The Board has established the following Board committees:
The Board of AB SKF has established a Remuneration Committee. The Remuneration Committee consists of the chairman of the Board, Leif Östling as Chairman, and the Board members Peter Grafoner and Lars Wedenborn. The Remuneration Committee prepares matters related to the principles of remuneration for Group Management, and employment conditions for the President.
The principles of remuneration for Group Management shall be submitted to the Board of Directors, which shall submit a proposal for such principles to the Annual General Meeting for approval. The Board of Directors must approve the employment conditions of the President.
The Remuneration Committee continuously monitors and evaluates the SKF Group’s remuneration package for Group Management. Not later than three weeks prior to the Annual General Meeting the Board submits on the company’s website a report on the results of the Remuneration Committee’s evaluation. For further details click on the link to the right.
The Board of AB SKF has appointed an Audit Committee primarily for the purpose of overseeing the accounting and financial reporting processes and the financial audit process of the SKF Group and for overseeing the adequacy of the SKF Group’s controls for compliance with laws and regulations.
The Audit Committee consists of Lars Wedenborn as Chairman, the Chairman of the Board, Leif Östling, and the Board member Marie Bredberg.
The tasks of the Audit Committee include i.a. preparations in relation to the nomination of external auditors, review of the scope of the external audit, evaluation of the performance of the external auditors, review and control of the financial reporting, and of the internal control, internal audit, and risk management regarding the financial reporting, and to review the controls for compliance with laws and regulations. For further details click on the link to the right.