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The independence requirements as set out in the Swedish Corporate Governance Code can be summarized as follows:
- Independence of the company and its management
- Not more than one person from senior management may be a member of the board
- A majority of the directors elected by shareholders’ meetings are to be independent of the company and its management.
- Independence of major shareholders
- At least two of the directors who are independent of the company and its management shall also be independent in relation to the company’s major shareholders. A major shareholder is defined as controlling, directly or indirectly, at least ten per cent of the shares or votes in the company.