Financial reporting and internal controls

In connection with the Group’s financial reporting, the Group’s risk management and internal controls have been set up with a view to reducing the risk of making serious errors and omissions in the financial reports.

The Board of Directors and the Executive Board regularly assess the material risks and internal controls in connection with the Group’s financial reporting process.

Based on a resolution by the Board of Directors, an Audit Committee has been set up which regularly monitors the financial reporting process and the adequacy and efficiency of the existing internal controls, including new accounting standards, the accounting policy and critical accounting estimates applied.

The Board of Directors monitors and controls the independence of the external auditors and the planning, execution and conclusion of the external audit.

The Board of Directors and the Executive Board have adopted guidelines of business procedures and internal controls to be complied with, including:

  • Regular follow-up on targets and results achieved in relation to approved budgets
  • Guidelines for Management
  • Code of Conduct
  • Financial policy
  • Insurance policy
  • Investor Relations policy
  • Trade in the Group’s shares and financial instruments relating thereto
  • Remuneration policy and overall guidelines for incentive remuneration of the Executive Board
  • Rules of Authority

The policies, manuals and procedures adopted are updated and communicated in-house on an ongoing basis.