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6 Remuneration Committee
Duties
In April 2003, the Board established a Remu-
neration Committee for the purpose of preparing
and deciding on issues relating to remuneration
to senior executives in the Group. The duties of
the Committee include presenting recommenda-
tions for resolution by the Board regarding the
terms and conditions of employment and remu-
neration for the President of AB Volvo, principles
for remuneration, including pensions and sever-
ance payments, for other members of the Group
Executive Team, and principles for variable salary
systems, share-based incentive programs, pen-
sions and severance payment for other senior
executives in the Group.
The Remuneration Committee shall monitor
and evaluate ongoing programs and programs
concluded during the year covering variable
remuneration for the executives, application of
the policy for remuneration to senior executives
on which the Annual General Meeting shall
decide and the current remuneration structures
and levels in the Group. The Board shall, not
later than two weeks prior to the Annual Gen-
eral Meeting, submit a report on the results of
the Remuneration Committee’s evaluation on
the company’s website.
Composition and work in 2013
At the statutory Board meeting following the
Annual General Meeting 2013, the following
Board members were appointed members of
the Remuneration Committee:
• Carl-Henric Svanberg,
• Anders Nyrén,
• Ying Yeh
Carl-Henric Svanberg was appointed Chairman
of the Remuneration Committee.
The Code sets the requirement that mem-
bers of the Remuneration Committee, with the
exception of the Board Chairman if being a
member of the Remuneration Committee, shall
be independent of the company and the com-
pany management. The Election committee’s
assessment of independence prior to the
Annual General Meeting 2013 is presented
above under the “Independence requirements”
section on pages 94–95.
The Remuneration Committee held four meet-
ings during 2013. The attendance of Board mem-
bers at Committee meetings is presented in the
table to the right on this page.
Remuneration to Board members
The Annual General Meeting resolves on the
fees to be paid to the Board members elected
by the shareholders. The Annual General Meet-
ing held on April 4, 2013, approved fee pay-
ments to the Board, for the time until the end of
the next Annual General Meeting, as follows.
Volvo’s Chairman should receive a fee of SEK
2,250,000 and each of the remaining members
elected by the shareholders should receive a
fee of SEK 750,000 with the exception of the
President. The Chairman of the Audit Commit-
tee should receive a fee of SEK 300,000 and
other members of the Audit Committee SEK
150,000 each. In addition, the Chairman of the
Remuneration Committee should receive SEK
125,000 and other members of the Remunera-
tion Committee SEK 100,000 each.
The Board’s composition and attendance
at meetings January 1, 2013 –
December 31, 2013
Member
Board
(10 incl.
statutory)
Audit
Commit-
tee (10)
Remuner-
ation
Commit-
tee (4)
Carl-Henric
Svanberg 10  4
Peter Bijur 9 9
Jean-Baptiste
Duzan 10 10
Hanne de Mora 10
Anders Nyrén 10 4
Olof Persson 10
Ravi Venkatesan 8
Lars Westerberg 9 10
Ying Yeh 8 4
Peteris Lauberts,
employee
representative 10 
Mikael Sällström,
employee
representative 10 
Berth Thulin,
employee
representative 10 
Total number of
meetings 10 10 4
9797