Audit committee The board has on 22 November 2017 established an audit committee. The current audit committee, which was re-appointed at the inaugural meeting with the board of directors, comprises three members: Lars Nilsson (chairman), Henrik Theilbjørn and Peter Möller. The audit committee is mainly a preparatory body and prepares proposals for the board. The audit committee works according to rules of procedure adopted by the board. Its main duties are, without prejudice to the general duties and responsibilities of the board of directors, to:
- monitor the company’s financial reporting,
- monitor the efficiency of the company’s internal control and risk management with regard to the financial reporting,
- remain informed about the audit of the annual report and consolidated accounts,
- inform the board of the results of the audit and of the manner in which the audit contributed to the reliability of the financial reporting and the committee’s specific functions,
- review and monitor the auditor’s impartiality and independence and note, in particular, whether the auditor provides the Company with services other than audit services,
- approve the auditor’s advisory services and adopt a policy for the auditor’s advisory services,
- assist in the preparation of proposals for the general meeting’s decision regarding the election of an auditor,
- evaluate the need for an internal audit function each year, and
- •assure the quality of the year-end report and interim reports prior to board decisions.
Remuneration committee The board has on 22 November 2017 established a remuneration committee. The committee, which was re-appointed at the inaugural meeting with the board of directors, comprises three members: Henrik Theilbjørn (chairman), Bert Larsson and Florian Seubert. The remuneration committee is mainly a preparatory body and prepares proposals for the board. The remuneration committee works according to rules of procedure adopted by the board. The main duties of the remuneration committee are to prepare the board’s decisions on matters related to the principles for remuneration, remuneration and other terms of employment for senior executives, monitor and evaluate programmed for variable remuneration to company’s senior executives, both ongoing and those concluded during the year, as well as monitor and assess the application of the guidelines for remuneration of senior executives approved by the annual general meeting and the applicable remuneration structures and levels in the Company.