Internationella trender inom aktieinformation Mats Ödman  Vice President  Corp. Communications Ska redovisningen vara till...
Autoliv En bra “utsiktspunkt” <ul><ul><li>Registrering i USA; huvudkontor i Sverige </li></ul></ul><ul><ul><li>Listning på...
Autoliv, Inc. Legal Structure US GAAP 100% IFRS 60%
US GAAP Convergence & IFRS <ul><ul><li>Nov. 2008: SEC roadmap for possible adoption of IFRS </li></ul></ul><ul><ul><li>Feb...
US GAAP Convergence & IFRS
US GAAP Convergence & IFRS <ul><li>Projektgrupp: </li></ul><ul><ul><li>3 corporate control + regional controllers </li></u...
Andra Internationella Trender <ul><ul><li>Ständigt mer  </li></ul></ul><ul><ul><li>Strängare regler </li></ul></ul><ul><ul...
Varifrån kommer kraven? <ul><ul><li>Politiker </li></ul></ul><ul><ul><li>SEC/FSAB </li></ul></ul><ul><ul><li>Shareholder s...
Ständigt mer information Increase in Documentation for Autoliv due to SOX Autoliv 2003 Autoliv 2004
Ständigt mer information Compensation Discussion & Analysis 2007: 4 sidor  –  Nu: 40 sidor <ul><li>Executive Summary </li>...
Ständigt mer information C ompensation discussion & analysis Base Salary Approximate Market Median Base Salary Analysis $ ...
<ul><li>Nya Disclosures  </li></ul><ul><ul><ul><li>Fair-market value-noten:  1 spalt  ->  3 sidor </li></ul></ul></ul><ul>...
Strängare     Years Escaping from prison     1 - 2 Kidnapping involving ransom     3 - 5  Second degree murder 11 - 14  Fa...
Strängare <ul><li>Bannlysningen av non-US GAAP measures </li></ul><ul><ul><ul><li>organic sales, CF before financing </li>...
Strängare <ul><li>Bannlysningen av non-US GAAP measures </li></ul><ul><ul><ul><li>organic sales, CF before financing </li>...
Strängare <ul><li>Dodd-Frank Act ger SEC vitt mandat.  </li></ul><ul><li>Nya regler: </li></ul><ul><ul><ul><li>Whistle-blo...
ISS’s Governance Risk Indicators
<ul><li>Filing-tider </li></ul><ul><ul><li>Kvartalsrapport 10-Q:  60 dagar ……. 40 dagar </li></ul></ul><ul><ul><li>Årsrapp...
Att fundera på <ul><ul><li>Hur få informationen relevant & överskådlig?  </li></ul></ul><ul><ul><li>Minskas enskildas ägan...
” Stay ahead of the curve” Slutsats
Thank you! Autoliv e very year, Autoliv’s products save over  25,000  lives   …  and prevent ten times as many severe inju...
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Ska redovisning vara till för SEC och revisorerna eller för aktieägarna? Internationella trender inom aktieinformationen.

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Ska redovisning vara till för SEC och revisorerna eller för aktieägarna? Internationella trender inom aktieinformationen.

Mats Ödman, Autoliv

I denna presentation får vi höra hur US GAAP- och SEC-kraven ökar och vad detta innebär för amerikanska bolag och deras aktieägare. Sätter det trenden för resten av världen? Från flera håll anförs kritik mot IFRS och IASB´s arbete. Hur upplever man detta jämfört med de direktiv man får från den amerikanska motsvarigheten?

Du får också höra hur man från Autolivs sida förbereder en eventuell sammanslagning mellan det amerikanska regelverket och IFRS. Hur skulle en sammanslagning påverka företagets siffermaterial och vad skulle IFRS betyda för amerikanska bolag generellt? Autoliv Inc. är ett amerikanskt bolag noterat på NYSE men med huvudkontoret i Sverige. Man rapporterar följaktligen enligt FASB´s direktiv och US GAAP, och lyder under SEC-reglerna. Koncernen är världens största företag inom fordonssäkerhet, med 80 fabriker i 29 länder och en omsättning på drygt 7 miljarder US $.

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Ska redovisning vara till för SEC och revisorerna eller för aktieägarna? Internationella trender inom aktieinformationen.

