The audit committee is appointed within the Board, taking into account experience of and competence in financial reporting and internal control.
The committee follows a procedure that have been established by the Board. It´s primary task is to monitor the internal control, the procedures for financial reporting, compliance with related laws and regulations, and the audit in the Group. The audit committee further evaluates the auditors’ qualifications and independence. The audit committee reports its observations to the Board on regular basis and submits, if needed, proposals external auditor candidates to the Nomination Committee.
The committee meets at least four times a year and in addition if necessary. The external auditors normally participate in the meetings.