Committee

Audit committee

The board of directors established an audit committee on 23 November 2018. The current audit committee, comprises two members: John Dueholm (chairman), and Henric Bonnerup. The audit committee is primarily a preparatory body that prepares proposals for the board. The work of the audit committee is conducted in accordance with the rules of procedure adopted by the board. Its primary tasks, without prejudice to the general duties and responsibilities of the board, are to:

  • monitor the Company’s financial reporting;
  • with regard to the financial reporting, monitor the efficiency of the Company’s internal control and risk management;
  • remain informed about the audit of the annual report and consolidated accounts;
  • inform the board of the results of the audit and of the manner in which the audit contributed to the reliability of financial reporting as well as the functions the committee has had;
  • review and monitor the auditor’s impartiality and independence, thereby noting in particular whether the auditor provides the Company with services other than audit services;
  • approve the auditor’s advisory services and adopt a policy for the auditor’s advisory services;
  • assist in the preparation of proposals regarding auditors for resolution at general meetings;
  • evaluate on an annual basis the need for an internal audit function; and
  • quality assure the year-end reports and interim reports prior to decisions by the board.

Remuneration committee

The board of directors established a remuneration committee on 23 November 2018. The remuneration committee, comprises two members: John Dueholm (chairman), and Henrik Bonnerup. The remuneration committee is primarily a preparatory body that prepares proposals for the board. The work of the remuneration committee is conducted in accordance with the rules of procedure adopted by the board. The primary tasks of the remuneration committee are to prepare decisions by the board on issues concerning remuneration policies, remuneration and other terms of employment for company management; to monitor and evaluate ongoing programmes for variable remuneration to company management and programmes that were adopted during the year; and to follow and evaluate application of the guidelines for remuneration to senior executives decided on by the annual general meeting as well as existing remuneration structures and levels in the Company.