  1. 1. Internationella trender inom aktieinformation Mats Ödman Vice President Corp. Communications Ska redovisningen vara till för SEC eller aktieägarna?
  2. 2. Autoliv En bra “utsiktspunkt” <ul><ul><li>Registrering i USA; huvudkontor i Sverige </li></ul></ul><ul><ul><li>Listning på NYSE; depåbevis i Sverige </li></ul></ul><ul><ul><li>9 analytiker i USA; 19 i EU </li></ul></ul><ul><ul><li>40.000 aktieägare i USA; 15.000 i EU </li></ul></ul><ul><ul><li>4 nationaliteter i styrelsen </li></ul></ul>
  3. 3. Autoliv, Inc. Legal Structure US GAAP 100% IFRS 60%
  4. 4. US GAAP Convergence & IFRS <ul><ul><li>Nov. 2008: SEC roadmap for possible adoption of IFRS </li></ul></ul><ul><ul><li>Feb 2010: SEC statement: </li></ul></ul><ul><ul><ul><li>Continued support of single set of global standards </li></ul></ul></ul><ul><ul><li>Oct. 2010: SEC’s update </li></ul></ul><ul><ul><ul><li>“ no change” </li></ul></ul></ul><ul><ul><li>Dec 2010: Comments by Chairman </li></ul></ul><ul><ul><ul><li>No decision by June 2011; </li></ul></ul></ul><ul><ul><ul><li>Min 4 years transition </li></ul></ul></ul><ul><ul><li>May 2011: Staff paper </li></ul></ul><ul><ul><ul><li>Endorsing individual IFRS standards during 5-7 years </li></ul></ul></ul><ul><ul><ul><li>3 categories </li></ul></ul></ul>
  5. 5. US GAAP Convergence & IFRS
  6. 6. US GAAP Convergence & IFRS <ul><li>Projektgrupp: </li></ul><ul><ul><li>3 corporate control + regional controllers </li></ul></ul><ul><li>Inventering av leasingavtal </li></ul><ul><ul><li>2% “gross-up” av balansräkningen </li></ul></ul><ul><li>Obetydlig påverkan av nya “revenue recognition” </li></ul>Autolivs Planering:
  7. 7. Andra Internationella Trender <ul><ul><li>Ständigt mer </li></ul></ul><ul><ul><li>Strängare regler </li></ul></ul><ul><ul><li>Snabbare </li></ul></ul>
  8. 8. Varifrån kommer kraven? <ul><ul><li>Politiker </li></ul></ul><ul><ul><li>SEC/FSAB </li></ul></ul><ul><ul><li>Shareholder services </li></ul></ul><ul><ul><li>Aktieägare, aktivister </li></ul></ul><ul><ul><li>Intresseorganisationer </li></ul></ul><ul><ul><li>Ekonomiska intressenter </li></ul></ul>
  9. 9. Ständigt mer information Increase in Documentation for Autoliv due to SOX Autoliv 2003 Autoliv 2004
  10. 10. Ständigt mer information Compensation Discussion & Analysis 2007: 4 sidor – Nu: 40 sidor <ul><li>Executive Summary </li></ul><ul><li>Compensation Practices Background </li></ul><ul><li>Philosophy and overview </li></ul><ul><li>Objectives </li></ul><ul><li>Key Elements of Executive Compensation Program </li></ul><ul><li>Purpose </li></ul><ul><li>How we determine Base Salaries </li></ul><ul><li>Explanation of Objective % of Total Compensation </li></ul><ul><li>How we determine Annual Non-Equity Incentives </li></ul><ul><li>Explanation of Objective % of Total Compensation </li></ul><ul><li>How we determine Long-term Incentives </li></ul><ul><li>Explanation of Objective % of Total Compensation </li></ul><ul><li>How we Value Equity Awards </li></ul><ul><li>Explanation of Objective % of Total Compensation </li></ul><ul><li>Pension benefits </li></ul><ul><li>Change ofr Control/Severance Programs </li></ul><ul><li>Executive Compensation Process </li></ul><ul><li>Peer Group Companies </li></ul><ul><li>Analysis of Executive Compensation Program </li></ul>
