The Board Audit Committee
The Board Audit Committee (BAC) assists the Board of Directors in fulfilling its supervisory responsibilities by inter alia monitoring the Nordea Group’s financial reporting process, and in relation to this the effectiveness of the internal control and risk management systems, established by the Board of Directors, the CEO and Group Executive Management (GEM), as well as the effectiveness of Group Internal Audit. The BAC is further accountable for keeping itself informed as to the statutory audit of the annual and consolidated accounts and reviewing and monitoring the impartiality and independence of the external auditors and in particular the provision of additional services to the Nordea Group. In addition, the BAC is accountable for the guidance and evaluation of the Group Internal Audit.
Members of the BAC are Svein Jacobsen (Chairman), Stine Bosse and Sarah Russell as from AGM 2011. The Group Chief Audit Executive (CAE) and the Chief Financial Officer (CFO) are present at meetings with the right to participate in discussions, but not in decisions.
The members of the BAC are independent of the Company and the executive management of the company as well as of the Company’s major shareholders.
Updated: August 2011