Governance Structure

Xbrane’s corporate governance is governed by the Swedish Companies Act (Sw. Aktiebolagslagen (2005:551)), the Swedish Annual Accounts Act (Sw. Årsredovisningslagen (1995:1554)) and other applicable laws and regulations, the Company’s articles of association and internal policy documents.

The internal policy documents include first and foremost the rules of procedure for the Board of Directors, instructions for the CEO and instructions for financial reporting.

There is no requirement that Swedish Code of Corporate Governance (“Code”) be applied by companies whose shares are admitted to trading on Nasdaq Stockholm. The Company does not intend to apply the Code other than in parts deemed to be relevant to the Company.

The figure below provides an overview of Xbrane’s corporate governance structure.