The board of directors in Axactor SE nominates the audit committee members.
Members of the committee shall serve until such member’s successor is duly elected and qualified or until such member’s earlier resignation or removal. The members of the Committee may be removed, with or without cause, by a majority vote of the board of directors.
The audit committee comprises 3 members, but shall always comprise at least 2 members.
Each member should have skills and experience appropriate to the company’s business.
Executive managers cannot be members of the Committee. Each member shall be financially literate; at least one member must have accounting or related financial expertise.
The audit committee meets Norwegian requirements regarding independence and competence. The audit committee is appointed by the board of directors to assist the board in discharging its oversight responsibilities. The audit committee will oversee the financial reporting process to ensure the balance, transparency and integrity of published financial information.
The audit committee will also review:
- the effectiveness of the company’s internal financial control and risk management system;
- the independent audit process including recommending the appointment and assessing the performance of the external auditor;
- the company’s process for monitoring compliance with laws and regulations affecting financial reporting and, if applicable;
- its code of business conduct
The audit committee maintains a pre-approval policy governing the engagement of the company’s primary and other external auditors to ensure auditor independence.