Ulla Litzén (chairman), Tone Lunde Bakker, Karsten Slotte, Helena Svancar, Jan Söderberg and Per-Olof Söderberg are members of the Committee. All members of the audit committee are regarded as independent of the company and its management. The company’s auditor participated in all five audit committee meetings in 2021.
Work of the Audit Committee
The audit committee held five minuted meetings. Ratos’s General Counsel has taken the minutes of the committee.
The audit committee has both an advisory and preparatory function for decision matters prior to review and decision by Ratos’s Board.
Each year, the audit committee adopts a fiscal cycle for its working duties and areas for which the audit committee is responsible. The audit committee is responsible for and monitors according to an adopted schedule, among other things, accounting and reporting, audit, internal control, corporate governance, risk management, purchases of non-audit-related services, tax payment, the parent company’s guarantee and equity commitments, IT security, insurance, disputes and strategic accounting matters as well as compliance with rules and regulations and certain policy documents adopted by Ratos’s Board. Furthermore, the audit committee oversees Ratos’s externally operated whistleblowing system. The audit committee’s work follows Ratos’s interim reporting and Ratos’s work on valuation matters and impairment testing, with five regular meetings held every year where the auditor participates in all committee meetings. Particular issues addressed in 2021 included questions related to Ratos’s new centralised financing structure, internal control issues and disputes. The CEO and senior executives normally attend the meetings of the committee to present specific matters.
The audit committee submits proposals on matters that require a Board decision and the minutes are made available to all members of the Board. The Chairman of the committee maintains regular contact with the company’s auditor.