Saab 2010 Annual Report Download - page 133

and monitor the auditor’s neutrality and independence, and assist
the Nomination Committee in preparing proposal for the Share-
holders’ Meeting’s decision on election of auditors. e company’s
internal and external auditors are both co-opted to the meetings of
the Audit Committee. During , the Audit Committee focused
particularly on the nancial reporting, Saab’s cost-savings pro-
gramme and the proposal for election of new auditors.
e Audit Committee keeps minutes of its meetings, which are
promptly distributed to the other members of the Board.
In , the Committee held six meetings.
Remuneration Committee
e Board of Directors has in accordance with principles set out in
the Code appointed a Remuneration Committee consisting of three
members: Marcus Wallenberg, George Rose and Lena Treschow
Torell. Lena Treschow Torell is Chairman of the committee. All of the
members are independent of the company and the management. e
General Counsel, Anne Gynnerstedt, is secretary to the committee.
e Remuneration Committee is responsible for preparing mat-
ters concerning remuneration principles, including programmes for
variable compensation and pension terms for Group Management,
and preparing the design and proposal of Saab’s share matching
plans. As of , all decisions regarding such principles shall be
made by the Annual General Meeting in accordance with the recom-
mendation by the Board.
Matters concerning employment terms, compensation and other
benets for the  are prepared by the Remuneration Committee
and adopted by the Board, which is responsible for interpretation
and application of the principles. e Remuneration Committee has
no decision-making powers of its own. During the year, the Remu-
neration Committee was particularly involved in a review of xed
and variable salaries and the creation of a performance share plan for
senior executives and strategic key employees.
e Remuneration Committee keeps minutes of its meetings,
which are promptly distributed to the other members of the Board.
In , the Committee held three meetings.
Evaluation
e Chairman of the Board annually performs an evaluation of the
quality of the Board’s work and possible improvements to the forms
and eciency of its work. is is done by having members ll out a
questionnaire on their opinions of how well the Board is function-
ing. e results are then compared to previous years. e question-
naire consists of ve parts covering the breadth of competence repre-
sented in the Board, the manner in which its work is performed, the
Chairman, the Board’s composition and the co-operative atmos-
phere. e purpose of the evaluation is to understand how members
feel about the Board’s work. e results are then discussed by the
Board. No external consultants are involved in the evaluation.
e Nomination Committee is also informed of the results of the
evaluation in connection with its analysis, evaluation and appoint-
ment of Board members.
e Board continuously evaluates the ’s work by monitoring
business results in relation to established objectives.
President and CEO
Åke Svensson, who also is a member of the Board of Directors, was
President and  of Saab until  August . He was succeeded by
Håkan Buskhe. eir signicant professional commitments outside
the company, work experience, etc. are set forth in the presentation
of the Board and the Group Management; see pages  and .
Håkan Buskhe does not own shares in any company with which Saab
has material business ties.
Auditors
On behalf of the shareholders and in accordance with current laws
and regulations, the external auditors examine the nancial state-
ments, group accounts, annual report, administration and manage-
ment of the company by the Board of Directors and the  and also
the corporate governance report. In addition, the half-year report has
been reviewed by the auditors. e auditor in charge also presents an
auditors’ report to the Annual General Meeting.
e Shareholders’ Meeting elects the auditors. e auditors
elected by the Shareholders’ Meeting are the registered accounting
rms Ernst & Young and Deloitte.
Ernst & Young 
• Re-elected in  for the term –
• Member of Ernst & Young’s global organisation with operations
in around  countries
• Auditor in charge since , Erik Åström
• Other audit engagements: Apoteket, Hakon Invest, Hennes &
Mauritz, Modern Times Group and Svenska Handelsbanken
Deloitte 
• Elected in  for a term not exceeding three years
• Member of Deloitte’s global organisation with operations in around
 countries
• Auditor in charge since , Tommy Mårtensson
• Other audit engagements: Björn Borg, FastPartner, Fortum, Industri-
fonden and Svevia. Also experience as auditor for SJ and Tele
Ernst & Young and Deloitte both have competence and experience
in areas important to Saab: auditing of large and listed companies,
accounting issues, industry experience and experience in interna-
tional businesses.
e Audit Committee is responsible for ensuring that the inde-
pendent position of the auditors is maintained, i.a., by staying
informed of ongoing consulting assignments. e Audit Committee
has also established guidelines for the services other than auditing
that the company may procure from its auditors.
130 SAAB ANNUAL REPORT 2010
SHAREHOLDER INFORMATION > CORPORATE GOVERNANCE REPORT