Members of the Council for Swedish Financial Reporting Supervision are appointed pursuant to the following process:
• The Association for Generally Accepted Practice in the Securities Market (the “Association”) appoints a nomination committee.
• The nomination committee is responsible for nominating the Council’s chair and deputy chair.
• The Association’s board of directors appoints the Council’s chair and deputy chair.
• The Council’s chair appoints members of the Board. Appointment of Council members is contingent on notification to the Swedish Financial Supervisory Authority and approval by the chair of the nomination committee.
• The Council’s chair determines each member’s capacity to engage in outside activities and applicable waiting period requirements.
• All members shall be employed by the Council and hold this position as their primary employment.
All members shall be independent. Independence is tested in accordance with the provisions of §§ 16-18 of the Administrative Procedure Act (2017:900) regarding conflict of interest. Independence is tested through a comprehensive assessment of all circumstances that may provide grounds for questioning the person’s independence. Independence with respect to each individual review case is ensured through documented conflict of interest tests.