Board committees

People & Compensation Committee

The Board has assigned a People & Compensation Committee to determine the remuneration to the CEO and the EMT members. The People & Compensation Committee has held five meetings during 2016, whereof five ordinary.

The duties of the People & Compensation Committee are to prepare, propose and/or decide and present to the Volvo Cars Board matters related to remuneration, remuneration principles, performance and succession planning of the CEO and the executive management and other matters related thereto. Mikael Olsson (Chairman), Li Shufu, Peter Zhang and Thomas Johnstone are currently members of the People & Compensation Committee.

Audit Committee

The Board of Volvo Cars has assigned an Audit Committee to oversee the corporate governance, financial reporting, risks and compliance with external and internal regulations. The Audit Committee has held eight meetings during 2016, whereof four ordinary and four extraordinary interim meetings.

The Audit Committee is responsible for identifying and reporting relevant issues to the Volvo Cars Board within the Audit Committee’s areas of responsibility. The Audit Committee shall monitor the integrity of Volvo Cars’ financial reporting system, internal controls, operation procedure and risk management framework, recommend to the Volvo Cars Board the appointment, removal and remuneration for the Statutory Auditors (subject to approval at the Shareholders’ Meeting) in accordance with the Companies Act, monitor the independence of the Statutory Auditors and review the effectiveness of the internal audit and compliance function. Lone Fønss Schrøder (Chairman), Winnie Fok and Li Donghui are currently members of the Audit Committee.

Product Strategy & Investment Committee

The Board has assigned a Product Strategy & Investment Committee to oversee Volvo Car Group’s product strategy and the investments linked to it. The Product Strategy & Investment Committee has held four meetings during 2016, whereof four ordinary.

The duties of the Product Strategy & Investment Committee are to ensure that the changes in society, peoples view on mobility and cars as well as changes in the automotive market are reflected in the Group’s strategic product plans and when choosing technologies. Thomas Johnstone (Chairman), Carl-Peter Forster, Betsy Atkins together with Håkan Samuelsson are part of the Product Strategy and Investment Committee.