Among other things, the Audit Committee assists the Board of Directors in relation to internal and external control of financing and financial goals. The committee also carries out ongoing assessment of the Group’s risks.
Meet the Audit Committee
Kurt Anker Nielsen, Chairman
Freddy Frandsen
Jørn Ankær Thomsen
The Charter of the Audit Committee (pdf)
Independence
In relation to the assessment of audit committee members' independence, recital 24 of the Preamble to the 8th Directive lays down that such assessment may be based on the provisions of Commission Recommendation 2005/162/EC on the role of non-executive or supervisory directors of listed companies and on the committees of the (supervisory) board (The Official Journal of the European Communities 52 of 25 February 2005, page 51). According to this Commission Recommendation, a person is not considered independent if that person:
- is an executive or managing director of the company or an associated company, or has been in such a position for the previous five years;
- is managing director of a company with cross-directorship of the company;
- has received significant additional remuneration from the company or an associated company apart from a fee received as non-executive or supervisory director;
- represents a controlling shareholder;
- is a close family member of persons that are not considered independent;
- has within the last three years been a partner or employee of the external auditor of the company;
- has within the last year had a significant business relationship (partner, shareholder, customer, supplier, director or senior employee of a body having such relationship) with the company or an associated company.
