Governance

Audit Committee

The purpose of the Audit Committee is solely a preparatory body, supporting the Supervisory Board in its work.  

About the Audit Committee

The Audit Committee has three members and is chaired by a non-affiliated member of the Supervisory Board who is also Deputy Chairman of the Supervisory Board.

The framework for the Audit Committee's work is defined in terms of reference.

Purpose and competences

The committee is solely a preparatory body, supporting the Supervisory Board in its work. The Audit Committee has knowledge of and experience in financial matters as well as accounting and audit matters in listed companies.

Meetings

The frequency of the meetings of the Audit Committee is a minimum of four times a year and regularly reports to the Supervisory Board. At the meeting where the half-year result is discussed, the Audit Committee shall review the work and assess whether the Terms of Reference need any adjustments.

Members

  • Torben Nielsen (Chairman)
  • Lene Skole
  • Mari Thjømøe

Torben Nielsen is not representing the majority shareholder TryghedsGruppen and therefore meets the requirements about independency and qualifications according to the Supervisory Board.

Responsibilities

  • Review the Group's technical provisions
  • Review the methodology for and the calculations of the Group's Individual Solvency Need
  • Review the efficiency of the Group's contingency plans
  • Assess the Group's internal control procedures to prevent fraud
  • Supervise the audit work performed by the external auditors
  • Review and discuss the results of the work of the internal and external auditors and to supervise management's follow-up on the recommendations reported by the internal and external auditors
  • Ensure that the Group is being monitored by independent auditors and by internal auditors