Audit Commitee

The Board of Directors appoints from its members an Audit Committee that formulates issues concerning accounting, auditing and internal control.

The Audit Committee prepares matters that concern accounting, financial reporting, auditing and internal control. The Committee is responsible for the preparation of the Board's activities by ensuring that that system for auditing, internal control and risk management fulfills the requirements of applicable laws and regulations and that it promotes operational efficiency, generates accurate accounting documents and provides reliable financial information.

The Committee reviews the principles for accounting and financial control and establishes guidelines for the procurement of services other than auditing from the company's auditors.

The Committee meets regularly with the auditors during the year to discuss such matters as audit reports and audit plans. The Committee is responsible for the evaluation of the auditors' work and the auditors' efficiency, qualifications, fees and independence.

The Audit Committee must also assist the Nomination Committee with proposals for potential auditors. The Committee also assists Haldex management in determining how identified risks will be handled in order to ensure effective internal control and risk management.

In 2011, the Audit Committee comprised Board members Lars-Göran Moberg*, Arne Karlsson and Caroline Sundewall. Caroline Sundewall was the Chairman of the Committee. The Audit Committee was convened 6 times during 2011.

*Lars-Göran Moberg was a member of the Audit Committee until June 2011.