Our corporate governance is based on Swedish legislation, the State's ownership policy, the Swedish Code of corporate governance and the following policy documents, guidelines and certificates.
Overall corporate governance
Swedish laws and regulations
LKAB complies with current Swedish laws and regulations.
The State Ownership policy and guidelines for state-owned enterprises
In the State Ownership policy and guidelines for state-owned enterprises, which are established annually, the government sets out its mission and objectives, the applicable framework and its position on key issues of principle relating to the corporate governance of state-owned enterprises.
We apply the Swedish Code of corporate governance (the Code). It is a part of the state’s ownership policy.
As LKAB is wholly owned by the Swedish state, some of the provisions in the Code do not apply. Our governance differs from the Code in the following rules.
Rule 1.1: Publication of information on shareholder's right of initiative.
The purpose of this rule is to give shareholders the opportunity to prepare for the Annual General Meeting (AGM) in a timely manner and to have a matter included in the AGM notice. In state-owned organisations, it is not necessary for this rule to be applied. Thus, there is no publication of information on the shareholder’s right to initiatives.
Rule 2: The company shall have a nomination committee that represents the company's shareholders.
Due to our ownership structure, LKAB does not have a nomination committee. The Board nomination process is implemented according to the policies outlined in the state’s ownership policy and is co-ordinated by the Ministry of Enterprise and Innovation.
Accordingly, the references to the nomination committee in rule 1.2, 1.3, 4.6, 8.1 and 10.2 of the Code are not applicable.
Rule 10.2: The Corporate Governance Report shall contain information indicating that Board members are independent in relation to major shareholders.
This provision is aimed primarily at protecting non-controlling shareholders in companies with dispersed ownership. In companies that are wholly owned by the state, it is not necessary to apply this rule.
Code of conduct
Our code of conduct sets out the framework for how we should act. It is based on international guidelines from the UN Global compact, the OECD Guidelines for multinational enterprises and Unicef, among others.
Sustainability has a central position in our business strategy, and we take responsibility for this throughout the value chain, thus strengthening LKAB’s contribution to social development, people and the environment.
Our goal is to be a long-term, sustainable business, in which diversity is an asset. We will achieve this through zero accidents and no ill health, good business ethics, by showing respect for human rights and by minimising climate impact and energy consumption.
Our Sustainability Policy applies to the LKAB Group and suppliers acting on behalf of LKAB.
Finances and insider information
The finance policy for the LKAB group and the Treasury Centre sets out overall objectives and guidelines for the Group’s financial operations. The primary purpose of the policy is to ensure that the Group’s overall financial risks are identified, reported and, where appropriate, managed in accordance with the wishes of the Board and management.
Our insider policy is designed to ensure that LKAB handles insider information correctly and that insider trading does not occur.
Our risk management work is designed to create the best conditions for us to achieve our strategic goals. To do this, we ensure that we understand and are prepared for how we identify, prioritise, manage and monitor our risks.
Safety First is aimed at ensuring suitable attitudes and knowledge about safety throughout LKAB.
A healthy working environment and safe workplaces are built through parallell efforts. Investments in safe facilities, training and information, and systematic safety work such as risk assessments and safety rounds are some of the measures that make safety a natural part of our work.
In order to gain access to LKAB’s industrial areas, all new employees, as well as suppliers and subcontractors, must undergo safety training and be approved.
The guideline supports efforts to identify, respect and manage risks associated with direct and indirect negative impacts on human rights. Through this guideline, we also want to show that we clearly reject child labour, forced labour and working conditions that can be seen as harmful, abusive or directly dangerous. The guideline also highlights our position on conflict minerals and modern slavery.
Employees and management should contribute to the development of the business by encouraging initiative, commitment and good performance. We set clear requirements, provide constructive feedback and continuous professional development.
LKAB is certified according to ISO standard in a number of different areas. You can read more about our ISO certificates below or view the certificates via the link.
To build the best conditions for fulfilling our vision, we work in an integrated way on the issues that are important to us – making decisions in the right place at the right time. To achieve this, we take a risk and opportunity perspective, and work systematically with governance, planning, monitoring and evaluation to ensure that we have the capacity to move in the desired direction and achieve our set goals.
As part of the evaluation and quality assurance of our work, we have been certified according to the international quality standard ISO 9001 since 2002, and have subsequently also been certified according to ISO 14001 (environment), 45001 (work environment) and 50001 (energy).
Competence requirements for testing and calibration laboratories
Environmental analysis at LKAB’s chemical laboratory in Kiruna is certified according to ISO 17025, general competence requirements for testing and calibration laboratories. The certificate regulates relevant management systems, technical competence and capabilities to generate technically valid results.
LKAB Minerals cerfiticates
Our subsidiary LKAB Minerals also has a number of certificates. You can find these on this website.