Volvo 2012 Annual Report Download - page 90
Download and view the complete annual report
Please find page 90 of the 2012 Volvo annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.-
1 -
2
-
3
-
4
-
5
-
6
-
7
-
8
-
9
-
10
-
11
-
12
-
13
-
14
-
15
-
16
-
17
-
18
-
19
-
20
-
21
-
22
-
23
-
24
-
25
-
26
-
27
-
28
-
29
-
30
-
31
-
32
-
33
-
34
-
35
-
36
-
37
-
38
-
39
-
40
-
41
-
42
-
43
-
44
-
45
-
46
-
47
-
48
-
49
-
50
-
51
-
52
-
53
-
54
-
55
-
56
-
57
-
58
-
59
-
60
-
61
-
62
-
63
-
64
-
65
-
66
-
67
-
68
-
69
-
70
-
71
-
72
-
73
-
74
-
75
-
76
-
77
-
78
-
79
-
80 -
81 -
82 -
83 -
84 -
85 -
86 -
87 -
88 -
89 -
90 -
91 -
92 -
93 -
94 -
95 -
96 -
97 -
98 -
99 -
100 -
101
-
102
-
103
-
104
-
105
-
106
-
107
-
108
-
109
-
110
-
111
-
112
-
113
-
114
-
115
-
116
-
117
-
118
-
119
-
120
-
121
-
122
-
123
-
124
-
125
-
126
-
127
-
128
-
129
-
130
-
131
-
132
-
133
-
134
-
135
-
136
-
137
-
138
-
139
-
140
-
141
-
142
-
143
-
144
-
145
-
146
-
147
-
148
-
149
-
150
-
151
-
152
-
153
-
154
-
155
-
156
-
157
-
158
-
159
-
160
-
161
-
162
-
163
-
164
-
165
-
166
-
167
-
168
-
169
-
170
-
171
-
172
-
173
-
174
-
175
-
176
-
177
-
178
-
179
-
180
-
181
-
182
-
183
-
184
-
185
-
186
-
187
-
188
-
189
-
190
 |
 |
the Group Executive Team were entitled to vari-
able salary according to a program for variable
remuneration determined by the Board. The per-
formance targets defined in the program were
primarily related to operating margin and opera-
ting rolling cash flow.
The purpose of the program for variable remu-
neration is to create an incentive for the executives
to strive for the Volvo Group developing in such a
manner that the defined performance targets are
achieved, thereby constituting a management
tool. Accordingly, the performance targets set by
the Board for variable remuneration inter alia
relate to the Group’s financial targets for improved
operating margin.
The Remuneration Committee conducts an
annual evaluation of the remuneration policy and
Volvo’s system for variable remuneration to execu-
tives and the Board prepares a special report of
this evaluation and the conclusions. The report on
the evaluation for 2012 will be available on Volvo’s
website not later than two weeks prior to the
Annual General Meeting 2013, www.volvogroup.
com. For more information about remuneration to
the Group Executive Team and an account of out-
standing share and share-price related incentive
programs to the management, refer to Note 27 in
the Group’s notes in the Annual Report.
Changes to the Group Executive Team
On July 1, 2012, Per Löjdquist retired and the-
reby resigned from the Group Executive
Team and from his position as Executive Vice
President Corporate Communication. Mårten
Wikforss assumed the position on the same date.
On September 30, 2012, Pär Östberg resig-
ned from the Group Executive Team and from
his position as Executive Vice President Truck
Joint Ventures. In conjunction with Pär
Östberg’s departure from the Volvo Group,
Truck Joint Ventures organizationally became
part of Group Trucks Sales & Marketing and
JVs APAC, headed by Joachim Rosenberg.
On January 1, 2013, the Head of Volvo
Financial Services, Martin Weissburg, joined the
Group Executive Team. On January 1, 2013, Martin
Weissburg thereby assumed the position as Exe-
cutive Vice President Volvo Financial Services.
On April 1, 2013, Eva Persson will retire and
resign from the Group Executive Team and from
her position as General Counsel and Executive
Vice President Corporate Legal & Compliance.
Sofia Frändberg will assume this position on the
same date.
86
CORPORATE GOVERNANCE REPORT 2012 CORPORATE GOVERNANCE