Audit Committee

The Company has an Audit Committee consisting of three board members: Lennart Pihl (Chairman), Charlotte Darth and Christian Hammenborn. The duties of the Remuneration Committee are set out in the rules of procedure, which are established annually. Without affecting the Board’s responsibilities and other duties, the Audit Committee shall, among other things, monitor the Company’s financial reporting; monitor the effectiveness of the Company’s internal controls, internal audit and risk management; remain informed of the audit of the annual accounts and the consolidated accounts; monitor the management of related transactions; review and monitor the impartiality and independence of the auditor, paying particular attention to whether the auditor provides the Company with services other than auditing services; and assist in preparing proposals for the election of auditors at the Shareholders’ Meeting.