The Audit Committee is appointed annually by the Board to assist the Board in overseeing financial reporting as well as follow up on the auditing of the accounts.
What the Audit Committee does
The Audit Committee's main task is to assist the Board in overseeing financial reporting, reporting procedures and accounting principles, and to monitor the auditing of the accounts for the Parent Company and the Group.
The Committee also evaluates the quality of the Group’s reporting, internal auditing and risk management. It also reviews the reports and conclusions of the external auditors.
The Audit Committee monitors the external auditors' assessment of their impartiality and independence. It also makes sure there are routines in place for non-audit services provided by the auditors to the Parent Company and the Group. The Committee also monitors compliance with the rules on auditor rotation.
The external auditors are present at all Audit Committee meetings. At least once a year the Audit Committee meets the auditors without senior executives being present.
Members of Audit Committee
The Audit Committee consists of:
- Charlotte Strömberg Chairman (board member since 2010)
- Hans Biörck (board member since 2016)
- Pär Boman (board member since 2015)
- Nina Linander (board member since 2014)
The members are appointed annually at the statutory meeting of the Board.
Committees work in 2017
The Committee held six meetings in 2017. For meeting attendance, view the page Work of the board.
Important matters addressed during the year included:
- Capital allocation
- Pension reporting
- External reporting
- Implementation of the Enterprise Resource Planning (ERP) systems
- IT strategy and security
- Impairment testing
- Writedowns on construction projects in Poland, the UK and USA Civil
- Larger disputes
- Review of the interim reports and year-end report
- Risk management
- Compliance matters