Volvo 2013 Annual Report Download - page 104

Volvo’s auditors are elected by the Annual Gen-
eral Meeting. The current auditor is Pricewater-
houseCoopers AB (PwC), which was elected at
the Annual General Meeting 2010 for a period
of four years. Two partners of PwC, Peter Clem-
edtson and Johan Rippe, are responsible for
the audit of Volvo. Peter Clemedtson is Lead
Partner.
The external auditors discuss the external
audit plan and risk management with the Audit
Committee. The auditors review the interim re -
port for the period January 1 to June 30 and audit
the Annual Report and the consolidated ac -
counting. The auditors also express an opinion
whether this Corporate Governance Report was
prepared or not, and in such respect whether
certain information therein coincides with the
Annual Report and consolidated accounting.
The auditors report their fi ndings with regard to
the annual report, consolidated 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 addi-
tion, the auditors report detailed fi ndings from
their reviews to the Audit Committee 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 preapproval of the nature of the ser-
vices and the fees.
For information concerning Volvo’s remuner-
ation 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 fi nancial targets for the operations,
primarily in relation to growth and profi tability,
which have been effective since 2012.
How Volvo will achieve the vision, the wanted
position 2020 and the fi nancial targets are
defi ned in long-term plans for different areas
such as brand positioning, product development,
fi nance 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 specifi c, and even if a
long-term approach is applied, they will be
updated continuously. Every third year, focus
areas and strategic objectives are formulated
that are specifi c to the Group’s various business
areas and divisions. These focus areas and stra-
tegic objectives defi ne what is to be achieved
over the next three years, with the purpose of
achieving the fi nancial targets, the wanted posi-
tion 2020 and also, in longtime-perspective,
the vision.
The implementation of activities to reach the
strategic objectives has high priority. Through-
out the three-year period, monthly and quarterly
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 identifi ed and discussed
at an early stage, enabling effi cient adjustment
or action. The vision and strategies thereby
become management and governance tools for
the Group.
Governance documents
Another key component of the governance and
control is the Group’s policies and directives,
such as the Code of Conduct and policies per-
taining to investments, fi nancial risks, account-
ing, fi nancial control and internal audit, which
contain Group wide operating and fi nancial
rules for the operations, as well as responsibility
and authority structures.
Auditors
PricewaterhouseCoopers AB
Peter Clemedtson
Authorized Public Accountant.
Lead Partner.
Auditor since 2012.
Peter Clemedtson’s other listed clients are
SKFAB and Ratos AB. His unlisted clients
include Stena AB and Wallenbergstiftelserna.
Born 1956.
Johan Rippe
Authorized Public Accountant.
Partner
Auditor since 2010.
Johan Rippe’s other clients include Stena AB,
Stena Metall AB and Elanders AB.
Born 1968.
External auditing
7Governance and organizational
structure
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