The primary purpose of an audit is to confirm that the financial statements provide a true and fair view of the company’s result and financial position. The auditor also inspects the legality of the company’s administration.
The auditor is elected each year at the Annual General Meeting for a term that concludes at the end of the next Annual General Meeting. The proposal for an auditor made by the Board of Directors or by shareholders who represent at least 10 per cent of the votes conferred by the company’s shares will be published in the notice of meeting provided that the candidate has given his or her consent to the election and that the company has been informed of the nomination early enough that it can be included in the notice of meeting. If the Board of Directors is not aware of an auditor candidate at the time of delivering the notice of meeting, a proposal made in a similar way will be announced separately.
The fees paid to the auditor and any fees paid for non-auditing services during the financial year are reported in the annual report and on the company’s website.