decisions are referred for practical implementation, the employees of the City administrations and companies take over. The elected majority has a Mayor and eight Vice Mayors. The Mayor and each majority Vice Mayor is the head of a department, with responsibility for a particular area of operation, such as City Planning. The opposition also has four Vice Mayors, but they hold no executive power. Together the Mayor and the 12 Vice Mayors form the Council of Mayors, and they prepare matters for the City Executive Board. The Mayor holds a special position among the Vice Mayors, chairing both the Council of Mayors and the City Executive Board. The City Executive Board () is elected by the City Council and is equivalent to a cabinet. The City Executive Board renders an opinion in all matters decided by the council and bears the overall responsibility for follow-up, evaluation and execution of its decisions. The Board is also responsible for financial administration and long-term development. The City Executive Board consists of 13 members, who represent both the majority and the opposition. Its meetings are not open to the public. Following the 2018 Stockholm municipal election a majority of seats in the municipal council is at present held by a centre/right-wing majority and the Mayor of Stockholm () is Anna Konig Jerlmyr from the Moderate Party. The vast majority of Stockholm residents work in the service industry, which accounts for roughly 85% of jobs in Stockholm. The almost total absence of heavy industry (and fossil fuel power plants) makes Stockholm one of the world's cleanest metropolises. The last decade has seen a significant number of jobs created in high technology companies. Large employers include IBM, Ericsson, and Electrolux. A major IT centre is located in Kista, in northern Stockholm. Stockholm is Sweden's financial centre. Major Swedish banks, such as Swedbank, Handelsbanken, and SEB, are headquartered in Stockholm, as are the major insurance companies Skandia, Folksam and Trygg-Hansa. Stockholm is also home to Sweden's foremost stock exchange, the Stockholm Stock Exchange (Stockholmsbörsen). Additionally, about 45% of Swedish companies with more than 200 employees are headquartered in Stockholm. Noted clothes retailer H&M is also headquartered in the city. In recent years, tourism has played an important part in the city's economy. Stockholm County is ranked as the 10th largest visitor destination in Europe, with over 10 million commercial overnight stays per year. Among 44 European cities,