INNOVATION NETWORK

The Audit Committee is a committee of the Board of Directors, to which it reports.

It is composed by at least three independent non-executive members of the Board of Directors, one of whom is appointed as chairperson. The Committee as a body has the required skills and knowledge to fulfil its responsibilities, while at least one of its members has adequate auditing and accounting expertise and experience. The term of office of the members of the Audit Committee coincides with their term of office as members of the Board of Directors, and in any case it cannot exceed 12 years.

The Audit Committee’s main aim is to support the Board of Directors in its duties pertaining mainly to the following:

  • Monitoring the adequacy of the Systems of Internal Control and Risk Management and of the process to ensure compliance with laws and regulations.
  • Reviewing the process of financial reporting and ensuring the integrity of financial statements.
  • The selection procedure, as well as the monitoring of the performance and ensuring independence of the External Auditors.
  • Monitoring the effectiveness and performance of the Internal Audit Unit.

Attachment

Audit Committee Terms of Reference

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