Internal control and auditing
Internal control
The Board of Directors has the ultimate responsibility for operations and processes involving risk management and control at Swedbank. Under the direction of the President, managers with operational responsibility are charged with ensuring that the risk management, steering and control processes work according to the guidelines of the Board. This includes continuous evaluation of control methods, which should be identified, appropriate, effective and stable. Good risk management, steering and control requires clearly defined delegation of responsibilities and duties, as well as observance of the duality principle, which means that no one should handle a routine or oversee a case without control or supervision.
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 2011.
Internal audits
The internal audit is a function independent of the Group Excecutive Committee, directly subordinated to the Board. Internal audit reviews and evaluates efficiency, governance, risk management and control in the Group. Internal audit reports regularly to the Board, the Audit Committee, the CEO and the external auditor, and takes preventive measures by suggesting improvements to internal control.
Fees paid to the Group’s auditors for their audit and consultation work:
| Remuneration to auditors | 2011 | 2010 |
|---|---|---|
| Remuneration to auditors elected by Annual General Meeting, Deloitte AB Statutory audit | 32 | 33 |
| Other audit | 10 | 7 |
| Tax advisory | 0 | 1 |
| Other | 0 | 2 |
| Remuneration to other Statutory audit | 1 | 2 |
| Other audit | 0 | 1 |
| Tax advisory | 0 | 0 |
| Other | 1 | 1 |
| Total | 43 | 46 |
| Internal Audit | 62 | 67 |
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