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Internal control and auditing

Morgondimma

Swedbank sees good corporate governance, good risk management and internal control as key elements in a successful business and a prerequisite to maintain trust among customers, shareholders, authorities and other stakeholders.

The Board of Directors has the ultimate responsibility for operations and processes involving risk management and control at Swedbank. The foundation for Swedbank's internal control is based on the culture as well as organisational structure, policies and instructions established by the Board and operating management. In an overarching policy document, the Board has decided on the principles for internal control. Furthermore, Swedbank's CFO has issued a directive with guidelines specifically for internal control over financial reporting. This creates an environment that supports reliable and accurate reporting.

Internal audit

Internal audit, which is directly subordinate to the Board, reviews and evaluates effectiveness, governance, risk management and control in the Group. Internal audit is a function independent of the Group Executive Committee, who also works proactively to suggest improvements to internal control. Reviews are summarised quarterly in reports to the Board, the Audit Committee, the CEO and the external auditor. All auditing activities in the Group are coordinated i.e. reviews are planned, implemented and reported using the same approaches and methods.

External audits

Swedbank’s auditors are chosen by the AGM. Since the 2003 AGM, Deloitte AB is the appointed auditor. Svante Forsberg is in charge of auditing duties for Swedbank since 2010. The Swedish Financial Supervisory Authority, under whose jurisdiction Swedbank lies, has the right to appoint an auditor, which has not been done for 2012. 

Svante Forsberg
CV of Svante Forsberg

Aside from Swedbank, Svante Forsberg has auditing assignments for primarily the following companies: Alliance Oil, Black Earth Farming, Fabege, Lannebo Fonder, Max Matthiessen and Skandia Liv. He has no assignments for other companies that affect his independence as an auditor of Swedbank.

In addition to its assignment as appointed auditors, Deloitte has performed audit-related assignments relating to tax and accounting issues.
Assignments with a close connection to audit assignment, e.g. advice about accounting rules and taxes, are normally not a risk to an auditor's independence. Other consulting services should according to a policy document be carried out restrictively. To minimize the risk of a situation where the auditor's independence can be called into question, consulting assignments in which the fee could exceed SEK 250 000 must be submitted to the Audit Committee for consideration.

 Remuneration to auditors 

Remuneration to auditors elected by the AGM, Deloitte AB20122011
Statutory audit3632
Other audit910
Remuneration to others  
Statutory audit11
Other3 
Total4943
Internal Audit5862

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