The Audit Committee, which consists of three Board members, is appointed by the Board.
Members of the committee 2022/2023
The Audit Committee currently consists of:
- Claes Boustedt (Chairman of the Committee)
- Johan Molin
- Helena Stjernholm
The Board secretary, Åsa Thunman, is also secretary of the Audit Committee.
The committee's work in 2021
During 2021 the Audit Committee held five meetings at which Sandvik’s external auditor and representatives of the company’s management were present.
Tasks of the committee
Areas addressed by the Audit Committee mainly related to:
- Monitoring the financial reporting and ensuring its reliability
- Effectiveness of the system of internal control and internal audit
- Planning, scope and follow-up of the internal and external audit for the year
- Assistance to the Nomination Committee with regards to proposal for auditor
- Monitoring of the external auditor’s independence and objectivity vis-à-vis the company, including the extent to which the auditor provides other services than auditing services to the company
- The Group’s systematic processes for overall corporate risk management (ERM), as well as more detailed risk management matters including legal disputes, compliance, corporate investigations, IT security, Group Digital Security Improvement, accounting procedures, taxation, treasury, finance operations, insurance coverage and pension issues
- The development and effectiveness of compliance processes, with special focus on the roll-out of the compliance program, the Compliance House
- Sandvik’s Code of Conduct, some specific cases managed through Speak Up, Sandvik’s global whistle-blowing system, as well as the overall effectiveness of the system
- Sandvik’s sustainable business strategy and materiality analysis