Electrolux 2006 Annual Report Download - page 123

• Reviewing the objectivity and independence of the external
auditors
• Overseeing the work of the external auditors, evaluating the
external auditors’ performance and, if necessary, recommend-
ing their replacement
In addition, the Audit Committee is tasked with supporting the
Nomination Committee in preparing proposals to them regarding
external auditors and fees. The Audit Committee also reviews the
Group’s Internal Audit function, Management Assurance & Special
Assignments, in terms of organization, staffi ng, budget, plans,
results, and reports prepared by this function.
The Audit Committee comprises three Board members, with
Peggy Bruzelius as Chairman, and Barbara Milian Thoralfsson and
Caroline Sundewall as members.
The external auditors report to the Audit Committee at each
ordinary meeting. At least three meetings are held annually. Addi-
tional meetings are held as needed.
In 2006, the Audit Committee held four scheduled meetings and
one extra meeting. Electrolux managers have also had regular con-
tacts with the Committee Chairman between meetings regarding
specifi c issues. Fredrik Rystedt, CFO, and Anna Ohlsson-Leijon,
Head of the Internal Audit function, participated in most of the Audit
Committee’s meetings. Other Electrolux managers also partici-
pated in relation to specifi c issues, as did the Group’s external
auditors. Cecilia Vieweg, Head of Group Staff Legal Affairs, was
the secretary at all meetings.
Participation at Board and Committee
meetings during 2006 1) Audit Remuneratiom
Board Committee Committee
Total number of meetings 14 5 8
Michael Treschow 14 8
Peggy Bruzelius 14 5
Louis R. Hughes (in the Remuneration 14 5
Committee since April 2006)
Hans Stråberg 14
Barbara Milian Thoralfsson 14 5
Caroline Sundewall 14 5
Marcus Wallenberg (in the Remuneration 13 5
Committee since April 2006)
Aina Nilsson Ström (resigned April 2006) 6 3
Karel Vuursteen (resigned April 2006) 5 3
Tom Johnstone (resigned April 2006) 5
Ulf Carlsson 14
Gunilla Brandt (member since May 2006) 7
Ola Bertilsson (member since June 2006) 6
Annika Ögren (resigned May 2006) 8
Malin Björnberg (resigned April 2006) 7
I) In 2006, the Board held seven scheduled meetings, two extraordinary meetings and fi v e
per capsulam meetings.
External auditors
The AGM in 2006 re-elected PricewaterhouseCoopers (PwC) as
the Group’s external auditors for a four-year period, until the AGM
in 2010. Certifi ed public accountants Peter Clemedtson and
Dennis Svensson are responsible for auditing of Electrolux.
PwC provides an audit opinion on AB Electrolux, the fi nancial
statements of its subsidiaries, the consolidated fi nancial
statements for the Electrolux Group, and the administration of
AB Electrolux.
The audit is conducted in accordance with the Swedish Com-
panies Act and the generally accepted Swedish auditing standards
issued by FAR, which is the institute for the accountancy profession
in Sweden (Swedish GAAS). The auditing standards issued by FAR
are based on international auditing standards issued by the Inter-
national Federation of Accountants (IFAC GAAS).
Audits of local statutory fi nancial statements for legal entities
outside of Sweden are performed as required by laws or applicable
regulations in the respective countries, and as required by IFAC
GAAS including issuance of audit opinions for the various legal
entities. In addition, PwC performs audits in accordance with US
generally accepted auditing standards (US GAAS) and provides an
audit report for the Electrolux Group that is fi l ed on Form 20-F, as
required by the US Securities and Exchange Commission (SEC).
For additional information on the Group’s auditors and their other audit assignments, see
page 124. For information on fees paid to the auditors and their non-audit assignments in the
Group, see Note 28 on page 103.
corporate governance
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