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Pursuant to the Rules, the Audit Committee makes recommendations to the Board of Directors on the appointment of Auditors and the determination of their remuneration, as well as the approval of the annual financial statements and the interim accounts, it discusses with the Auditors their audit programme and the results of their audit of the accounts and it monitors the adequacy of the Group’s internal controls, accounting policies and financial reporting. The Audit Committee has responsibility for ensuring that the internal and external audit activities are correctly directed and that audit matters are given due importance at meetings of the Board of Directors. The rules and responsibilities of the Audit Committee have been set out in the Audit Committee Charter.
The Audit Committee reviews the quarterly, half and full year accounts on the basis of the documents distributed in advance and its discussions with the Auditors. It also surveys the Group’s Enterprise Risk Management (ERM) and the Compliance Organisation.
The Audit Committee is chaired by Hermann-Josef Lamberti and also includes Rolf Bartke, Dominique D’Hinnin and Sir John Parker as members.
The Chairman and the Chief Executive Officer are invited as guests to each meeting of the Committee. The Head of Accounting and the Chief Financial Officer are requested to attend meetings of the Audit Committee to answer questions.
The Audit Committee must meet four times a year, or more frequently, if necessary. It met eight times during 2010, with an 88% average attendance rate, to review financial results, performance and disclosure. It also reviewed the compliance organisation’s processes and reinforcement, and its achievements. Finally, it focused on the ERM system effectiveness and the internal Audit activities.
Members
- Hermann-Josef Lamberti (Chairman)
- Rolf Bartke
- Dominique D'Hinnin
- Sir John Parker
