The Swedish Corporate Governance Code ("the Code"), applied by the Volvo Group, aims at empowering the shareholders and creating a sound balance of power between shareholders, the board of directors and the senior management.

Sound corporate governance, characterized by high standards when it comes to transparency, reliability and ethic values, has always been a well established guiding principle within the Volvo Group's operations.

General meeting of the shareholders

General meeting of the shareholders

At General Meetings, the shareholders exercise their voting rights with regard, for example, to the composition of the Board of Directors of AB Volvo and election of external auditors. An Election Committee proposes candidates to serve as Board members, Board Chairman and external auditors.

General meeting of the shareholders
Election Committee

Election Committee

According to the Swedish Corporate Governance Code (the "Code") listed companies shall have an Election Committee that represents the company's shareholders. The Election Committee is thus a body of the shareholders' meeting that prepares decisions on certain appointments to be taken by the shareholders at the shareholders' meeting.

Election Committee
Board of Directors

Board of Directors

The Board is responsible for the Group's long-term development and strategy as well as controlling and evaluating the company's operations. In addition, the Board appoints the President of AB Volvo, who is also the Chief Executive Officer (CEO). The duties of the Board are partly exercised through its Audit Committee and its Remuneration Committee. The Board also provides the CEO with guidelines and instructions for the daily management of the Group.

Board of Directors
CEO and the Group Executive Board

CEO and the Group Executive Board

The CEO is in charge of the Group's daily management through the Group Executive Board.

The Group Executive Board comprises 12 members including the CEO.

CEO and the Group Executive Board

Independent auditors

AB Volvo has decided to initiate a tender process regarding statutory audit services to prepare for the election of statutory auditors at the annual general meeting in April 2018. Interested parties may contact Christer Johansson, Investor Relations (+46 31 3222522) for further information.

Volvo's auditors are elected by the Annual General Meeting, for a period of four years. The current auditor is the registered accounting firm PricewaterhouseCoopers AB ("PwC"), which was re-elected at the Annual General Meeting 2014 for a period of four years. Two PwC partners, authorized public accountants Peter Clemedtson and Johan Palmgren, are responsible for the audit of Volvo. Peter Clemedtson is the auditor-in-charge.

The external auditors discuss the external audit plan and risk management with the Audit Committee. The auditors review the interim report for the period January 1 to June 30 and the annual report. The auditors report their findings as regards the annual report to the shareholders through the audit report, which they present to the Annual General Meeting of the shareholders. In addition, the auditors report detailed findings from their reviews to the Audit Committee twice a year and, once a year, to the full Board of Directors.

When PwC is retained to provide services other than the audit, it is done in accordance with rules decided by the Audit Committee pertaining to pre-approval of the nature of the services and the fees.

For more detailed information concerning auditors' fees see Note 28 of the notes to the consolidated financial statements.

Code of Conduct & other policies

At the core of what we do

Our Code of Conduct

Read more

Articles of association

The articles of association of a Swedish limited liability company include certain rules and regulations governing the business activities of the company. The articles of association are adopted by the general meeting of shareholders. The Swedish Companies Act (2005:551) includes requirements on the contents of the articles of association.

Remuneration policy

Please use the download links below to access AB Volvo's Remuneration policy and Incentive programs.

The Swedish Corporate Governance Code

The Swedish Corporate Governance Code ("the Code"), applied by the Volvo Group, aims at empowering the shareholders and creating a sound balance of power between shareholders, the board of directors and the senior management.

Sound corporate governance, characterized by high standards when it comes to transparency, reliability and ethic values, has always been a well established guiding principle within the Volvo Group's operations.

Swedish corporate governance is based on legislation and self-regulation. The legal framework that applies to AB Volvo includes among others the Swedish Companies Act, the Articles of Association of AB Volvo and the Swedish Corporate Governance Code (the "Code"). The Code contains a number of rules and guidelines that in many cases go further than what the law requires.

A company that is bound to apply the Code, like AB Volvo, may deviate from individual rules, but any deviation must be explained under the principle "comply or explain".

You can find more information on the special features of Swedish corporate governance in the brochure below.