In accordance with the principles set out in the Swedish Companies Act and the Code, the Board of Directors has appointed an Audit Committee consisting of three members. The work of the Audit Committee is mainly of a preparatory nature, i.e., preparing matters for ultimate resolution by the Board. The Audit Committee has certain limited decision-making power. For example, the Committee has established guidelines for services other than auditing that the company may procure from its auditors.
The Audit Committee’s assignment is set forth in the Board’s rules of procedure. Among other things, the Audit Committee shall monitor the company’s financial reporting, monitor the efficiency of the company’s internal control, internal audit and risk management in respect of the financial reporting, keep informed of the audit of the annual report and consolidated accounts, review and monitor the auditors’ neutrality and independence, and assist the Nomination Committee in preparing proposals for the Shareholder Meeting's election of the auditors. In addition, the Audit Committee annually monitors and evaluates the effectiveness and appropriateness of the company’s business ethics programme, including the Code of Conduct, as well as keeps informed of material deviations or non-compliance with the company’s ethical standards, including whistleblower reports, through regular reporting from the Ethics and Compliance Board. The company’s external auditor participates in the meetings of the Audit Committee.
During 2015, the Audit Committee focused on current issues involving the company’s financial position, financial reporting, budget, internal control, the updated Code of Conduct and questions related to the company’s ethical standards. The Audit Committee also assisted the Nomination Committee ahead of the election of auditors at the Annual General Meeting 2015.
The Audit Committee keeps minutes of its meetings, which are distributed to the other members of the Board. In 2015, the Committee held five meetings.
Last updated: 26 January 2015 • 14:44