Board committees

Audit committee

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 purpose of the Audit Committee is to:
a) Monitor the integrity of Volvo Cars' financial reporting system, internal controls, operation procedure and risk-management framework;
b) Recommend to the Volvo Cars Board the appointment, removal and remuneration for the Statutory Auditors (subject to approval at the Shareholder’s Meeting) in accordance with the Companies Act;
c) Monitor the independence of the Statutory Auditors; and
d) Review the effectiveness of the internal audit function.

Compensation committee

The purpose of the Compensation Committee is to prepare, decide and present to the Volvo Cars Board matters related to remuneration, performance and succession planning of to the CEO and the executive management and other related matters.

Nomination committee

The purpose of the Nomination Committee is to:
a) Establish a framework for nominating members of the Volvo Cars Board including Chairman and Vice-Chairman;
b) Propose candidates for the Volvo Cars Board meeting the independency requirements herein specified;
c) Establish a framework for proposing appropriate levels of remuneration for the Volvo Cars Board; and
d) On a yearly basis propose the remuneration and other terms for the Volvo Cars Board.