Volvo 2000 Annual Report Download - page 73

71
The Volvo Group is exposed to various types of financial
risks. Group-wide policies form the basis for each Group
company’s action program. Monitoring and control is
conducted continuously in each company as well as
centrally. Most of the Volvo Group’s financial transactions
are carried out through Volvo’s in-house bank, Volvo
Treasury, which conducts its operations within
established risk mandates and limits.
Fees and other remuneration to external auditors for
fiscal year 2000 amounted to 130 (90; 89), of which 51
(55; 39) for auditing, distributed between Pricewater-
houseCoopers, 38 (34; 33) and others, 13 (21; 6), and
79 (35; 50) pertaining to non-audit services from
PricewaterhouseCoopers
Auditing assignments involve examination of the
annual report and financial accounting and the adminis-
tration by the Board and the President, other tasks relat-
ed to the duties of a company auditor and consultation
or other services that may result from observations noted
during such examination or implementation of such other
tasks. All other tasks are defined as other assignments.
Wages, salaries
and other 1998 1999 2000
remunerations, Board and of which, Other Board and of which, Other Board and of which, Other
SEK M President bonuses employees President bonuses employees President bonuses employees
AB Volvo
Sweden 23.7 1.8 71.9 27.8 5.9 77.0 23.9 1.0 73.2
Subsidiaries
Sweden 80.3 10.8 11,760.3 63.3 9.3 6,969.0 64.4 11.7 7,272.5
Western Europe 184.6 11.3 4,639.9 149.7 20.9 3,203.0 112.7 8.8 3,290.6
Eastern Europe 5.0 – 62.1 1.1 0.2 102.2 3.2 0.4 144.8
North America 72.7 2.5 3,101.0 60.9 1.9 3,137.2 220.0 132.8 3,368.1
South America 25.9 0.6 420.7 29.6 0.0 292.9 27.9 0.0 376.5
Asia 62.4 7.6 706.9 33.0 0.5 493.1 36.6 1.4 610.5
Other countries 8.8 – 127.3 6.4 0.5 106.0 5.5 – 134.7
Group total 463.4 34.6 20,890.1 371.8 39.2 14,380.4 494.2 156.1 15,270.9
Wages,
salaries other 1998 1999 2000
remunerations Wages, of which, Wages, of which, Wages, of which,
and social- salaries, re- Social pension salaries, re- Social pension salaries, re- Social pension
costs, SEK M munerations costs costs munerations costs costs munerations costs costs
AB Volvo195.6 83.4 63.3 104.8 78.5 54.3 97.1 90.4 70.3
Subsidiaries 21,257.9 8,627.5 3,504.1 14,647.4 5,001.7 1,486.8 15,668.0 5,654.2 1,477.9
Group total 221,353.5 8,710.9 3,567.4 14,752.2 5,080.2 1,541.1 15,765.1 5,744.6 1,548.2
1 Of the Parent Company’s pension costs, before withdrawals
from the Pension Foundation, 51.3 (14.6; 26.1) pertains to
Board members and the President. The Company’s outstand-
ing pension obligations to these individuals amount to 301.8
(287.9; 283.2).
2 Of the Group’s pension costs, before withdrawals from the
Pension Foundation, 116.1 (60.0;121.2) pertains to Board
members and the President. The Group’s outstanding pension
obligations to these individuals amount to 397.6 (368.2;
374.2). The Group’s pension costs have been reduced by
683, which refers to surplus funds from SPP.
1998 1999 2000
Number of of whom, Number of of whom, Number of of whom,
Average number of employees employees women, % employees women, % employees women, %
AB Volvo
Sweden 167 57 137 60 115 55
Subsidiaries
Sweden 41,497 19 24,802 19 24,737 18
Western Europe 16,570 15 10,392 15 10,316 17
Eastern Europe 806 12 1,239 11 1,734 10
North America 12,396 17 11,860 19 11,875 33
South America 1,984 11 1,924 11 2,084 10
Asia 2,581 12 2,344 14 2,616 13
Other countries 627 17 450 12 787 14
Group total 76,628 17 53,148 17 54,264 20
Note 31 Fees to the auditors
Note 32 Financial risks