Board committees

People & Compensation Committee

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

Audit Committee

The Board has assigned an Audit Committee to oversee the corporate governance, financial reporting, risks and the compliance with external and internal regulations. The Audit Committee is responsible for identifying and reporting relevant issues to the Board within the Audit Committee’s areas of responsibility. The Audit Committee shall monitor the integrity of Volvo Car Group’s financial reporting system, internal controls, operation procedure and risk management framework, recommend to the Board the appointment, removal and remuneration for the Statutory Auditors (subject to approval at the Shareholder’s 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 Fönss Schröder (Chairman), Winnie Fok and Li Donghui are currently members of the Audit Committee.

Product Strategy & Investment Committee

The Board decided to implement a Product Strategy and Investment Committee as from January 1, 2016. The new committee shall oversee Volvo Car Group’s product strategy and the investments linked to it. The Product Strategy and Investment Committee ensures that the changes in society, peoples view on mobility and cars as well as changes in the automotive market are reflected in Volvo Car Group’s strategic product and business 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.