General

The Board shall in addition to specially appointed members and deputies according to SKF's Articles of Association, comprise of a minimum of five and a maximum of ten Board members, with a maximum of five deputies. The Board members are elected each year at the Annual General Meeting for the period up to and inclusive of the following Annual General Meeting.

The Board of Directors has a responsibility for the company's organization and oversight of the management of the company's affairs. The Chairman of the Board of Directors shall direct the work of the Board and monitor that the Board of Directors fulfils its obligations. The Board adopts annually written rules of procedure for its internal work and written instructions. The President of the Company, who is also the Chief Executive Officer, handles the day-to-day management of the company in accordance with the guidelines and instructions provided by the Board of Directors.

According to the Swedish Companies Act, a member of the Board of Directors may not take part in discussions involving matters regarding agreements, litigation or other legal proceedings between the director and the company, between the company and third parties where the director has a material interest in the matter which may conflict with the interests of the company, or between the company and a legal entity which the director may represent, either individually or together with any other person.

The Board members may not vote on compensation to themselves or any other member of the Board of Directors.

Link to SKF Board of Directors

SKF Annual Report 2008 - Corporate Governance Report, page 32 (Web version)