Saab 2013 Annual Report Download - page 130
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Please find page 130 of the 2013 Saab annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.126 SAAB ANNUAL REPORT 2013
CORPORATE GOVERNANCE > REPORT
Evaluation
e Chairman of the Board annually performs an evaluation of the
quality of the Board’s work and possible improvements in order to
develop the forms and eciency of the Board work. e evaluation
is made by the Board members responding to a questionnaire on
their opinions of how well the Board is functioning. e result is
then compared with previous years. e questionnaire consists of
ve parts covering the breadth of competence represented in the
Board, the manner in which its work is performed, the Chairman,
the Board’s composition and the co-operative atmosphere. e pur-
pose of the evaluation is to understand the Board Members’ opin-
ion about the Board’s work. e results are then discussed by the
Board. e Chairman of the Board does not participate in this eval-
uation. 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 devel-
opment of proposals to the composition of the Board.
e Board continuously evaluates the CEO’s work by monitor-
ing business results in relation to established objectives. During
the Board Members have also evaluated the CEO’s work by
responding to a questionnaire about the CEO within the areas of
strategy, performance, organisation, people and leadership. e
CEO does not participate in this evaluation.
6 President and CEO
e President and CEO of Saab, Håkan Buskhe, is also a member of
the Board. His signicant professional commitments outside the
company, earlier positions and holding of shares are set forth in the
presentation of the Board of Directors and the Group Management,
see pages and . Håkan Buskhe does not own shares, nor is he a
partner, in any company with which Saab has material business ties.
Guidelines for remuneration and other benefits for senior
executives
e guidelines for remuneration and other benets for senior exec-
utives can be found in the administration report.
7 Auditor
On behalf of the shareholders and in accordance with current laws
and regulations, the external auditor examines the nancial state-
ments, group accounts, annual report and administration and
management of the company by the Board of Directors and the
CEO and also carry out statutory audit of the Corporate Govern-
ance Report. In addition, the Q interim report, the Q interim
report as well as the Q interim report have been reviewed by the
auditor. e auditor also presents an Auditor’s Report to the Annual
General Meeting.
e Shareholders’ Meeting elects the auditors. e rm that was
elected as new auditor by the Annual General Meeting is the
registered accounting rm PricewaterhouseCoopers AB.
PricewaterhouseCoopers AB
.
charge. Other audit assignments: Axel Johnson, Karo Bio, NCC,
Nordstjernan.
audit assignments: Svenska Cellulosa SCA AB and Knowit AB.
PricewaterhouseCoopers AB is a member of PwC’s global network
with operations in around countries. PwC has competence and
experience in areas important to Saab: auditing of large and listed
companies, accounting issues, industry experience and experience
in international business.
e Audit Committee is responsible for ensuring that the inde-
pendent position of the auditor is maintained, i.a. by staying
informed of ongoing consulting assignments. e Audit Commit-
tee has also established guidelines for the services other than audit-
ing that the company may procure from its auditors.
Audit fees
Saab’s auditor receives a fee according to approved invoices as
resolved by the Annual General Meeting.
PwC has during carried out services on behalf of the company
in addition to their audit assignments, consisting of consultations
closely associated with the audit, including accounting and tax issues.
Auditors’ fees for the Group, 2012–2013
MSEK 2013 2012
Audit assignments:
PwC 16 15
Others 2 2
Other assignments:
PwC 4 6
The Board’s report on internal control of the financial reporting
Under the provisions of the Swedish Companies Act and the Code,
the Board of Directors is responsible for internal control. is
report on internal control of nancial reporting has been prepared
pursuant to the provisions of the Swedish Annual Accounts Act.
Financial reporting
e Board of Directors documents the manner in which it ensures
the quality of the nancial reports and how it communicates with
the company’s auditor.
e Board of Directors ensures the quality of nancial accounting
through its Audit Committee, according to the report submitted
above. e Audit Committee considers not only critical accounting
questions and the nancial reports presented by the company, but
also matters of internal control, regulatory compliance, potential
material uncertainty in reported values, post-statement events,
changes in assessments and evaluations and other circumstances that
may aect the quality of the nancial statements. e auditor has
participated in all meetings with the Audit Committee during .
e entire Board of Directors reviews the interim reports before
they are published.
e Board of Directors has met with the auditor to discuss their
review of the company for the nancial year . e Board of Direc-
tors has also met on one occasion with the auditor without the pres-
ence of the CEO or any other members of the Group Management.
Internal control over nancial reporting
Saab’s system of internal control is designed to assist the business in
achieving its goals and managing associated risks. Internal control
over nancial reporting is a part of all internal control processes
within Saab, the framework for which is developed by the Committee
of Sponsoring Organisations of the Treadway Commission (COSO).
Internal control over nancial reporting aims to provide reasonable
assurance of the reliability of external nancial reporting and to
ensure that it is prepared in accordance with legislation, applicable
accounting standards and other requirements for listed companies.
Control environment
Delegation of responsibilities is based on the Board of Directors’
rules of procedure and a directive which sets forth the roles,
responsibilities and activities of the Board and the CEO.