This committee acts as a preparatory body in connection with the Board’s supervisory role with respect to financial control and external audit. The Audit Committee helps to prepare matters for which the Board of Directors maintains responsibility and decision making.
The Audit Committee supports the Board in the administration and exercise of the Board’s responsibilities in accordance with the Norwegian Public Limited Companies Act and Norwegian securities legislation; and applicable listing standards of the securities exchanges on which the Company’s securities are listed.
The primary function of the Audit Committee is to assist the Board in connection with the Board’s monitoring of:
- The integrity of the Company’s financial reporting processes, including adequate books, records, and internal controls and selection and consistent application of appropriate accounting policies
- The independent auditor’s qualifications, independence, and performance
- The performance of the Company’s internal audit function
- The integrity of the Company’s ESG reporting processes, including setting, measuring, and reporting on relevant Key Performance Indicators in accordance with generally accepted reporting frameworks
- The Company’s compliance with applicable legal and regulatory requirements and procedures for risk assessment and management and handling of complaints
Download the AUDIT committee charter for details on the integrity of the financial reporting process; oversight of the Company’s relationship with the independent auditor; oversight of the Company’s internal audit function; integrity of the ESG reporting; and compliance oversight responsibilities.