The Swedish Code of Corporate Governance has been introduced as part of the efforts of the Swedish trade and industry to self regulate its activities. The Code entered into force on 1 July 2005 and has been applied by Boliden since that date. Application of the Code is based on the "comply or explain" principle, which means that a company which applies the Code may deviate from specific provisions, provided that an explanation is given of the reasons for the deviation. Any deviations by Boliden will be reported in the company's annual report under the heading "Corporate Governance" and on the company's website.
The operations of Boliden are governed by the General Meeting, the Board of Directors Board committees and the President in accordance with the Swedish Companies Act, company's Articles of Association and other applicable rules and regulations. The company's auditors, who are appointed by the General Meeting, audit the company's accounts and the Board of Directors and the President management of the company. The Nomination Committee prepares proposals to the General Meeting regarding, among other things, election of the Board of Directors and auditors.