Swedavia’s operations are described in the company’s Articles of Association as financing, owning, administering, operating and developing airports with their appurtenant buildings and facilities. Swedavia shall also take an active part in the development of the Swedish transport sector and help achieve the transport policy goals set by Parliament based on sound business principles.
Airport operations were previously part of the State-owned enterprise LFV, and the operations were acquired on April 1, 2010. All shares in Swedavia AB are owned by the Swedish State. The Ministry of Finance represents the Swedish State’s shares at Swedavia’s Annual General Meeting and thereby nominates Board members in Swedavia.
Swedavia’s corporate governance is regulated by external legal frameworks such as the Companies Act and other applicable Swedish laws, the State’s ownership policy and the Swedish Corporate Code of Governance. The Government describes its position on important matters of principles concerning corporate governance of all State-owned companies in its ownership policy. Among other things, the decision has been made that all companies in which the State owns a majority shall apply the Swedish Corporate Code of Governance. The overall objective of the Code is to contribute to the improved governance of Swedish limited liability companies. The Code is applied based on the principle” comply or explain”, which means that deviations from the Code are allowed but must be explained.
The Board of Directors is responsible under the Companies Act and the Swedish Code of Corporate Governance (the Code) for Swedavia’s internal control. The Board has decided that Swedavia shall apply a framework for documentation and analysis of internal control issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). Swedavia has continued the work to implement this framework in the company’s operations.