The Audit Committee consists of three members and shall be appointed from among board members who are not employed by the company. The current committee members are Per-Arne Sandström, Chairman, Johan Forssell and Joakim Westh, of whom Per-Arne Sandström and Joakim Westh are independent of the company and the management as well as of the major shareholders.
The Board of Directors has in accordance with principles set out in the Swedish Companies Act and the Code appointed an Audit Committee consisting of three members. The work of the Audit Committee is mainly of a preparatory nature, i.e. it prepares matters for the ultimate resolution by the Board. However, the Audit Committee has decision-making power on some issues in limited areas. The Audit Committee has e.g. established guidelines for the services other than auditing that the company may procure from the auditors.
The Audit Committee’s assignment is set forth in the Board’s rules of procedure. Among other things, the Audit Committee shall monitor the company’s financial reporting, monitor the efficiency of the company's internal control, internal audit and risk control in respect of the financial reporting, keep the committee informed about the audit of the annual report and the group accounts, review and monitor the auditor's neutrality and independence, and assist the Nomination Committee in preparing proposal for the Shareholders' Meeting's decision on election of auditors. The company's internal and external auditors are both co-opted to the meetings of the Audit Committee.
The Audit Committee keeps minutes of its meetings, which are promptly distributed to the other members of the Board.