Audit committee

The board has decided to form a separate audit committee. The audit committee shall:

  • monitor the Company’s financial reporting and to provide recommendations and proposals for ensuring the reliability of the reporting,
  • with respect to the financial reporting, monitor efficiency in the Company’s internal controls, internal audits and risk management,
  • keep itself informed of the audit of the annual report and consolidated financial statements and the conclusions of the Audit Council’s quality control,
  • keep itself informed regarding the results of the audit and the manner in which the audit contributed to the reliability of the financial reporting and the function played by the committee,
  • review and monitor the auditor’s impartiality and independence and thereupon to note in particular whether the auditor provides the Company with services other than audit services, and
  • assist in the preparation of proposals regarding the general meetings’ resolution concerning the election of auditors.