The Board's work

The Board of Directors is appointed by the Annual General Meeting (or by an Extraordinary General Meeting) for terms extending until the next Annual General Meeting. 

The members of the Board of Directors have since March 2025 made a commitment to invest 25% of their annual remuneration for the board assignment (after tax and excluding remuneration for Committee work) in the company’s shares. Thomas Reynaud, Aude Durand and Thomas Kienzi, who are all representatives appointed by Freya Investissement (the Company's largest shareholder, owned by the iliad Holding Group) and employed within the iliad Group, have declined their entitlement to remuneration for board and committee work.

The Board:

• Oversees Tele2’s overall long-term strategies and goals,
• Approves budgets, business plans, financial reports, investment and personnel proposals,
• Makes decisions regarding acquisitions and disposal of business interests,
• Monitors the CEO’s work and the company’s performance, and
• Evaluates the quality of the company’s internal control functions, risk management and financial reports, and communicates with the company’s auditors directly and through regular reports from the Audit Committee and the company’s CFO.

In order to carry out its work more effectively, the Board has at the constituent Board Meeting appointed members for a Remuneration Committee and an Audit Committee with special tasks. These committees are the Board’s preparatory bodies and do not reduce the Board’s overall and joint responsibility for the handling of the Company and the decisions made. All Board members have (save for in case of possible conflicts of interest) access to the same information, enabling them to be jointly and severally liable. Further, certain members of the Board have been selected to form preparatory working groups on topics of special interest such as Sustainability.

The Board’s work in 2025

During the 2025 financial year, the Board has met nineteen (19) times in person (in Stockholm) and through a combination of video meetings and in person, and per capsulam meetings.

Below is a summary of the main topics handled by the Board during 2025:

• Review and approval of financial reports,
• Review and follow-up of internal controls, risk management and corporate governance,
• Treasury matters,
• Corporate responsibility matters, including data privacy, corruption risks and ethical business practices,
• Human resources matters, including talent management, succession planning and remuneration guidelines,
• Strategy review, including review of growth opportunities, product portfolio, business model challenges and marketing strategies,
• M&A matters, in particular the creation of the Baltic tower company and divestment of 50% of the company to GCI and Manulife,
• Oversight and evaluation of Tele2’s environmental and social activities and governance practices (ESG), related risks and target setting as well as their implementation and effectiveness in the company,
• Oversight of security risks and their management, including cyber security,
• Review of the budget for 2026,
• Evaluation of the Board, and
• Auditors’ reports.

Annual Evaluation of the Board

The Chairman of the Board ensures that an annual self-assessment of the Board’s work is performed, where the Board members are given the opportunity to share their views on working methods, Board material, their own and other Board members’ work, as well as the scope of their assignment. The assessment was performed in 2025. The Board also receives reports from the Audit and Remuneration Committees and evaluates their work. The evaluation is presented to the Nomination Committee. An assessment of the Audit Committee is also done annually to ensure fulfilment of the Committee’s written charter. Input is collected from the Committee members themselves, sele

 Attendance of Board members