Audit & Risk Committee
The Board of Directors of Sampension KP Livsforsikring A/S (Sampension) has set up a separate Audit & Risk Committee pursuant to the audit legislation on public-interest entities.
The Audit & Risk Committee consists of the following board members:
- Torben Nielsen (Chairman of the Audit & Risk Committee)
- Anker Boye (Chairman of the Board)
- Kim Simonsen (Deputy Chairman of the Board)
- Anne Louise Eberhardt (Member of the Board)
According to the rules on audit committees, at least one member must be independent of Sampension and possess audit or accounting qualifications.
The Audit Committee has no independent decision-making powers, but is exclusively a preparatory committee charged with reviewing and monitoring certain matters. Thus, the Audit Committee assists in preparing and qualifying matters for consideration by the entire Board of Directors. However the Audit & Risk Committee is responsible of approving non-audit services.
The Audit & Risk Committee meets at least four times per year and prepares an annual audit plan, which is submitted to the Board of Directors for approval. According to Danish law, the Audit & Risk Committee is responsible for monitoring and assessing whether Sampension's financial reporting, internal control systems, risk management and statutory audit are planned appropriately as well as assessing the auditors' independence and issuing recommendations on the appointment or re-appointment of auditors. Furthermore the Audit & Risk Committee are to view the ORSA-reporting, the risk profile, capital plans prior to the Board of Directors approval as well as reviewing and assessing Sampension's operational risk reporting.
The Audit & Risk Committee reports regularly to the Board of Directors, ensuring that the Board receives adequate information about matters to be considered by the Board.