General

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.

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.

The CEO is in charge of the daily management of the Group through primarily the Group Executive Team and the Executive Management Teams of the business areas.

The Group Executive Team comprises those who report directly to the CEO. These are the Executive Vice Presidents of the five trucks divisions, the Executive Vice President Volvo Construction Equipment, the Executive Vice President Business Areas, the Executive Vice President Volvo Financial Services, the Executive Vice President Corporate Finance & Control also the CFO, and the Executive Vice Presidents of the corporate functions. The Group Executive Team comprises 16 members including the CEO.