The Audit Committee is established in accordance with the Danish Corporate Governance Recommendations 3.4.3. Results of all meetings were reported to the Board.
- Ninfa M. Saunders, Committee Chairman
- Michael Scott Singer
- John Patrick McDonough
All members possess the required qualifications in finance and relevant competences within the business sector and therefore meet the requirements set forth in Danish law and Danish corporate governance recommendations.
The Audit Committee’s main tasks, which have all been addressed and discussed during 2022, include:
- Supervising the correctness of the published financial information, including accounting practices in significant areas, significant accounting estimates and related party transactions,
- Reviewing internal control and risk areas in order to ensure management of significant risks, including in relation to the announced financial outlook,
- Assessing the need for internal audit,
- Performing the evaluation of the auditor elected by the general meeting,
- Reviewing the auditor fee for the auditor elected by the general meeting,
- Supervising the scope of the non-audit services performed by the auditor elected by the general meeting, and
- Ensuring regular interaction between the auditor elected by the general meeting and the board of directors, for instance, that the board of directors and the audit committee at least once a year meet with the auditor without the executive management being present.
If the board of directors, based on a recommendation from the audit committee, decides to set up an internal audit function, the Audit Committee must:
- Prepare terms of reference and recommendations on the nomination, employment and dismissal of the head of the internal audit function and on the budget for the department,
- Ensure that the internal audit function has sufficient resources and competencies to perform its role, and
Supervise the executive management’s follow-up on the conclusions and recommendations of the internal audit function.
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