As from the Annual General Meeting 2016 the Audit Committee includes Ulla Litzén, Charlotte Strömberg, who is also the chairman of the committee, and Jonas Wiström. Staffan Bohman and Arne Karlsson were members until and through the Annual General Meeting 2016. The company’s auditor presented his audit and observations to the Audit Committee on two occasions in 2015. The Audit Committee held four minuted meetings. The Audit Committee has both an advisory and preparatory function for decision matters prior to review and decision by Ratos’s Board.
The duties of the Audit Committee
Annually the Audit Committee adopts an annual cycle for its working duties and areas for which the Audit Committee is responsible. The Audit Committee is responsible for and monitors according to an adopted schedule among other things accounting and reporting, audit, corporate governance, risk management, sustainability, financial policy, investment decisions, insurance, disputes and strategic accounting issues as well as compliance with rules and regulations. The CEO and senior executives or auditor can be summoned to attend the meetings of the committee.
The main duties of the Audit Committee are as follows:
- Monitor the financial reporting in regard to efficiency of internal control, internal audit and risk management.
- Discuss valuation issues and assessments in closing accounts.
- Keep itself informed about the audit of the annual accounts and consolidated financial statements, as well as review the audit process.
- Review and monitor the auditor’s impartiality and independence and thereby giving particular attention if the auditor provides the company with other services than audit services.
- Assist with preparation of a proposal for a general meeting resolution on election of auditors as well as decision relating to fees to auditors.
- Ensure that the Group’s nine-month report is reviewed by the Group’s auditor.
- Discuss and prepare Board decisions regarding risk and sustainability.
The Audit Committee provides continuous oral reports to the Board and submits proposals on issues that require a Board decision.
Minutes are made available to all members of the Board and the auditor. The auditor also receives material from the Audit Committee. The Chairman of the Board maintains regular contact with the company’s auditor.