Audit committee

The overall objective of the Audit Committee is to monitor the Group’s financial reporting process, including accounting and audit issues, and to oversee that effective internal controls and risk management systems have been established. Moreover, the Audit Committee monitors the statutory audit and the auditors’ independence and makes recommendations on the appointment of auditors by the entire Board of Directors.

Basically, the Audit Committee meets four times a year and prepares proposals to be considered and decided by the Board of Directors.

Members: Henrik Heideby (Chairman), Peter Thorsen and Michael Bruhn.

All members are independant, thus complying with the Recommendations of Corporate Governance, and have special qualifications.

For a more detailed description, please see the terms of reference of the Audit Committee.