The Board
- Lars Lönnquist
Chairman of the board
Lars Lönnquist has extensive experience from the financial industry and real estate investments and most recently spent approximately 11 years at Spiltan Fonder. Currently, Lars Lönnquist serves as board member of Cicero Fonder. He has previously served as Head of Investment Management at IF Skadeförsäkring AB. He also has experience from Folksam as Deputy CIO and Head of Fixed Income and as CEO of Folksam Tjänstemannafonder AB.
Independence: Mr. Lönnquist is considered as independent from the company and its management as well as from the company’s major shareholders.
Holds no shares in the company.
- Ilija Batljan
Deputy Chairman
Ilija holds a PhD in demography and planning for elderly care from Stockholm University, as well as a bachelor’s degree in economics from Stockholm University. Ilija founded Samhällsbyggnadsbolaget i Norden AB and previously held the position as the company’s CEO. He is one of the founders of Public Property Invest ASA. He also previously served as Chairman of the Board of Cryptzone Group AB.
Current Positions: Board member of Samhällsbyggnadsbolaget i Norden AB, board member of Health Runner AB, Board member and CEO of Ilija Batljan Invest AB (publ) and CIO of Public Property Invest ASA.
Independence: Ilija Batljan is not considered to be independent in relation to the company and its management or in relation to the company’s major shareholders.
No of B-shares: 578,120,133 (through own holdings and through related companies).
- Ulf Grunander
Board
Ulf Grunander holds an economics degree from Stockholm University and previously served 23 years as CFO for Getinge Group. Mr. Grunander currently sits on the boards of Arjo AB (publ) and Lifco AB (publ). Furthermore, he serves as Chairman of Djurgården Hockey AB. Mr. Grunander has held board assignments in several companies of the Getinge group, AMF Fonder AB and AMF Tjänstepension AB, and he has also been a Chartered Accountant.
Current positions: Board member of Arjo AB (publ), Lifco AB (publ) and Chairman of the Board Djurgården Hockey AB.
Independence: Mr. Grunander is considered as independent from the company and its management as well as from the company’s major shareholders.
No of B shares: 15,355,600
No of TO14B: 4,606,680
Warrants: 1,666,668
- Leif Ryd
Board
Leif is an orthopedic surgeon with a long career in clinical research, focusing on osteoarthritis (OA). He is also a former professor at Karolinska Institute in Stockholm. Leif’s clinical areas of expertise include degenerative joint disease of the hip and knee, as well as traumatic injuries of the knee. Leif works on a consultancy basis for Episurf as a Senior Medical Advisor focusing on medical/scientific development and marketing Episurf products to the medical profession.
Current positions: Chairman and CEO of Aktiebolaget Gile Medicinkonsult, Board member of Crage AB and Bostadsföreningen Dromedaren.
Independence: Leif is independent from the Company’s primary shareholders, but not from the Company or its management.
No of A shares: 421,185 (owned by Gile Medicinkonsult AB)
No of B shares: 4,095,960 (of which 2,265,712 owned by Gile Medicinkonsult AB)
No of TO14B: 833,328 (of which 416,664 owned by Gile Medicinkonsult AB)
Warrants: 333,336 (of which 166,668 is via entity)
- Jens Andersson
Board
Jens Andersson holds a Bachelor degree in business and administration and has extensive experience in the banking, property and capital markets sectors. Most recently, he served as CFO of Castellum AB (2023–2025) and prior to that had been active within the Group since 2022. He previously held the position of Head of Finance with responsibility for the US market at Corem Property Group AB/Klövern AB and has also served as Managing Director of several subsidiaries.
Jens Andersson has also worked as a Project Manager at Catella Corporate Finance, was co-founder and CFO of Vanir Asset Management, and served as First Vice President at Aareal Bank AG.
Board member of his own company, Trummelsberg Förvaltning AB.
Independence: Jens is independent from the Company’s primary shareholders, but not from the Company or its management.
Board member since 2026.
No of B shares: 111,517,333
- Eric Fischbein
Board
Eric holds a degree in economics from Stockholm University and Lund University. Eric has extensive and solid experience in the property sector. Eric also has previous experience of working as an independent entrepreneur developing his own properties. Eric also has extensive experience of property management from a financial perspective.
Current positions: CEO of Mofast AB (Publ).
Independence: Eric Fischbein is not considered to be independent in relation to the company’s major shareholders, but not independent in relation to the company and its management.
Holds no shares in the company.
- Rosel Ragnarsson
Board
Rosel has studied Business administration and French at Uppsala University, in combination with studying French in Paris. Rosel has a wide, extensive background in banking and financial markets within Nordic and International banks. Furthermore, she was appointed CFO at Samhällsbyggnadsbolaget i Norden AB’s Finance Department and before that was appointed Deputy CEO at Stockholm County Council’s Internal Finance department. In addition, Rosel has experience as a board member and portfolio manager of the Stockholm County Council Foundations.
Independence: Rosel Ragnarsson is considered independent in relation to the company and its management, as well as in relation to the company’s major shareholders.
