Starbreeze BOard of Directors
Chairman of the board since 2013
Education: Bachelor of Liberal Arts, Bard College, New York.
Principal occupation: CEO of the wholly owned investment firm Indian Nation AB and an Executive Producer in Film and TV.
Other assignments: Chairman of the board of Mäklarappen AB, director of Ftrack AB and MAG Interactive AB, director and CEO of Indian Nation AB.
Holdings in the Company: Directly or indirectly owns 1,500,550 Class A shares and 869,149 Class B shares.
Michael Hjorth is independent in relation to the Company, its management and major shareholders.
Bo Andersson Klint
Director since 2012
Education: Studies in strategy and organization, Linköping University.
Principal occupation: Chief executive officer of the Company.
Other assignments: Director of Enterspace and director and chief executive officer of Varvtre AB, Fifi Holding AB and Digistrat AB. Chairman of the board of StarVR Corp.
Holdings in the Company: Directly or indirectly owns 18,718,667 Class A shares and 5,377,886 Class B shares, 133,334 employee stock options and 150,100 warrants.
Bo Andersson Klint is not independent in relation to the Company, its management and major shareholders.
Kim Harold Hyung Nam
Director since 2016
Education: Bachelor of Science, University of Southern California Marshall School of Business.
Principal occupation: Vice President of Business Development for Smilegate Holdings Inc. and Vice CEO of SG Interactive Inc.
Other assignments: Vice CEO of SG Interactive Inc. and Vice President of Business Development for Smilegate Holdings Inc.
Holdings in the Company: –
Harold Kim is not independent in relation to the Company, its management and major shareholders.
Director since 2017
Education: MSc in Engineering Physics, KTH Royal Institute of Technology, Stockholm.
Principal occupation: Board service.
Other assignments: Director of HiQ International AB, Sectra AB, Beijer Electronics Group AB, Haldex AB, Westermo Teleindustri Aktiebolag, Image Systems AB and AB Idre Golf Ski & Spa, as well as chief executive officer and director of Montech Invest AB, Cancale Förvaltnings Aktiebolag and Lannion AB. Alternate director of Albanello AB and manager of Lannion SARL.
Holdings in the Company: –
Ulrika Hagdahl is independent in relation to the Company, its management and major shareholders.
Director since 2013
Education: Master of Business Administration (MBA), Hanken School of Economics, Helsinki.
Principal occupation: In charge of game and technology initiatives at Wargaming Ltd. As Head of Development, Myllyrinne is responsible for more than 1,800 employees in the regions of North America, Europe, Russia and Australia.
Other assignments: Head of Development at Wargaming Ltd.
Holdings in the Company: –
Matias Myllyrinne is independent in relation to the Company, its management and major shareholders.
Director since 2014
Education: Master of Science in Economics and Business Administration, Stockholm School of Economics, Stockholm.
Principal occupation: Investor, company director and advisor.
Previous assignments (previous five years): Director of Temaplan Asset management Holding AB, T.A.M. Group AB, Fastighets AB Glaskronan 1, D. Carnegie & Co Aktiebolag, PledPharma AB, Probi AB, Orc Software, MQ Holding AB and Fastighets AB GK 1.
Holdings in the Company: Directly or indirectly owns 350,500 Class B shares.
Eva Redhe is independent in relation to the Company, its management and major shareholders.
The tasks of the board of directors
The board of directors has ultimate responsibility for the Company’s organization and for managing the Company’s affairs in the interests of the Company and all shareholders. The principal tasks of the board of directors include managing strategic issues related to operations, financing, business establishments, growth, financial performance and position, and regularly reviewing the Company’s financial situation. The board must also ensure that there are appropriate systems for follow-up and control of the Company’s operations and ensure that the Company’s external communications are characterized by openness and that they are accurate, reliable and relevant.
Size and composition of the board
According to Starbreeze’s Articles of Association, the board must be composed of no fewer than four and no more than eight directors and no more than two alternate directors. The directors are normally elected at the annual general meeting for a term of service ending at the close of the next annual general meeting, but additional directors may be elected during the year at an extraordinary general meeting.
