normally request the Castellum board to do so well in advance the board of directors, of the meeting via an address provided on the Group’s website. • that remuneration to the members of the board of directors is Decisions at the meeting are usually taken on the basis proposed to be SEK 2,025,000, out of which SEK 525,000 should of a simple majority. However, regarding certain issues, the be allocated to the chairman of the board of directors and SEK Swedish Companies Act stipulates that proposals must be 250,000 to each of the other members of the board of directors approved by shareholders representing a larger number of (including remuneration for work in the audit committee). The votes than the number of votes cast and shares represented board of directors has decided to establish a separate remun- at the meeting. eration committee within the board of directors. The remuneration Annual General Meeting 2012 committee shall include three board members, including the The latest AGM was held on March 22, 2012 in RunAn, chairman of the board of directors, who also will be the chairman Chalmers Kårhus in Gothenburg.
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