William Walker is Chairman of the Remuneration Committee; Mia Brunell and Cristina Stenbeck are members of the Remuneration Committee. The Board of Directors commissions the work of the Remuneration Committee.

The Responsibilities of the Remuneration Committee include issues regarding salaries, pension plans, bonus programmes and other employment terms of the Chief Executive Officer and senior management in conjunction with the Board of Directors of the Company.

The Remuneration Committee met twice in 2007 and all of its members attended these meetings.