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 approves any additional missions for the external auditors and makes a review of the additional missions with respect to their 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. All meetings of the audit committee are minuted and the minutes are 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 one 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. All meetings of the remuneration committee are minuted and the minutes are 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.

Research committee

The board of directors’ research committee shall consist of at least one member, one of whom shall be the chairman and convener. In addition to the chairman the research committee consists of the CSO (Chief Scientific Officer) as adjunct. Depending on the areas concerned the researchers whose competence is needed for the issues dealt with are called as adjuncts. Also external researchers can participate as needed.
The research committee works according to rules of procedure adopted by the board and have an advisory capacity in relation to the board and the CEO. The research committee’s role is primarily to identify and evaluate research areas and disease indications where BioArctic may develop commercially successful products.

The research committee is comprised of Lars Lannfelt (chairman).