Audit Committee

The Audit Committee consists of Leif Nørgaard (Chair), Therese Hillman and Petra von Rohr. The Committee’s duties include:

• Be responsible for the preparation of the Board’s work with regard to the quality of financial reporting and the appropriateness of processes for the management of business risk of the company and the group;
• Monitor the company´s financial reporting and assist the Board in ensuring the effectiveness of the company’s internal control, internal audit and risk management;
• On a current basis meet with the auditors of the company and inform itself about the statutory audit and the focus and scope of the audit and discuss the coordination between the external and the internal audit as well as the view on the risks in the company;
• Establish guidelines for which services other than audit services that the Company may purchase from the auditors and review and monitor the impartibility and independence of the auditors of the company and in conjunction therewith pay special attention to whether the auditor provides the company with services other than auditing services; and
• Evaluate the audit work and inform the Nomination Committee of the company, of the result of the evaluation.

The Audit Committee shall also organise a selection procedure for the preparation of recommendations of auditors to the Nomination Committee when such selection procedure is required under, and in such event in accordance with, applicable rules, and otherwise assist the Nomination Committee in its preparation of proposal of auditors and remuneration for the audit work.