Audit committee

The Audit Committee is a board committee that is tasked with the following duties, among other:

a) Conducting preparatory work for the Board in supervising and quality assuring Vattenfall AB’s financial reporting and internal control;

b) Meet Vattenfall AB’s external and internal auditors regularly to remain updated on the aims and scope of the audit, as well as to discuss the co-ordination between the external and internal audits, and views on the company’s risks;

c) Discuss important matters in annual reports and interim reports prior to processing by the Board, and to keep up to date on the auditing of the annual accounts and the consolidated accounts;

d) Assist the Board with making proposals for appointment of auditors and for the remuneration of auditors’ work, prior to the decision thereupon by the shareholder’s meeting;

e) Evaluate, on an annual basis, the work of the external auditors, including reviewing and monitoring their impartiality and independence;

f) Establish guidelines for and judge the suitability of services other than auditing that Vattenfall AB and the Group may procure from the company’s external auditors with a view to their independence;

g) Approve the budget for the Vattenfall Group’s internal auditing and approve the Internal Audit Charter.

The Audit Committee has special responsibility for the work on application of the Code and for preparing required reports. The Group CFO makes presentations at Audit Committee meetings. In addition, the company’s auditors attend all meetings and report their observations regarding the audit.

The Board of Directors has authorised the Audit Committee to approve Internal Audit’s budget and yearly plan as well as the guidelines for procuring services from the auditors. In other respects, the committee has no decision-making right.

The Board has adopted rules of procedures for the Audit Committee. The committee reports its work to the Board through the CEO (or a person appointed by him) who informs about the committee’s opinions, and by submitting meeting notes to the Board.

 Audit Committee composition and attendance