Vattenfall - Audit committee

Audit committee

The Audit Committee is a board committee tasked with gaining greater knowledge of, insight into and control over the Company’s accounting, financial reporting and risk management.

The Audit Committee has special responsibility for ensuring application of the Code and for preparing required reports. In conjunction with audits, the Company’s auditors report their observations at Audit Committee meetings. No formal decision-making authority has been delegated to the committee. At the board meeting on 29 April 2008, Christer Bådholm, Lone Fønss Schrøder and Tuija Soanjärvi were re-elected as members of the Audit Committee, and Viktoria Aastrup was elected as a new member of the committee. Among non-AGM–elected board members, Per-Ove Lööv participate on the Audit Committee. With respect to fees paid the committee’s members, see Note 46 to the consolidated accounts in the annual report. The Board has adopted rules of procedures for the committee. The committee reports its work to the Board by submitting meeting notes to the Board and, when requested, by making presentations at board meetings. The Audit Committee held four meetings in 2007. The auditors were present at all meetings and presented their observations from the audit. The auditors presented their audit of the annual accounts to the entire board at the board meetings held on 7 February 2007 and 7 March 2007. For auditors’ report presented on 7 February, the Board met with the auditors without the presence of the CEO or other Executive Group Management members.