The Board has appointed a Remuneration Committee and an Audit Committee, whose activities are mainly preparatory and advisory. The Board may also delegate decision-making authority to a committee for specific issues.
The duty of the Remuneration Committee is to propose principles for remuneration to members of Group Management. The Remuneration Committee presents proposals to the Board of Directors regarding targets and criteria for variable remuneration, the relationship between fixed and variable salary, changes in fixed or variable salary, long-term incentives, pension terms and other benefits.
In 2012, the Remuneration Committee comprised Board members Tom Johnstone, who is also the Committee’s Chairman, Anders Moberg and Lars Westerberg. Husqvarna Group’s Head of Group Staff People & Organization was secretary of the Committee.
No fewer than two meetings must be held each year. The Remuneration Committee convened four times in 2012. For more information about the meetings se the link to the right.
The duty of the Audit Committee is to support the Board in monitoring the accounting and financial reporting processes, including the adequacy and the effectiveness of internal controls, as well as the effectiveness of disclosure controls and procedures for external reporting.
The Audit Committee also assists the Board of Directors in monitoring the audit of the financial statements, including related disclosures. This includes reviewing the objectivity and independence of the external auditors, monitoring their work, evaluating their performance, and if necessary recommending their replacement. In addition, the Audit Committee is tasked with supporting the Nomination Committee in preparing proposals for election of external auditors and for auditor’s fees.
The Audit Committee also reviews the Group’s Internal Audit function regarding organization, staffing, budget, plans, results and reports.
In 2012, the Audit Committee comprised Board members Börje Ekholm, who is also the Chairman of the Committee, Ulf Lundahl, Peggy Bruzelius (January-March) and Ulla LItzén (April- December).
CFO, the General Counsel and the Head of Internal Audit, who is also the secretary of the Audit Committee, as well as the Group's auditors, attend the Audit Committee meetings.
After each meeting, the Audit Committee presents a report to the entire Board. Minutes are taken for each Committee meeting and the minutes are available to all Board members and the auditors.
No fewer than three meetings are held each year. The Audit Committee convened six times in 2012. For more information about the meetings se the link to the right.