Corporate Governance Report

In March 2011, the Board of Directors resolved to appoint as of September 1, 2011, when Leif Johansson resigned after almost 15 years as CEO, Olof Persson as the new President and CEO of Volvo. During the year the Board of Directors also resolved to introduce new financial targets for the Volvo Group. Based on the uncertainty in the macroeconomic trend, the Board focused during 2011 particularly on continuously adapting the company’s activities to the prevailing demand.