The Board of Directors assesses the independence and competence of the company’s auditor on an ongoing basis. Communication between the Board of Directors and the auditor takes place at the four annual Board meetings at which the Board presents the financial statements, and in other contexts.
The fees to the auditor are subject to approval by the Board of Directors based on a recommendation by the chairman and the vice chairman. The practical management of the auditor agreement is undertaken by the Executive Board.
The scope of the auditor’s provision of non-audit services is subject to approval by the Board of Directors. As a basis for such approval, the Board of Directors and the Executive Board have prepared a separate list of tasks not to be undertaken by the auditor on behalf of the company to ensure the auditor’s independence.
The group’s companies are subject to controlling measures as and when required and are offered advisory services with respect to the design and implementation of satisfactory and adequate internal control procedures.
In addition, the company’s auditor reviews the company’s internal control systems. Any significant shortcomings are reported in the long-form audit report to the Board of Directors. The audit report is reviewed and assessed in connection with the Board meeting at which the financial statements for the preceding year are presented for adoption, and with the external auditor present.
The company’s accounting policies are discussed by the Board of Directors and the auditor on an ongoing basis.
The auditor participates in four annual Board meetings in connection with the company’s annual and interim financial reporting, at which meetings the long-form audit report is reviewed by the full Board of Directors together with the auditor. The Board of Directors may communicate with the auditor without the participation of the Executive Board as appropriate.
The company has set up an audit committee in compliance with section 31 of the Danish Auditors Act. The audit committee is made up by the full Board of Directors. The duties of the audit committee concern risk management, preparation of financial statements and financial reporting.
Charter of the audit committee (English)
Charter of the audit committee (Danish)