Nomination Committee Proposals for the 2026 Annual General Meeting
The Nomination Committee of Volvo Car AB (publ) has resolved to present a comprehensive set of proposals to shareholders at the company’s Annual General Meeting scheduled for 31 March 2026. The proposals outline the recommended composition of the Board of Directors, including re-elections, new appointments, and leadership structure. These recommendations reflect the Committee’s assessment of the company’s strategic direction, governance priorities, and the need to maintain a balanced mix of competencies aligned with the evolving demands of the global automotive industry. The Nomination Committee’s work has focused on ensuring continuity where valuable while also introducing new expertise to support Volvo Cars’ transformation in electrification, digitalization, and industrial innovation.
Proposed Board Composition and Structure
The Nomination Committee proposes that the Board of Directors shall consist of ten members without any deputy members. This structure is intended to maintain effective governance, ensure efficient decision-making, and preserve a broad range of skills and perspectives within a manageable board size. The Committee recommends the re-election of Eric Li (Li Shufu), Daniel Li (Li Donghui), Håkan Samuelsson, Jonas Samuelson, Diarmuid O’Connell, Lila Tretikov, Ruby Lu, and Pieter Nota as members of the Board of Directors. These individuals bring continuity, institutional knowledge, and diverse global experience that the Committee considers essential for Volvo Cars’ ongoing strategic initiatives. The Committee further proposes the re-election of Eric Li (Li Shufu) as Chairperson of the Board of Directors, recognizing his leadership and long-term commitment to the company’s growth and strategic development.
At the same time, Anna Mossberg and Caroline Grégoire Sainte Marie have chosen to decline re-election. The Nomination Committee expressed appreciation for their contributions during their tenure and acknowledged their service in supporting Volvo Cars’ governance and transformation journey. To complement the existing Board’s expertise and address future strategic needs, the Committee proposes the election of Natalie Knight and Markus Schäfer as new members of the Board of Directors, with Markus Schäfer’s appointment taking effect from 1 July 2026.
Natalie Knight: Financial Leadership and Global Strategic Expertise
Natalie Knight brings extensive international experience in finance, governance, and strategic leadership across multiple global listed companies. She currently serves as a member of the Supervisory Board of Deutsche Telekom AG, contributing oversight and strategic guidance within one of Europe’s leading telecommunications groups. Her executive background includes serving as Chief Financial Officer and Executive Vice President at Stellantis, where she played a pivotal role in financial management and capital markets strategy within a major global automotive group. She has also served as Chief Financial Officer at Ahold Delhaize and Arla Foods, demonstrating her versatility across retail and consumer goods sectors. Earlier in her career, she held senior finance and investor relations roles at adidas, further strengthening her expertise in global brand-driven organizations.
Her professional experience spans automotive, telecommunications, retail, and branded consumer goods industries, with responsibilities encompassing finance, capital markets, corporate transformation, and governance within complex multinational enterprises. In addition to her executive career, she has prior non-executive board experience at Grundfos A/S and BioMar Group A/S, contributing independent oversight and strategic insight. The Nomination Committee believes that Natalie Knight will significantly strengthen the Board’s capabilities in financial oversight, investor engagement, capital markets communication, and global strategic execution. She holds a Master Degree in Economics from Freie Universität Berlin and a Bachelor of Economics and German from University of Arizona. The Committee has determined that she is independent in relation to the company, its Executive Management, and its major shareholders.
Markus Schäfer: Technology Strategy and Industrial Transformation
Markus Schäfer brings deep executive experience from Mercedes-Benz Group, where he has served as a member of the Board of Management (Vorstand) and Chief Technology Officer. His tenure at Mercedes-Benz Group has encompassed responsibility for technology development, product engineering, production systems, and innovation management within one of the world’s most recognized automotive manufacturers. In addition to his technology leadership, he has held senior roles overseeing production, manufacturing engineering, and global supply chain operations, providing him with comprehensive insight into large-scale industrial execution and operational excellence.
His background combines strong expertise in automotive engineering, product lifecycle development, and advanced technology integration, including electrification and digital vehicle platforms. Beyond his automotive leadership experience, Markus Schäfer is also co-founder of Russel AI Labs, reflecting his engagement with emerging technologies and artificial intelligence-driven innovation. The Nomination Committee considers that his appointment will enhance the Board’s competence in technology strategy, digital transformation, and industrial modernization—areas that are central to Volvo Cars’ future competitiveness and long-term value creation. Markus Schäfer holds a Master’s degree in Mechanical Engineering from Technische Universität Darmstadt and is considered independent in relation to the company, its Executive Management, and its major shareholders.
Gender Diversity and Governance Balance
Should the Annual General Meeting approve the Nomination Committee’s proposals, women will represent 30 percent of the Board members. If the Chief Executive Officer is excluded from the calculation, female representation will account for 33 percent of the Board. The Committee views this composition as an important step toward maintaining balanced gender diversity while also ensuring that professional qualifications and strategic competencies remain central to board selection criteria. Volvo Cars has consistently emphasized diversity, inclusion, and balanced governance as critical components of sustainable corporate leadership, and the proposed board composition aligns with these values.
Composition of the Nomination Committee
The Nomination Committee responsible for preparing these proposals consists of Lone Fønss Schrøder and Per Ansgar, both appointed by Geely Sweden Holdings AB, which represents a major shareholder in Volvo Car AB. The Committee also includes Eric Li in his capacity as Chairperson of the Board of Directors of Volvo Car AB, Anders Oscarsson appointed by AMF, and Emilie Westholm appointed by Folksam. Together, these representatives reflect a combination of shareholder perspectives and governance experience, ensuring that the nomination process remains transparent, structured, and aligned with shareholder interests.
Supporting Volvo Cars’ Strategic Future
The Nomination Committee’s proposals are designed to ensure that the Board of Directors possesses the breadth of expertise required to guide Volvo Cars through an era defined by electrification, connectivity, digital transformation, and evolving global market dynamics. By retaining experienced directors while introducing new competencies in finance, technology strategy, and industrial transformation, the Committee aims to position the company for sustained innovation and operational excellence. The combination of continuity and renewal embodied in these nominations underscores Volvo Cars’ commitment to strong governance, strategic clarity, and long-term value creation for shareholders and stakeholders alike.
Source Link:https://www.volvocars.com/
