The Board of Directors is ultimately responsible for ensuring that the Group has an effective system for risk management and internal control.
According to the Swedish Companies Act, the Board is responsible for ensuring that the Company’s organization is designed in such way so as to ensure satisfactory control of the bookkeeping, treasury management and of the Company’s financial conditions in general. The Swedish Corporate Governance Code emphasizes this and prescribes that the Board is responsible for internal control.
Axfood’s internal control structure is based on the COSO model, whose framework has been applied to Axfood’s business and conditions. According to the COSO model, a review and assessment are performed in the areas of the control environment, risk assessment, control activities, information and communication, and monitoring activities. Based on this review, certain development areas are identified and assigned priority in the ongoing internal control activities.