The Board of Directors makes decisions concerning overall issues, the three Board committees have the mandate to make decisions on certain items of business. The Senior Executive Team is responsible for day-to-day management and oversight of the Group's operations.
Board of Directors
The Board of Directors makes decisions concerning overall issues about the Parent Company and the Group, such as Group strategy, publication of interim and full-year reports, major construction projects, investments and divestments, appointment of the President and CEO as well as the organizational structure of the Group. Read the Report on the work of the Board, 2012.
The Board has established three Board committees: the Audit Committee, the Compensation Committee and the Project Review Committee. These committees have the Board's mandate to make decisions on certain items of business. The committees report regularly to the Board.
Senior Executive Team
The President and Chief Executive Officer (CEO) is responsible for day-to-day management and oversight of the Group's operations. The CEO, the seven Executive Vice Presidents and the Senior Vice President for HR form the Senior Executive Team.
Information about insider tradings is available in Finansinspektionen's insider register (in Swedish).
The business units and their governance
The organizational structure of the Skanska Group is characterized by clear decentralization and a large measure of delegation of authority and responsibility to the business units. Each business unit is headed by a President and has its own staff units and other resources in order to conduct its operations effectively.
Aside from day-to-day operations of the business units, there are matters related to the strategic development of the units as well as matters concerning their strategic investments and divestments. These items of business are prepared by the management team at each respective unit and are then submitted to the Senior Executive Team or Skanska AB's Board of Directors for a decision, depending on the size of the item of business. The Boards of Directors of the business units consist of representatives of Skanska AB as well as of the business unit’s management team. In each business unit, the Chairman of the Board is a member of the Senior Executive Team. Where appropriate, employee representatives are included.
Each business unit follows a structured step-by-step risk management process (Operational Risk Assessment, ORA). Depending among other things on the size, type and geographic location of projects, a structured risk management report to the proper decision-making level is required before decisions on the projects are made.
Group Staff Units and Support Units
At Skanska Group headquarters in Solna, during 2010 there are thirteen Group staff units plus the support unit Skanska Financial Services. The Group staff units and support units assist the CEO and the Senior Executive Team on matters concerning Groupwide functions, coordination and controls. In addition, they provide backup to the business units related to such fields as human resource matters, information technology, project financing, purchasing and risk management.
The head of each Group staff unit reports directly to a member of the Senior Executive Team.