According to the formal work plan of the Board, the Audit Committee should consist of at least three Board members elected by the general meeting of shareholders. The members may not be employees of the company. The majority of the members should be independent in relation to the company and Group management.
The primary duty of the Audit Committee is to support the Board in its work of ensuring quality in the ﬁnancial reporting. The Audit Committee monitors the company’s ﬁnancial reporting and, in this respect, the effectiveness of the company’s internal control, internal auditing and risk management.
The Committee analyses and also highlights important accounting questions that affect the Group and assists the Nomination Committee in drawing up proposals for auditors and their remuneration.
In addition to the Chairman of the Board, the Remuneration Committee shall consist of one or more Board members elected by the general meeting of shareholders, who shall be independent in relation to the company and the Group management.
The Remuneration Committee submits proposals to the Board regarding the CEO’s salary and other terms of employment and prescribes the framework for the salaries and terms of employment of the other members of the Group management. The duties of the Remuneration Committee include preparing the Board’s proposal on guidelines for principles of remuneration, preparing the Board’s proposed guidelines for determination of salary and remuneration to the CEO and other members of Group management and also following and evaluating the application of these principles.