Electrolux 2013 Annual Report Download - page 150

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Corporate governance
report 2013
Electrolux is a global leader in household appliances and appliances for professional use, selling more than
50 million products to customers in more than 150 markets every year. The company focuses on innova-
tions that are thoughtfully designed, based on extensive consumer insight, to meet the real needs of consum-
ers and professionals.
Electrolux products include refrigerators, dishwashers, washing machines, vacuum cleaners, cookers
and air-conditioners sold under esteemed brands such as Electrolux, AEG, Eureka and Frigidaire.
Electrolux aims at implementing strict norms and efficient
processes to ensure that all operations create long-term value
for shareholders and other stakeholders. This involves the main-
tenance of:
• an efficient organizational structure,
• systems for internal control and risk management and
• transparent internal and external reporting.
The Electrolux Group is comprised of approximately 156
companies with operations in over 150 countries. The parent
company of the Group is AB Electrolux, a public Swedish limited
liability company. The company’s shares are listed on Nasdaq
OMX Stockholm.
The governance of Electrolux is based on the Swedish
Companies Act, the rule book for issuers at Nasdaq OMX and
the Swedish Code of Corporate Governance (the “Code”), as
well as other relevant Swedish and foreign laws and regulations.
Below is Electrolux formal governance structure.
This corporate governance report has been drawn up as a
part of Electrolux application of the Code. Electrolux does not
report any deviations from the Code in 2013.
Governance structure
Shareholders
by the AGM
Nomination
Committee
Board of
Directors
Internal Audit
External Audit
Remuneration
Committee
Audit Committee
Business
Sector Boards
Global Major Appliances
Leadership Team (MALT)
Global Product
Boards
Internal Bodies
President and Group
Management
Major external regulations
• Swedish Companies Act.
• Rule book for issuers at Nasdaq OMX.
• Swedish Code of Corporate Governance.
Major internal regulations
• Articles of Association.
• Board of Directors’ working procedures.
• Policies for information, finance, credit, accounting manual, etc.
• Processes for internal control and risk management.
• Electrolux Code of Ethics, Policy on Corruption and Bribery and
Workplace Code of Conduct.
AB Electrolux (publ) is registered under number 556009-4178 with the Swedish Companies Registration Office. The registered office of the Board of
Directors is in Stockholm, Sweden. The address of the Group headquarters is S:t Göransgatan 143, SE-105 45 Stockholm, Sweden.
148 ANNUAL REPORT 2013
corporate governance report