Volvo 2012 Annual Report Download - page 86

Volvo’s auditors are elected by the Annual
General Meeting. The current auditor is Price-
waterhouseCoopers AB (PwC), which was
elected at the Annual General Meeting 2010
for a period of four years. Two partners of
PwC, Peter Clemedtson and Johan Rippe,
are responsible for the audit of Volvo. Peter
Clemedtson is Lead Auditor.
The external auditors discuss the external audit
plan and risk management with the Audit Com-
mittee. The auditors review the interim report for
the period January 1 to June 30 and audit the
Annual Report and the consolidated accounting.
The auditors also express an opinion whether this
Corporate Governance Report was prepared or
not, and in such respect whether certain informa-
tion therein coincides with the Annual Report and
consolidated accounting. The auditors report their
External auditing
7
findings with regard to the annual report, consoli-
dated accounting and the Corporate Governance
Report through the audit reports and a separate
opinion regarding the Corporate Governance
Report, which they present to the Annual General
Meeting. In addition, the auditors report detailed
findings from their reviews to the Audit Commit-
tee twice a year and once a year to the full Board
of Directors.
When PwC is retained to provide services
other than the audit, it is done in accordance
with rules decided by the Audit Committee per-
taining to pre-approval of the nature of the ser-
vices and the fees.
For information concerning Volvo’s remune-
ration to the auditors, refer to Note 28 “Fees to
the auditors” in the Group’s notes in the Annual
Report.
Volvo’s core values, vision and strategies
Volvo’s core values are quality, safety and environ-
mental care. These values form the common
base for the Group’s long-term goals and vision
and for the strategies and plans, the purpose of
which is to contribute to achieving our goals
and vision.
The Volvo Group’s vision is to become the
world leader in sustainable transport solutions.
The vision describes the overall long-term goal
for the operations. Volvo has also adopted a
wanted position 2020 with the aim to achieve
its long-term vision. In addition, the Board has
resolved on a number of new, financial targets
for the operations, primarily in relation to growth
and profitability, which have been implemented
as of 2012.
How Volvo will achieve the vision, the wanted
position 2020 and the financial targets are
defined in long-term plans for different areas
such as brand positioning, product develop-
ment, finance and IT, and in more short-term
strategic objectives with a duration of three
years. The long-term plans may be both Group-
wide and business area/division specific, and
even if a long-term approach is applied, they will
be updated continuously. Every third year, speci-
fic focus areas and strategic objectives are for-
mulated that are specific to the Group’s various
business areas and divisions. These focus
areas and strategic objectives define what is to
be achieved over the next three years, with the
purpose of achieving the financial targets, the
wanted position 2020 and also, in longtime-
perspective, the vision.
The implementation of activities to reach the
strategic objectives has high priority. Throug-
hout the three-year period, monthly and quar-
terly follow-ups of the strategic objectives are
reported to the management groups of each
business area/division. Potential risks of not
achieving the goals are therewith identified and
discussed at an early stage, enabling efficient
adjustment or action. The vision and strategies
thereby become management and governance
tools for the Group.
Governance and
organizational structure
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CORPORATE GOVERNANCE REPORT 2012 CORPORATE GOVERNANCE
Auditors
PricewaterhouseCoopers AB
Peter Clemedtson
Authorized Public Accountant.
Lead Partner.
Auditor since 2012.
Peter Clemedtson’s other listed client is
Ratos. His unlisted clients include Wallenberg-
stiftelserna, 3 and Proventus. Peter has pre-
viously been appointed auditor in Ericsson,
SEB, Electrolux, OMX and Gambro.
Born 1956.
Johan Rippe
Authorized Public Accountant.
Partner
Auditor since 2010.
Johan Rippe’s other clients are Getinge AB
and Elanders AB.
Born 1968.