The Audit Committee discusses and monitors issues related to administrative processes, risk control and the controller organisation.
Its brief also includes discussing and evaluating the company’s application of important accounting issues and the company’s financial reporting, as well as evaluating the auditors and approving the use of external auditors for non-auditing-related services.
When auditors are to be elected, the Audit Committee presents a proposal in preparation for the AGM. The results of the evaluation of auditors and, in case of the election of auditors, the proposal of the Audit Committee, are presented to the Board as a whole. As appropriate, the Board in turn informs the Nomination Committee. The Nomination Committee proposes candidates to the AGM for election as auditors and proposes the compensation to be paid to the auditors.
The Audit Committee shall also receive and discuss complaints concerning accounting, internal controls or auditing in the company.
The company’s auditors normally participate in the meetings of the Audit Committee, provided that the auditors are not being evaluated or discussed.