According to the Code, a majority of directors are to be independent of the Company and its management. At least two of the directors who are independent of the Company and management should also be independent in relation to major shareholders in the Company. In addition, no more than one director may be a member of senior management of the Company or a subsidiary of the Company. The table below shows the service of directors on various board committees, when the directors’ service began and the board’s assessment of each director’s independence.
Chairman of the board
The tasks of the chairman of the board include organizing and leading the work of the board, ensuring that its work is conducted efficiently and ensuring that the board performs its duties. Through interaction with the chief executive officer, the chairman must be provided the information necessary to monitor the Company’s position, financial planning and performance. The chairman must also consult with the chief executive officer concerning strategic matters and verify that the board’s decisions are implemented in an effective manner.
The chairman is responsible for contacts with shareholders regarding ownership issues and communicating shareholders’ views to the board.
The chairman of the board is elected by the annual general meeting.
The board follows a written board charter that must be reviewed annually and adopted at the first board meeting held after the annual general meeting. The board charter governs matters including the board’s rules of procedure, tasks, decision-making procedures within the Company, board meeting procedures, the tasks of the chairman of the board and the division of responsibilities between the board and the chief executive officer. A Financial Reporting Instruction and an Instruction to the Chief Executive Officer are also adopted in conjunction with the first meeting of the board after the annual general meeting.
Issues of a significant nature addressed at board meetings include fundamental business planning, market positioning and financing. The chief executive officer reports to the board concerning strategic issues and the Group’s chief financial officer reports to the board concerning financial issues. The board met with the statutory auditor once during the financial year to be informed about the auditor’s ongoing reporting.
The Company’s board of directors has established two committees: the audit committee and the remuneration committee. The board has adopted rules of procedure for both committees.
The main tasks of the audit committee are to monitor the Company’s financial position and the effectiveness of the Company’s internal control, internal audit and risk management; to keep itself informed about the audit of the annual accounts and consolidated accounts; and to review and monitor the impartiality and independence of the statutory auditor. The audit committee is also to assist the nomination committee with proposals on the election and remuneration of the Company’s statutory auditor..
Since the first board meeting after the 2017 annual general meeting, the members of the audit committee are: Eva Redhe (chair), Michael Hjorth and Ulrika Hagdahl. The annual general meeting held 11 May 2017 approved payment of fees to the members of the audit committee of SEK 400,000 in total, of which SEK 200,000 to the chair and SEK 100,000 to each of the other members.
The main tasks of the remuneration committee are to prepare issues concerning remuneration and other terms of employment for the CEO and other senior management personnel. The remuneration committee is also to monitor and evaluate programs for variable remuneration to senior management personnel and to monitor and evaluate application of guidelines for remuneration to senior management personnel adopted by the annual general meeting.
Since the first board meeting after the 2017 annual general meeting, the members of the remuneration committee are: Ulrika Hagdahl (chair), Michael Hjorth and Eva Redhe. The annual general meeting held 11 May 2017 approved payment of fees to the members of the remuneration committee of SEK 200,000 in total, of which SEK 100,000 to the chair and SEK 50,000 to each of the other members.
Remuneration to directors
Remuneration to directors elected by a general meeting is decided by the general meeting. The annual general meeting held 11 May 2017 approved directors’ fees of SEK 700,000 to the chairman of the board and SEK 200,000 to each of the other non-executive directors.
In addition to the specified remuneration for committee service set out above, the annual general meeting held 11 May 2017 decided that additional fees of no more than SEK 300,000 may be paid for committee service.
Consequently, total fees paid to the board of directors (including fees for committee service) may not exceed SEK 2,400,000. Directors are permitted to invoice their fees via a company only if it is determined in advance that (i) this is cost-neutral to the Company and (ii) tax-related conditions for invoicing are met. If such occurs, the invoiced fee must be increased by an amount corresponding to social insurance contributions as required by law and value added tax as required by law.