Committees of the Board
The Board has established an Audit Committee and a Remuneration Committee. The members and the Chairmen of the Committees are appointed at the statutory Board meeting for a period of one year. The major tasks of these committees are preparatory and advisory, but the Board may delegate on occasion authorization for the Committees to determine in specific matters. The issues considered at committee meetings shall be recorded in minutes of the meetings and reported at the following Board meeting.
The main task of the Audit Committee is to monitor the company’s financial reporting, to secure that principles adopted for financial reporting, internal control, internal audit and risk assessment are observed and efficient. The Audit Committee is also tasked with supporting the Nomination Committee with proposals when electing external auditors and auditors’ fees.
In 2014, the Audit Committee comprise Board members Ulla Litzén, Katarina Martinson and Daniel Nodhäll.
The CFO, the Head of Group Staff Legal Affairs 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 including supporting material are available to all Board members and the auditors.
No fewer than three meetings shall be held each year.
The Remuneration Committee’s main responsibility is to prepare the Board’s decisions on issues concerning principles for remuneration, remunerations and other terms of employment for the President and CEO and for other members of Group Management of the company, and to monitor and evaluate targets and principals for variable remuneration and long-term incentive programs for Group Management. The Remuneration Committee has also the task to propose guidelines for the remuneration to the members of Group Management.
In 2014, the Remuneration Committee comprise Board members Tom Johnstone, who is also the Committee’s chairman, Lars Pettersson and the Chairman of the Board Lars Westerberg. Husqvarna Group’s Head of Group Staff People & Organization was secretary of the Committee. No fewer than two meetings shall be be held each year.
After each meeting, the Remuneration 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 auditors.