Corporate Governance Report

1. Shares and shareholders

AB Volvo's share register is kept by Euroclear Sweden AB. On December 31, 2012, Volvo had 242,482 shareholders according to the share register. The largest shareholder on that date was AB Industrivärden, with 18.7% of the votes based on the number of registered shares. Violet Partners L.P. held 6.2% of the votes and Svenska Handelsbanken together with SHB Pension Fund, SHB Employee Fund, SHB Pensionskassa and Oktogonen held 5.2% of the votes, based on the number of registered shares.

Volvo has issued two classes of shares: series A and series B. In a vote at a General Meeting, series A shares carry one vote and series B shares one-tenth of a vote. The two share classes carry equal rights to a share in the assets and earnings of the company. According to a special share conversion clause in the Articles of Association, holders of series A shares are entitled to request that their series A shares be converted to series B shares. Implementation of such conversions entails that the total number of votes in the company decreases.

In mid-December 2012, Volvo’s largest shareholder at that time, Renault s.a.s., announced that the company had divested all of its Volvo shares by selling 138,604,945 series A shares in the stock market. In connection therewith, Volvo received a request for conversion of 110,048,945 series A shares into series B shares. Implementation of the conversion entailed that the total number of votes in the company declined.  At the end of 2012, the total number of shares in the company amounted to 2,128,420,220, of which series A shares accounted for 546,544,375 and series B shares accounted for 1,581,875,845. The total number of votes amounted to 704,731,959.50.

For more information about the Volvo share and its shareholders, refer to the Board of Director's report on of the Annual Report.