The primary purpose of the audit is to confirm that the financial statements give a true and fair view of the company’s result of operations and financial position. In addition, the Auditor inspects the legality of the company’s administration.
The Auditor is elected each year at the Annual General Meeting for a term that ends at the conclusion of the next Annual General Meeting. The proposal for Auditor made by the Board of Directors or by the shareholders having at least 10% of the companies votes 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 received the information in good time so that it can be included in the Notice of Meeting. If the candidate for an Auditor is not known to the Board at that time, a proposal made in a similar manner will be announced separately.
The fees paid to the Auditor, as well as the fees paid for non-audit services, if any, are reported inthe Annual Report and on the company’s website.