Committees
The Board of Directors of Volvo Car AB (publ.) has established the following three committees to which certain tasks have been delegated; (i) Audit Committee and (ii) People Committee (iii) Product Strategy and Investment Committee. The Shareholders' meeting has elected a Nomination Committee.
Audit Committee
The Board has assigned an Audit Committee to oversee the corporate governance, financial reporting and risks and compliance with external and internal regulations.
The Audit Committee is responsible for identifying and reporting relevant issues to the Board within the Audit Committee’s areas of responsibility. The Audit Committee shall monitor the integrity of Volvo Car Group’s financial reporting system, internal controls, operation procedure and enterprise risk management framework, recommend to the Board the appointment, removal and remuneration for the statutory auditors (subject to approval at the shareholders’ meeting) in accordance with the Swedish Companies Act, monitor the independence of the statutory auditors and review the effectiveness of the Internal Audit and Compliance and Ethics’ function. The Internal Audit function reports directly to the Audit Committee and the Compliance and Ethics function has a direct reporting line to the Audit Committee for escalation. Natalie Knight (Chairperson), Li Donghui (Daniel) and Lila Tretikov are currently members of the Audit Committee. The Audit Committee complies with the Swedish Companies Act’s and the Code’s requirements for independence as well as accounting and audit competence.
People Committee
The Board has assigned a People Committee to prepare remuneration principles for the CEO and the EMT members. Furthermore, the committee support the Chairperson or Vice Chairperson of the Board, as applicable, with the approval of remuneration and benefits of the CEO and is responsible for preparing the remuneration report to be presented at the Annual General Meeting for its approval, and various other people and remuneration matters. The committee is also responsible for supervising and providing guidance with regard to Volvo Car Group’s people strategy. Furthermore, the committee is responsible for approval and monitoring of global incentive arrangements for the EMT and other key employees as well as the Volvo bonus to all employees, succession planning for the CEO in dialogue with the Chairperson or Vice Chairperson of the Board, as applicable, as well as other EMT positions. The committee also approves the EMT members’ engagements outside Volvo Car Group. Jonas Samuelson (Chairperson), Li Donghui (Daniel) and Diarmuid O’Connell are the current members of the People Committee. The People Committee complies with the Swedish Code of Corporate Governance’s requirements for independence.
Product Strategy and Investment Committee
The Board has assigned a Product Strategy and Investment Committee with the purpose to review Volvo Cars product strategy, cycle plan and product programmes to confirm that the strategy and plans as well as programmes fit the overall strategy, meet customer demand and market development and address sustainability aspects of the product and the company’s circular economy objectives, new technology and business opportunities in all segments relevant to Volvo Cars. The responsibility of the committee is also to review the strategic product plan in connection with the company’s business plan and review and prepare decisions to be taken by the Volvo Cars Board related to product programs and investments associated therewith and to oversee the capital expenditure related to approved programmes and to follow-up that approved programmes are executed within the investment frames set. Håkan Samuelsson (Chairperson), Pieter Nota and Jonas Samuelson are currently members of the Product Strategy and Investment Committee.