Eltel is a Swedish public limited liability company. Prior to listing on Nasdaq Stockholm, corporate governance in the company was mainly based on Swedish law, the company’s articles of association and internal rules and instructions. As a listed company on Nasdaq Stockholm, the company will apply the rules of the Swedish Companies Act (sw. Aktiebolagslagen (2005:551)), the Swedish Annual Accounts Act (sw. Årsredovisningslagen (1995:1554)), the company’s Articles of Association, Nasdaq Stockholm’s Rule Book for Issuers and the Swedish Corporate Governance code as well as other Swedish and foreign laws and regulations, as applicable.
The Swedish Corporate Governance code applies to all Swedish companies with shares listed on a regulated market in Sweden and shall be applied as soon as possible and at the latest at the first annual general meeting held following the listing. The Swedish Corporate Governance code defines a norm for good corporate governance on a higher level of ambition than the Swedish Companies Act’s and other regulations’ minimum requirements.
The Swedish Corporate Governance code is based on the principle comply or explain. It means that the company must not at every occasion obey every rule of the Swedish Corporate Governance code, but may choose other solutions that are deemed to better correspond to the circumstances in the individual case, provided that the company openly reports every such non-compliance, describes the alternative solution and states the reasons for this.
Eltel will apply the Swedish Corporate Governance code from the time of the annual general meeting 2015. Eltel does not expect to deviate from any of the rules of the Swedish Corporate Governance code. All, if any, non-compliances with the Swedish Corporate Governance code will be described in the company’s corporate governance report, which will be drawn up for the first time for the 2014 financial year.