Annual Report 2008 - Skanska

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Corporate governance report The Board of Directors’ report on internal control According to the Swedish Companies Act and the Swedish Code of Corporate Governance, the Board of Directors is responsible for internal control. This report has been drafted in compliance with the Swedish Code of Corporate Governance, section 10.5, taking into account the updated Guidance on the Swedish Code of Corporate Governance published by working groups from the Confederation of Swedish Enterprise and FAR SRS (the professional institute for accountancy and auditing in Sweden), on September 8, 2008. It is thus limited to internal control dealing with financial reporting. Control environment The Board of Directors’ Procedural Rules and instructions for the President and CEO and the committees of the Board ensure a clear division of roles and responsibilities in order to foster effective management of business risks. The Board has also adopted a number of fundamental guidelines of importance to the internal control task. Examples of these guidelines are the Company’s risk management system, financial policy and Code of Conduct. All these guidelines are available to all business units on Skanska’s intranet. The Senior Executive Team reports regularly to the Board on the basis of established procedures. In addition, the Audit Committee presents reports on its work. The Senior Executive Team is responsible for the system of internal controls required to manage significant risks in operating activities. Among other things, this includes guidelines for various employees to ensure that they will understand and realize the importance of their respective roles in the maintenance of good internal control. Risk assessment and control activities Skanska has identified the material risks in its operations that may, if not managed correctly, lead to errors in financial reporting and/or have an impact on the Company’s results. This work is limited to risks that may individually have an effect of SEK 10 M or more. The Company has then made certain that there are policies and procedures in the Group to ensure that these risks are managed effectively. During 2008, all business units plus Skanska Financial Services carried out self-evaluations to assess whether Group policies and procedures are being followed. These self-evaluations have been reviewed by Skanska’s internal auditors. Information and communication Essential accounting principles, manuals and other documents of importance to financial reporting are updated and communicated regularly to the affected employees. There are several information channels to the Senior Executive Team and the Board of Directors for essential information from employees. For external communication, there is an information policy document that ensures that the Company lives up to the existing requirements for correct information to the market. Monitoring The Board of Directors continually evaluates the information supplied by the Senior Executive Team and the Audit Committee. Of particular importance is the Audit Committee’s work in monitoring the effectiveness of the Senior Executive Team’s work with internal control. This work includes ensuring that steps are taken concerning shortcomings and proposed actions that have emerged from internal and external auditing. Internal Audit and Compliance Internal Audit and Compliance, a Group staff unit established in 2006, is responsible for monitoring and evaluating risk management and internal control work. This task includes examining compliance with Skanska’s guidelines. The Group staff unit is independent of the Senior Executive Team and reports directly to the Board of Directors via its Audit Committee. Internal Audit and Compliance plans its work in consultation with the Audit Committee and regularly reports the findings of its examinations to the Committee. The unit communicates continuously with Skanska’s external auditors on matters concerning internal control. During 2008, the Internal Audit and Compliance unit concentrated its activities on auditing the material risks that have been identified in the business. These audits have been conducted in projects as well as in the central support functions. A total of about 100 audits were conducted during the year. These audits were carried out in accordance with a uniform audit methodology. Solna, February 2009 The Board of Directors, Skanska AB (publ) 154 Corporate governance report Skanska Annual Report 2008
Senior Executive Team Johan Karlström President and Chief Executive Officer Born 1957. Joined Skanska in 2001. Responsible in the Senior Executive Team for Skanska UK. Shareholding in Skanska: 88,504 B shares of which 8,504 as part of SEOP 1 plus 27,960 share awards 1 . Michael McNally 2 Executive Vice President Born 1955. Joined Skanska in 1998. Responsible in the Senior Executive Team for Skanska USA Building and Skanska USA Civil. Shareholding in Skanska: 3,517 B shares as part of SEOP 1 . Petter Eiken Executive Vice President Born 1955. Joined Skanska in 2001. Responsible in the Senior Executive Team for Skanska Sweden, Skanska Norway and Skanska Finland. Shareholding in Skanska: 3,608 B shares as part of SEOP 1 plus 17,042 share awards 1 . Karin Lepasoon Executive Vice President Communications Born 1968. Joined Skanska in 2006. Shareholding in Skanska: 1,640 B shares as part of SEOP 1 plus 3,841 share awards 1 . Thomas Alm Executive Vice President Born 1949. Joined Skanska in 1981. Responsible in the Senior Executive Team for Skanska Latin America. Shareholding in Skanska: 3,390 B shares of which 3,182 as part of SEOP 1 plus 17,687 share awards 1 . The above information is as of December 31, 2008. 1 See Note 37, “Compensation to senior executives and Board members” 2 Effective in January 2009 Tor Krusell Executive Vice President Human Resources Born 1964. Joined Skanska in 1998. Responsible in the Senior Executive Team for Skanska Residential Development Nordic. Shareholding in Skanska: 6,707 B shares of which 2,707 as part of SEOP 1 plus 13,497 share awards 1 . Claes Larsson Executive Vice President Born 1965. Joined Skanska in 1990. Responsible in the Senior Executive Team for Skanska Poland, Skanska Commercial Development Nordic, Skanska Commercial Development Europe and Skanska Infrastructure Development. Shareholding in Skanska: 5,316 B shares of which 3,316 as part of SEOP 1 plus 14,271 share awards 1 . Hans Biörck Executive Vice President, Chief Financial Officer Born 1951. Joined Skanska in 2001. Responsible in the Senior Executive Team for Skanska Czech Republic. Shareholding in Skanska: 70,678 B shares of which 4,678 as part of SEOP 1 plus 23,591 share awards 1 . Presidents of business units Geir Aarstad Skanska Norway Richard Cavallaro 1 Skanska USA Civil Anders Danielsson Skanska Sweden William Flemming 2 Skanska USA Building Juha Hetemäki Skanska Finland Richard Hultin Skanska Commercial Development Europe Anders Kupsu Skanska Commercial Development Nordic Hernán Morano Skanska Latin America Jonas Spangenberg Skanska Residential Development Nordic Dan Ťok Skanska Czech Republic Roman Wieczorek Skanska Poland Mats Williamson Skanska UK Anders Årling Skanska Infrastructure Development President of support unit Magnus Paulsson Skanska Financial Services 1 Effective in January 2009, succeeding Salvatore Mancini 2 Effective in January 2009, succeeding Michael McNally Senior Vice Presidents, Group staff units Thomas Alm Risk Management Tor Krusell Human Resources Karin Lepasoon Communications Anders Lilja Controlling Einar Lundgren Legal Affairs Mats Moberg Reporting Noel Morrin Sustainability and Green Construction Magnus Norrström Information Technology (IT) Staffan Schéle Corporate Finance Erik Skoglund Internal Audit & Compliance Pontus Winqvist Investor Relations Skanska Annual Report 2008 Senior Executive Team 155
