Audit Committee

Responsibilities of the Audit Committee

The Audit Committee prepares the decision-making process of the Board of Directors regarding the supervision of the integrity and quality of the Company’s financial reporting and the effectiveness of the Company’s internal risk management and control systems. In particular:

It monitors the Board the in matters including:

• Relations with the internal and external auditors and compliance with and follow-up on their recommendations and comments
• the Company's funding;
• the application of information and communication technology by the Company, including risks relating to cybersecurity;
• or the Company's tax policy
• it recommends persons for appointment as senior internal auditor
• it annually forms a position on how the internal audit function the fulfils its responsibility
• it reports annually to the Board on the functioning of, and the developments in, the relationship with the external auditor
• it submits a proposal to the Board for the external auditor’s engagement to audit the financial statements
• it annually discusses the draft audit plan with the external auditor 
• it determines whether and, if so, how the external auditor is involved in the content and publication of financial reports other than financial statements
• it meets with the external auditor at least once a year, without Executive Directors being present 
• it monitors (1) the financial reporting process and draws up proposals to safeguard the integrity of this process; (2) the effectiveness of the internal control systems, the internal audit function and the risk management systems with regard to the Company’s financial reporting; (3) the statutory audit of annual accounts and the consolidated annual accounts; and (4) the independence of external auditors
• it determines the selection process for the external auditor.