GOTEBORG, Sweden, Dec. 13, 2002 (PRIMEZONE) -- As a result of more stringent requirements placed on companies whose shares are traded in the United States, the Board of Directors of AB Volvo (Nasdaq:VOLVY) has decided to establish an audit committee.
Finn Johnsson was elected chairman of the committee and Per-Olof Eriksson and Ken Whipple were appointed members. As assigned by the Board, the committee's duties will include examining internal and external audits and the company's financial reporting.
For further information contact: Marten Wikforss tel +46 31 661127
The Volvo Group is one of the world's leading manufacturers of trucks, buses and construction equipment, drive systems for marine and industrial applications, aerospace components and services. The Group also provides complete solutions for financing and service. The Volvo Group, which employs about 71,000 people, has production facilities in 25 countries and sells their products in more than 185 markets. Annual sales of the Volvo Group amount to 18 billion euro. The Volvo Group is a publicly-held company headquarterd in Goteborg, Sweden. Volvo shares are listed on the stock exchanges in Stockholm, London, Brussels and Frankfurt and on NASDAQ in the U.S.
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http://www.waymaker.net/bitonline/2002/12/13/20021213BIT00810/wkr0001.doc
http://www.waymaker.net/bitonline/2002/12/13/20021213BIT00810/wkr0002.pdf