Niscayah Group AB is a Swedish public limited company with its registered office in Stockholm, Sweden. The Company’s shares are listed on OMX Nordic Exchange Stockholm. The basis for the governance of the Group consists of among other things, the Swedish Companies Act, the Stockholm Stock Exchange’s rules, including the Swedish Code of Corporate Governance (the “Code”). The Board of Directors of Niscayah has prepared this corporate governance and internal control report in accordance with the provisions of the Code. Niscayah does not report any significant deviation from the code for the fiscal year 2007.

Niscayah has applied the Code as from the date of the listing on OMX Nordic Exchange Stockholm on September 29, 2006. The Code is based on the principle “comply or explain”, which means that a company may deviate from the Code’s provisions provided that such deviations can be explained in a satisfactory manner.

This report is not a part of the formal financial statements and has not been reviewed by the Company’s auditors.

Other corporate governance instruments

Guidelines and policies

Niscayah's policies aim to treat all stakeholders alike, to provide important information at the right time, to fulfil legal requirements in a correct manner and to adhere to prevailing rules and laws. The Group’s most important guidelines and policies relate to financial control, financial and operational risk management, communication matters, the Group’s trademarks and business ethics. The established communication policy ensures compliance with prevailing stock market rules.

Code of conduct and environment

Niscayah has adopted a Code of Conduct which applies to the entire Group. The Code of Conduct, which is based on a number of recognized international conventions, is an expression of the values and guidelines which shall apply within the Group with respect to business ethics as well as rights and liberties.

Within Niscayah, the responsibility for environmental work rests with the organization in each country. Each country’s organization is consequently responsible for ensuring that the operations are conducted in accordance with the local environmental legislation and regulations.