Corporate governance
Sandvik AB has its head office in Stockholm and is the Parent Company of the Sandvik Group, with subsidiaries in about 70 countries. The Group has around 41,000 employees and revenues in about 170 countries. Sandvik AB is a public company with its shares listed on Nasdaq Stockholm.
Corporate governance within Sandvik is based on external rules such as the Swedish Companies Act, the Nordic Main Market Rulebook for Issuers of Shares, the Swedish Code of Corporate Governance (the “Code”) and other relevant laws and regulations. The Code is available at corporategovernanceboard.se. In 2023, Sandvik applied the Code without deviating from any of its regulations.
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Corporate governance reports
Latest Corporate governance report
Previous Corporate governance reports
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Governance framework
Sandvik’s corporate governance framework, The Sandvik Way, implements the external rules previously mentioned and also sets out the internal rules and principles for governance that apply specifically within Sandvik. It is based on three segments, as set forth in the model below, and describes how common ways of working have been implemented throughout the entire organization.
The Sandvik Way
Governance structure
- Shareholders' Meeting and Board of Directors
- President and Executive Management
- Business areas, Group functions
- Divisions
- Business units, distribution centers, production units, sales areas, sales units
This segment outlines how the Sandvik Group is led and governed. The Board of Directors, elected at the Shareholders’ Meeting, sets the strategic direction for the Group. The President carries this out through the Group Executive Management whose members manage and oversee the operations of the Group. The main operational responsibility in the Group lies with the business areas and divisions, whereas the Group functions are responsible for functional policies and processes supporting the business.
The Sandvik Way is implemented in the respective business areas, with additional requirements cascaded down in the operational structure of each business area.
Operations
- Sandvik strategy, Risk management
- Objectives and Key Results, Policies and procedures
- Finance forecasting and scenario planning
- External reporting
- Performance management, Compliance and Speak Up
- Internal control
- Internal audit, External audit
The detailed controls and risk frameworks common across the Group are detailed in this segment. This includes many aspects such as strategy and risk management, policies, financial forecasting and scenario planning, as well as compliance, internal controls and audits. Performance management, controls and continuous improvements provide a solid basis for our ways of working.Corporate culture
- Purpose
- Core values
- Code of Conduct
- Leadership Model
This segment sets the foundation for how we all shape our culture in the company and enable a customer-oriented and responsible business. Our operational controls and risk frameworks are supported by the ambitions and requirements of our purpose, core values, Code of Conduct and leadership model. -
Sustainability governance
The sustainability governance of the Sandvik Group is grounded in its business strategy, business model, and international frameworks. Relevant goals are established to address material areas and effectively manage associated impacts, risks, and opportunities. Policies and management systems have been set to ensure financial, environmental and social compliance.
Corporate governance model