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Annual Report 2008
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Contents President and CEO “Our a
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“Our ambition is to be the leadin
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In the “Group overview” section
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Infrastructure Development Skanska
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New initiatives in 2008 Skanska too
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Risk management procedures Risk man
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Green construction is booming Green
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To facilitate recruitment work, a G
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• SIX Bygg- & Anläggningsrelater
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20 23 26 New railroad hub in Prague
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Project opportunities are also crea
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Water is one of the basic necessiti
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The United States The American cons
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Skanska Annual Report 2008 Construc
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30 32 33 A sedate, small-scale neig
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Product platforms In residential co
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Ullstorps Gårdar attracting famili
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36 39 40 First LEED building in the
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property investors. Land value also
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In Poland, vacancies fell to 2 perc
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Skanska Annual Report 2008 Commerci
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46 47 49 Stimulating school environ
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The availability model In the avail
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Public-private partnership projects
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A much-anticipated highway opened T
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52 53 56 Safety training and awaren
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Posters promoting training and awar
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What a supplier says: ”As part of
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Report of the Directors Skanska Ann
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American (North and Latin America),
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Commercial Development had 18 proje
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Return on equity and return on capi
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Skanska’s first Global Trainee Pr
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Consolidated income statement SEK M
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Consolidated balance sheet SEK M No
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Consolidated cash flow statement SE
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Parent Company balance sheet SEK M
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Notes including accounting and valu
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only when cashed. Cash and cash equ
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operating expenses. If the amount h
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A provision is made for disputes re
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IFRS 7, “Financial Instruments: D
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Note 04 Segment reporting The divis
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Note 04 Continued B. Secondary segm
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Note 06 Financial instruments Finan
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Note 06 Continued Reconciliation wi
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Note 06 Continued Collateral The Gr
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Note 06 Continued Liquidity reserve
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Note 07 Acquisitions of shares/busi
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Note 10 Operating income Operating
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Note 13 Impairment losses/Reversals
Page 105 and 106: Note 16 Continued The net amount of
Page 107 and 108: Note 17 Continued Information about
Page 109 and 110: Note 18 Continued Goodwill impairme
Page 111 and 112: Note 20 Continued Specification of
Page 113 and 114: Note 22 Current-asset properties/Pr
Page 115 and 116: Note 23 Inventories etc. Note Equit
Page 117 and 118: Note 26 Continued Equity attributab
Page 119 and 120: Note 28 Continued The ITP 1 occupat
Page 121 and 122: Note Provisions are reported in com
Page 123 and 124: Note 32 Expected recovery periods o
Page 125 and 126: Note 34 Effect of changes in foreig
Page 127 and 128: Note 34 Continued Consolidated bala
Page 129 and 130: Not 35 Continued Relation between c
Page 131 and 132: 37 Note Remuneration to senior exec
Page 133 and 134: Note 37 Continued tion based on the
Page 135 and 136: Note 40 Continued B. Skanska as les
Page 137 and 138: Note 43 Five-year Group financial s
Page 139 and 140: Note 43 Continued Financial ratios
Page 141 and 142: Parent Company notes Note 45 Financ
Page 143 and 144: Note 51 Financial non-current asset
Page 145 and 146: Note 58 Liabilities, Parent Company
Page 147 and 148: Note 63 Related party disclosures,
Page 149 and 150: Auditors’ Report To the Annual Sh
Page 151 and 152: Corporate governance report of Skan
Page 153 and 154: For more detailed information about
Page 155: mation on the President and CEO and
Page 159 and 160: Sir Adrian Montague United Kingdom,
Page 161 and 162: For about SEK 1.8 billion, Skanska
Page 163 and 164: 146.9 M, about SEK 900 M, which wil
Page 165 and 166: More information about Skanska Worl
Page 167 and 168: Annual Shareholders’ Meeting Cale
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Annual Report 2008 - Skanska

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