No of B shares: 210,396
Updated 2026-06-02
The Board’s Work
- The Board of Directors establishes the company’s goals, strategies, budget and business plan. The Board is responsible for the company’s organisation and administration and for ensuring the quality of its financial reporting and internal control. Furthermore, the Board shall examine and approve the financial reports and establish significant policies and regulatory systems. The Board shall also resolve on decisions outside the scope of day-to-day management, such as major investments and changes. The Board shall monitor the company’s operations based on the established goals and guidelines. This work is governed by the Swedish Companies Act, the Articles of Association, the Code and the Board’s procedural plan.
- Every year, the Board shall hold an inaugural meeting immediately following the AGM. The inaugural meeting shall among other things appoint the company’s authorised signatories and shall review and adopt the Board’s procedural plan. The company’s Board meetings shall normally deal with the company’s financial situation and matters of material importance to the company. The CEO reports continuously on business plans and strategic issues. According to the Board’s procedural plan, the Board is a quorum when at least three of its members are present.
- Pursuant to the Swedish Companies Act, Episurf Medical’s Board of Directors has adopted a written procedural plan for its work. The now applicable procedural plan and CEO instructions were adopted at the inaugural Board meeting no. 5 on 10 April 2025. The procedural plan among other things regulates how the Board shall conduct its work and which matters are to be dealt with by the Board. The procedural plan also regulates how the Board is to be continuously provided with information and financial reporting by the CEO.
- The Board in its entirely takes part in matters related to auditing, including monitoring and evaluation of the audit process, quality assurance of the company’s financial reporting, assessment of reports from the independent auditor and review of the auditors’ independence from the company, including the scope of any non-audit services provided by the auditor to the company.
- The Board shall annually review the Board’s and the CEO’s work and present it to the Nomination Committee.
Remuneration Committee
According to the Code, the members of the remuneration committee shall be independent in relation to the company and the senior executives. The board of directors’ remuneration committee continuously evaluates the remuneration to senior executives in view of current market conditions.
The remuneration committee’s main tasks are to
- prepare the board of directors’ decisions on issues relating to compensation and other employment terms for the senior executives,
- monitor and to evaluate current remuneration structures, remuneration levels and programs for variable remuneration to the senior executives and
- to monitor and evaluate the outcome of variable compensation schemes and the company’s compliance with remuneration guidelines adopted by the general meeting.
Due to significant changes in the company’s operations and in the Board, it was decided during the financial year that the Board as a whole would constitute the Remuneration Committee. The Remuneration Committee held 2 meetings during 2025.
Audit Committee
The Audit Committee monitors the Company’s financial position and the effectiveness of its internal control and risk management. It keeps itself informed of the audit of the annual accounts and consolidated accounts, and reviews and monitors the impartiality and independence of the auditor. The Audit Committee should also assist the Nomination Committee with resolutions on the election of and fees payable to the auditor.
Following the AGM on 10 April 2025, the Audit Committee consisted of Ulf Grunander (Chairman) and Annette Brodin Rampe. Due to significant changes in the company’s operations and in the Board, it was decided during the financial year that the Board as a whole would constitute the Audit Committee. The Audit Committee held 2 meetings during 2025.
Deviation from the Code
Episurf Medical’s Board of Directors does not currently meet the Code’s requirements regarding the proportion of independent members. The deviation is a result of changes in the Board’s composition during the financial year. The Nomination Committee is actively working to ensure that the Board meets the Code’s requirements again at the 2026 AGM, and the Company therefore considers the deviation to be temporary.
Board Composition During 2025
| Name | Function | Independence from the company | Independence from shareholders |
|---|---|---|---|
| Ulf Grunander | Board Chairman | Yes | Yes |
| Jens Andersson | Board member | No | Yes |
| Leif Ryd | Board member | No | Yes |
The Board’s Fee 2025
The Nomination Committee proposes remuneration for the board members to the general meeting.
Shareholder and Board member Leif Ryd has received consulting fees for ongoing work as well as work for the Clinical Advisory Board during the financial year of SEK 0.4m (0.6). The Chairman and Members of the board’s fees were agreed by the AGM and is shown below. The Chairman, Ulf Grunander receives SEK 0.4m. Laura Shunk, Christian Krüeger, Annette Brodin Rampe and Leif Ryd receive remuneration of SEK 0.2m.
During the year, parts of the Board waived their remuneration for 2025. Only SEK 0.2m has been paid during 2025. For the Board Chairman, no board fee was paid for 2025. In total, the board fees amount to SEK 0.2m (1.2).
Since the 2025 AGM, Laura Shunk, Christian Krüeger and Annette Brodin Rampe have left the Board.
Jens Andersson was elected as a Board member at the extraordinary general meeting on 10 February 2026.
| Name | Salary/Fees | Other remuneration | Total |
|---|---|---|---|
| Board Chairman, Ulf Grunander | 0,4* | 0,0 | 0,4 |
| Board member, Leif Ryd | 0,2* | 0,4 | 0,6 |
| Board member, Jens Andersson | 0,0 | 0,0 | 0,0 |
Information from Annual Report 2025.
* Refers to the annual remuneration approved by the Annual General Meeting. Only a portion of this remuneration has been paid during the year.