The Volvo Group appreciates the value of sound corporate governance as a fundamental base in achieving a trusting relation with shareholders and other key parties.
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.
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Volvo’s auditors are elected by the Annual General Meeting. The auditors review the interim report for the period January 1 to June 30 and audit the annual financial statements and consolidated accounts. The auditors also review the Corporate Governance Report and confirms whether the Group has presented a Sustainability Report. The auditors report the results of their audit in the Audit Report and in an opinion on the Corporate Governance Report and provides an opinion on whether the guidelines for remuneration to the Volvo Group Executive Board have been complied with, which they present to the Annual General Meeting.
The current auditor, Deloitte AB, was elected at the Annual General Meeting 2024 for a period of one year. Fredrik Jonsson is responsible for the audit of Volvo and is the Auditor-in-Charge.
For information about Volvo’s remuneration of the auditors, please refer to Note 28 “Fees to the auditors” in the Group’s notes in the Annual Report.
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.
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".
