Exhibit 5-8 is the corporate governance disclosure of the Volvo Group. Some of the disclosures relate to independence requirements for the board of directors and audit committee.

Required:
a. What is the independence requirement for the board of directors?
b. How many Volvo board members are independent? Does this number meet the requirement?
c. Certain board members are considered not independent. What criteria were used to determine that these board members are not independent? What rationale can you think of for viewing these board members as not independent?
d. How many members does the audit committee have? What percentage of these members is independent?