Corporate Governance Report

Chapter in PDF

Shares and shareholders
1. Shares and shareholders

AB Volvo’s share register is kept by Euroclear Sweden AB. On December 31, 2013, Volvo had 246,264 shareholders according to the share register. The largest shareholder on that date was AB Industrivärden, with 19.4 percent of the votes based on the number of registered shares. Cevian Capital held 10.5 percent of the votes, Norges Bank Investment Management held 6.1 percent of the votes and Svenska Handelsbanken together with SHB Pension Fund, SHB Employee Fund, SHB Pensionskassa and Oktogonen held 5.6 percent 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 are converted to series B shares. Implementation of such conversions entails that the total number of votes in the company decreases.

At the end of 2013, the total number of shares in AB Volvo amounted to 2,128,420,220, of which series A shares accounted for 519,298,953 and series B shares accounted for 1,609,121,267. The total number of votes amounted to 680,211,089.70.

For more information about the Volvo share and its shareholders, refer to the Board of Director’s report on pages 84-85 of the Annual Report.