Volvo 1999 Annual Report Download - page 51

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49
Changes in Board of Directors and Managem ent
Håkan Frisinger resigned as Chairman of AB Volvo at the Annual General Meeting on
April 28, 1999, and Lars Ramqvist was elected new Chairman at the statutory Board
meeting held following the AGM. At an Extraordinary General Meeting held on
September 29, 1999, a decision was made to elect Marcus Wallenberg a new member
of the Board of Directors. The decision and thereby the appointment was conditional
upon completion of Volvo’s acquisition of Investor’s shares in Scania.
Among the ordinary Board members designated by employee organizations, Verner
Pedersen resigned and was replaced by Johnny Rönnkvist. Claes Andersson and Lars-
Erik Berg resigned as deputy members of the Board and were replaced by Berth Thulin
and Stellan Rosengren.
Tuve Johannesson left Volvo Group management when the sale of Volvo Cars to
Ford was finalized on March 31, 1999.
Report on Board activities during 1999
In 1999, Volvo’s Board of Directors consisted of seven members elected by shareholders
at the Annual General Meeting, plus three members and two deputy members appoint-
ed by employee organizations. The President of AB Volvo is member of the Board.
During 1999, the Board held six regular meetings, in addition to which ten special
meetings were held.
The Board has adopted procedures for its internal activities that contain rules per-
taining to the number of Board meetings, matters to be handled at regular meetings of
the Board, and duties incumbent on the Chairman.
The Board has also issued written instructions specifying when and how informa-
tion that is required to enable the Board to evaluate the Company’s and Group’s finan-
cial position should be reported to the Board, as well as the distribution of work
between the Board and the President, and the order in which the Executive Vice
Presidents are to substitute for the President.
During the year, the Board reviewed the economic and financial position of the
Company and Group on a regular basis. The Board also dealt regularly with matters
involving divestments, acquisitions, the establishment of new operations, and matters
related to investments in product renewal and product development in the Group’s
different business areas.
Board of Directors and Management
Håkan Frisinger resigned as Chairman of
AB Volvo in April, 1999.