Sandvik’s corporate governance framework, The Sandvik Way, is based on three building blocks and describes how common ways of working have been implemented throughout the entire organization.
1. Governance structure
- Shareholders' Meeting and Board of Directors
- President and Executive Management
- Business areas, Group functions
- Business units, distribution centers, production units, sales areas, sales units
This block outlines how the Sandvik Group is led and governed. The Board of Directors, elected at the Shareholders’ Meeting, sets the strategic direction for the Group. The President carries this out through the Group Executive Management whose members manage and oversee the operations of the Group. The main operational responsibility in the Group lies with the business areas and divisions, with Group functions responsible for functional policies and processes supporting the business.
The Sandvik Way is implemented in the respective business areas, with additional requirements cascaded down in the operational structure of each business area.
- Sandvik strategy, Risk management
- Objectives and Key Results, Policies and procedures
- Finance forecasting and scenario planning
- External reporting
- Performance management, Compliance and Speak Up
- Internal control
- Internal audit, External audit
The detailed controls and risk frameworks common across the Group are detailed in this part. This includes many aspects such as strategy and risk management, policies, financial forecasting and scenario planning, as well as compliance, internal controls and audit. Performance management, controls and continuous improvements provide a solid basis for our ways of working.
3. Corporate culture
- Core values
- Code of Conduct
- Leadership Model
This block sets the foundation for how we all shape our culture in the company and enable a customer-oriented and responsible business. Our operational controls and risk frameworks are underpinned by the ambitions and requirements of our purpose, core values, Code of Conduct and leadership model.