The Board Risk Committee

At the satutory meeting following the AGM 2011 the Board decided to transform the former Board Credit Committee into the Board Risk Committee (BRIC) for a comprehensive risk oversight.

The BRIC assists the Board of Directors in fulfilling its oversight responsibilities concerning management and control of the risks, risk frameworks, controls and processes associated with the Group’s operations, including credit, market, liquidity, business, life and operational risk.

The duties of the BRIC include reviewing the development of the Group’s overall risk management and control framework, as well as the Group’s risk profile and key risk issues. In addition, the BRIC reviews and make recommendations regarding the Group’s risk appetite and limits for market and liquidity risks. Further the BRIC reviews resolutions made by lending entities concerning credit or limit above certain amounts as well as strategic credit policy matters and the development of the credit portfolio.

Members of the BRIC are Kari Stadigh (Chairman), Lars G Nordström, and Tom Knutzen, as from AGM 2012.

Generally the Head of Group Risk Management and, when deemed important and to the extent possible, the CEO are present at meetings with the right to participate in discussions, but not in decisions.

There are no rules on independence of members of the BRIC in the external framework. For more information on indepencence of the Board members.

Updated: March 2012