Board committees

Remuneration Committee

In connection with the constituent Board meeting on April 20th, 2016 the Board appointed a Remuneration Committee consisting of all board members who are not working operationally in the company.

The committee’s task is to prepare the Board’s decisions on matters concerning remuneration principles and remuneration and other conditions of employment for senior management. Further, the committee shall monitor and evaluate current and during this year completed programs for variable remuneration to the senior management, and monitor and evaluate the application of the guidelines for remuneration to senior executives which will be adopted by the Annual General Meeting.

All the Remuneration Committee meetings are minuted and the protocols are given to the Board together with a verbal report in connection with the Board’s decision-making.

Audit Committee

In connection with the constituent Board meeting on April 20th, 2016 the Board appointed an Audit Committee consisting of all board members.

The committee’s responsibilities are, among other things, to monitor the Company’s financial reporting and prepare the Board’s work on quality assurance of the same, to monitor the company’s internal control, internal audit and risk management regarding financial reporting, and to establish guidelines for the procurement of additional services from the company’s auditor. In addition, the committee shall assist the Nomination Committee in the preparation of proposals for election of auditors and auditor fees, and continuously meet the company’s auditor.

All Audit Committee meetings are minuted and the protocols are given to the Board together with a verbal report in connection with the Board’s decision-making.