Board Committees

Audit committee

The Board of directors’ audit committee shall consist of at least three members, one of whom shall be the chairman, and works according to rules of procedure adopted by the board. The audit committee’s role is mainly to monitor the Company’s financial position, to monitor the effectiveness of the Company’s internal control, internal audit and risk management, to be informed about the audit of the annual report and consolidated financial statements, and to review and monitor the auditor’s impartiality and independence.

The audit committee shall also assist the nomination committee in proposals for resolutions on the election and remuneration of the auditor and continuously meet the Company’s auditor. Minutes shall be kept at all meetings of the audit committee and the minutes shall be presented to the board together with an oral report in connection with the board’s decision making.

The audit committee is comprised of Ivar Verner (chairman), Hans Ekelund and Eugen Steiner.

Remuneration committee

The board of directors’ remuneration committee shall consist of at least three members, one of whom shall be the chairman. The committee works according to rules of procedure adopted by the board. The remuneration committee’s role is primarily to prepare matters regarding remuneration and other terms of employment for the CEO and other senior executives.

The remuneration committee shall also monitor and evaluate ongoing and during the year completed programs for variable remuneration to the Company’s management and monitor and evaluate the implementation of the guidelines for remuneration to senior executives adopted by the annual general meeting. Minutes shall be kept at all meetings of the remuneration committee and the minutes shall be presented to the board together with an oral report in connection with the board’s decision making.

The remuneration committee is comprised of Wenche Rolfsen (chairman), Hans Ekelund and Eugen Steiner.