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, which were updated in 2016 in accordance with new EU audit rules. The Audit Committee shall, among other things, monitor the company’s financial reporting and submit proposals to ensure the integrity of the 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, inform the Board of the results of the audit, review and monitor the auditors’ independence, assist the Nomination
Committee in preparing the proposal for the Shareholder Meeting's election of the auditors and in certain cases procure auditing services, in addition to establishing guidelines for services other than auditing that may be provided by the company’s auditor. Moreover, the Audit Committee shall annually monitor and evaluate the effectiveness and appropriateness of the company’s business ethics programme, including the Code of Conduct, and keep itself 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 2016, the Audit Committee focused especially on current issues relating to the company’s financial position, the financial reporting, budget, risk management, internal control and issues relating to the company’s ethical standards. The Committee also decided in 2016 on updated guidelines on which services other than auditing may be procured from the company’s auditor.
The Audit Committee keeps minutes of its meetings, which are distributed to the other members of the Board.
In 2016, the Committee held six meetings. The General Counsel, Annika Bäremo, was Secretary to the Audit Committee during 2016.
Last updated: 20 April 2017 • 14:00