Revision and internal control

Internal Control
The division of responsibility between the Board, the audit committee and the managing director (CEO) is regulated on the basis of the division of responsibility according to Swedish law, and also by the bodies rules of procedures and regulatory routines. Responsibility for ensuring compliance with the Board guidelines remains with the company CEO. Subsequently the Executive Leadership Team (ELT) in their capacity of senior executives is responsible for ensuring that processes are developed and function in accordance with the intentions of the Board and the CEO. The senior executives shall also carry out self-inspections and follow up on the internal control.

The company has chosen not to set up a specific internal audit function, but has in addition to the self-inspections and review described above, appointed external resources to assess the effectiveness of the internal control. According to the Board’s rules of procedure, the Board shall annually review the need to establish an internal audit function.

Due to future business developments and restructuring, a review of the company’s tools and processes for internal control and risk management is currently in progress. These will be formalised during the coming year in accordance with the Swedish Annual Accounts Act and the Swedish Code of Corporate Governance, whereupon the new organisation and structure of the company will be resolved and implemented.

External Audit
In accordance with the state ownership policy, all company auditors are elected by the Annual General Meeting. According to the Board rules of procedure, the auditors shall attend the meetings where the Annual Accounts, Annual Report and Audit Report are presented and approved. At the Board meeting where the Annual Accounts are presented, the Board shall meet with the auditors in the absence of the any senior executive of the company.

The company’s present auditors who were appointed at the 2013 Annual General Meeting are Helene Siberg Wendin and Nina Bergman, both chartered auditors with Ernst & Young.