  11. 11. Ständigt mer information C ompensation discussion & analysis Base Salary Approximate Market Median Base Salary Analysis $ 1,037,037 $1,162,963 When Mr. Carlson was originally appointed to his current position in 2007, his base salary was set below market median levels with the expectation that it would be adjusted to market levels over time. A revision to his base salary was made in 2008, but in light of the restructuring initiatives implemented by the Company in 2008 and 2009, Mr. Carlson in 2008 requested that any potential adjustment for 2009 be postponed. In 2010, the Committee increased Mr. Carlson’s base salary by 17%, which reflects the Committee’s recognition of Mr. Carlson’s role in the Company’s significant achievements in 2009, the Company’s growth prospects for 2010, the salary freeze that was implemented for 2009 and the Committee’s intention to further align Mr. Carlson’s base salary with our peer group over time. Nonetheless, Mr. Carlson’s 2010 base salary remains below the median for our peer group. The Committee will continue to review Mr. Carlson’s base salary in the coming years and anticipates that over time, it will be further aligned with our peer group.   Mr. Carlson’s base salary comprised approximately 35% of his total compensation in 2010, which is slightly below the objective of approximately 40% of his total target compensation. Annual Non-Equity Incentive Paid Annual Non-Equity Incentive Target (20% of Total Target Compensation) Analysis
  12. 12. <ul><li>Nya Disclosures </li></ul><ul><ul><ul><li>Fair-market value-noten: 1 spalt -> 3 sidor </li></ul></ul></ul><ul><li>Sustainability report </li></ul><ul><li>Carbon disclosure project </li></ul><ul><li>IFRS & US GAAP som båda ökar </li></ul><ul><li>XBRL </li></ul>Ständigt mer information
  13. 13. Strängare Years Escaping from prison 1 - 2 Kidnapping involving ransom 3 - 5 Second degree murder 11 - 14 False Sarbanes-Oxley Certification 10 - 20 Hijacking 20 - 25 Criminal Penalties
  14. 14. Strängare <ul><li>Bannlysningen av non-US GAAP measures </li></ul><ul><ul><ul><li>organic sales, CF before financing </li></ul></ul></ul>
  15. 15. Strängare <ul><li>Bannlysningen av non-US GAAP measures </li></ul><ul><ul><ul><li>organic sales, CF before financing </li></ul></ul></ul><ul><ul><ul><li>” excluding”, ”underlying”, etc </li></ul></ul></ul><ul><ul><ul><li>cash flow by share, EBITDA </li></ul></ul></ul>
  16. 16. Strängare <ul><li>Dodd-Frank Act ger SEC vitt mandat. </li></ul><ul><li>Nya regler: </li></ul><ul><ul><ul><li>Whistle-blower får ”protection & incentives” (10-30%) </li></ul></ul></ul><ul><ul><ul><li>Say-on-pay vote at AGM </li></ul></ul></ul><ul><ul><ul><li>Clawback provision </li></ul></ul></ul><ul><li>Glass Lewis egna krav på: </li></ul><ul><ul><ul><li>Independence </li></ul></ul></ul><ul><ul><ul><li>Board attendance </li></ul></ul></ul>
  17. 17. ISS’s Governance Risk Indicators
  18. 18. <ul><li>Filing-tider </li></ul><ul><ul><li>Kvartalsrapport 10-Q: 60 dagar ……. 40 dagar </li></ul></ul><ul><ul><li>Årsrapport 10-K: 90 dagar ……. 60 dagar </li></ul></ul>Snabbare <ul><ul><li>Extensible Business Reporting Language (XBRL) </li></ul></ul><ul><ul><ul><li>15,000 tags in 2010 </li></ul></ul></ul>
  19. 19. Att fundera på <ul><ul><li>Hur få informationen relevant & överskådlig? </li></ul></ul><ul><ul><li>Minskas enskildas ägande? </li></ul></ul><ul><ul><li>Vem gör K/I-analysen? </li></ul></ul><ul><ul><li>Drivs bolag ”de-list”/”go private”? </li></ul></ul>
  20. 20. ” Stay ahead of the curve” Slutsats
  21. 21. Thank you! Autoliv e very year, Autoliv’s products save over 25,000 lives … and prevent ten times as many severe injuries The Worldwide leader in Automotive Safety Systems Driven for life

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