Corporate governance

Soltech is a Swedish, public, limited company. The Company was formed in Sweden and registered with the Swedish Companies Registration Office on 30 August 2006 and has been in operation since then. The Company complies with the Swedish Companies Act (2005:551) and other applicable laws and regulations in Stockholm, Sweden, where the Company has its registered office.

The Company’s operations are based on the Articles of Association. The object of the Company’s operations is the development and sale of alternative and renewable energy sources, systems for the utilisation of alternative and renewable energy sources and other related activities, as stated in Section 3 of the Articles of Association.

The Annual General Meeting determines the Articles of Association and appoints the Board of Directors annually. The Board of Directors is responsible for the Company’s organisation and administration and appoints or dismisses the CEO. The Board of Directors adopts a written rules of procedure for its work every year, combined with a CEO’s instruction for distributing work between the Board and the CEO. Issues related to remuneration or auditing are decided directly by the Company’s Board of Directors. All members of the Board are elected at the next Annual General Meeting. Every individual member of the Board of Directors has the right to resign at any time.

Advanced Soltech Sweden AB

ASAB is jointly owned by Soltech Energy Sweden AB (public) and by Advanced Solar Power Hangzhou, Inc.
ASAB’s operations consist of financing the construction of solar power plants in China that are installed, owned and continuously maintained by the Soltech Group’s jointly owned Chinese company, Advanced SolTech Renewable Energy Hangzhou Co. Ltd. (ASRE). ASAB’s revenues will consist of interest income on loans granted to companies within the SolTech Group. As collateral for borrowed funds, ASAB will obtain equity pledges in Group companies and underlying assets, i.e., ultimately in the solar power plants owned by ASRE in China.