Governance structure

The parent company of the Vattenfall Group, Vattenfall AB, is a Swedish public limited liability company with registered office in Solna, Sweden. Vattenfall AB is thereby subject to the provisions of the Swedish Companies Act.

The main decision-making bodies are the Annual General Meeting (AGM), the Board of Directors and the President. The AGM elects the Board of Directors, which in turn appoints the President, who is responsible for the day-to-day administration in accordance with the Board’s guidelines and instructions.

The Governance structure

Governance and reporting structure Remuneration Committee Owner via the AGM Board of Directors CEO and EGM Auditor Audit Committee Internal Governance Business Divisions and staff functions, accord to org structure

Important internal and external rules and regulations for Vattenfall

External rules and regulations

  • Swedish and foreign legal rules
  • The Swedish State's ownership policy
  • The Swedish Corporate Governance Code ("the Code")
  • Stock exchange rules. Vattenfall follows the stock exchange rules that apply for companies that have fixed-income securities registered on Nasdaq Stockholm and other marketplaces
  • International Financial Reporting Standards (IFRS) and other accounting rules
  • The Global Reporting Initiative (GRI) Standards and UN Global Compact as well as reporting according to Green Bonds Impact Reporting, Science Based Targets and Task Force on Climate-related Financial Disclosures (TCFD)

Internal rules:

  • Vattenfall AB's Articles of Association (PDF 28 kB)
  • The Board's and committees' Rules of Procedure, including the CEO instruction and instructions for reporting to the Board
  • The Vattenfall Management System (VMS), including the Code of Conduct and Integrity, and other internal governance documents

More about corporate governance

Corporate Governance Report 2020 (PDF 583 kB)
Previous corporate governance reports
The state as a company owner
The assignment for Vattenfall AB (the Swedish Government Bill 


Vattenfall AB is wholly owned by the Swedish state. Major parts of the Group's business are carried out in wholly and partly owned subsidiaries. For more information about legal entities within the Vattenfall Group, see the Annual and Sustainability Report, note 18 to the consolidated accounts.

Related content

The Annual General Meeting 2021

Vattenfall's shareholder and the shareholders' meeting.

Lars G Nordström, Chairman of the Board

The directors are elected annually by the Annual General Meeting.

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Good internal governance is crucial to maintaining a successful organisation.

See also

Woman in helicopter looking down on turbines at Horns Rev offshore wind farm

Vattenfall is a leading European energy company.

Woman riding an electric bike

We have a responsibility for our environmental and social impacts.

Read our latest annual and sustainability report, interim reports and other presentations.