Audit and Risk Committee
The Audit and Risk Committee evaluates the external financial reporting and use of the critical accounting estimates, and reviews and monitors systems of internal controls and risk management. Its duties also include monitoring of the Group internal audit function and evaluation of the Financial Policy and the Tax Policy. In addition, the Audit and Risk Committee considers the independence of and relationship with the auditors and reviews the audit process.
The Audit and Risk Committee held six meetings in 2016.
In 2016, the Audit and Risk Committee continued to focus on evaluating the use of critical accounting estimates and judgments as well as material risks associated with the financial reporting. The Charter for the Audit and Risk Committee was reviewed and updated to reflect the requirements imposed by the EU Audit Reform, including incorporation of a process for review and approval of non-audit services provided by the external auditor.
Six meetings are scheduled for 2017.
Collectively the members of the Audit and Risk Committee have considerable skills and experience in accounting and financial reporting as well as relevant industry experience. The members of the Audit and Risk Committee are considered independent based on the definition outlined in the Danish Corporate Governance Recommendations.