Committees
The Board's Committees and their activities
– excerpt from Trelleborg’s Annual Report for 2010
The Audit Committee’s objective, in accordance with the instructions for the Audit Committee established by the Board of Trelleborg, is to represent the Board by monitoring the company’s financial reporting and, with regard to this reporting, overseeing the effectiveness of the company’s internal control, internal audit and risk management. The Audit Committee’s objective is also to keep itself informed in matters relating to the audit of the annual report and the consolidated financial statements, to review and monitor the auditors’ impartiality and independence, and to provide assistance when preparing proposals regarding the appointment of auditors for approval by the Annual General Meeting. The Audit Committee shall also act on behalf of the Board to support and monitor the Group’s activities related to corporate responsibility issues and the overall coordination of the Group’s risk management. The results of the Audit Committee’s work in the form of observations, recommendations, motions and measures are continuously reported to the Board, usually at the subsequent Board meeting.
In 2010, the Audit Committee comprised the Board members Heléne Vibbleus Bergquist, who is also chairs the Committee, Claes Lindqvist, Sören Mellstig and Anders Narvinger. The Group’s CFO, Bo Jacobsson, the Group’s General Counsel and Secretary of the Audit Committee, Ulf Gradén, and the Head of the Internal Control staff function participate in the Audit Committee meetings, as does the company’s auditor when necessary.
In 2010, the Audit Committee held 5 (8) meetings. Its work mainly focused on:
- accounting issues
- review of interim reports, the year-end report and the annual report
- establishment and follow-up of annual work plans for the Internal Control staff function
- review of continuous reporting from the Internal Control staff function relating to internal audits and the proactive work on the internal control environment
- follow-up of activities relating to the Group’s corporate responsibility issues and risk management
- review of reports from the company’s AGM-elected auditors, including the auditors’ audit plan
- review of the plan for compilation of the Annual Report
The Finance Committee’s objective is to represent the Board in day-to-day issues relating to financing, to support and monitor financial operations, to annually assess and propose changes to the Treasury Policy, to evaluate and prepare matters for decision by the Board and, after each meeting, to report on its work at the subsequent Board meeting.
In 2010, the Finance Committee comprised the Board members Heléne Vibbleus Bergquist, who also chairs the Committee, Claes Lindqvist, Sören Mellstig and Anders Narvinger. The Group’s CFO, Bo Jacobsson, and the Group’s General Counsel and Secretary of the Finance Committee, Ulf Gradén, participate in the meetings of the Finance Committee. Head of Group Treasury also participates when necessary.
In 2010, the Finance Committee held 5 (6) meetings. Its work mainly focused on:
- reviewing financial reports from Group Treasury
- financing issues
- financial operations and policies
- financial risk management
The Remuneration Committee’s objective is to represent the Board in matters concerning remuneration and terms of employment for the President and executives reporting directly to the President based on the principles adopted by the Annual General Meeting and the Remuneration Policy. The Committee continuously reports its work to the Board.
In 2010, the Remuneration Committee comprised the Board members Anders Narvinger, who also chairs the Committee, Claes Lindqvist and Hans Biörck.
Senior Vice President, Human Resources, Sören Andersson, also Secretary of the Remuneration Committee, participates in Committee meetings.
In 2010, the Remuneration Committee held 6 (8) meetings. Its work mainly focused on:
- terms of employment and incentive issues for senior executives
- the Group’s management resource planning.