Audit committee
The Audit Committee is appointed annually by the Board of Directors.
Members are Meg Tivéus (chairman), Andrew Cripps and Kersti Strandqvist.
Although the Committee's work is primarily of a preparatory and advisory nature, the Board of Directors may in special cases delegate decision-making authority to the Committee. The Committee is responsible for overseeing procedures for accounting and financial reporting, the organization of the internal control as well as overseeing auditing of the Group's accounting records. Its reviews focus on the quality and integrity of the Group's financial statements and related disclosure, the performance of the Company's internal control function and independent auditors, the independent auditors´ qualifications and independence, the Group's compliance with applicable laws and regulations and, as required, transactions between the Group and related parties. In conjunction with the Audit Committee's review of the financial reports, the members of the Audit Committee also discuss accounting issues relating to the Company's financial reporting. The Audit Committee must also establish guidelines by which services other than auditing may be secured from the auditors by the Company. The Audit Committee also discusses other important issues relating to the Company financial reporting and reports its observations to the Board.
In addition to supervising the Company's accounting records, financial reporting and auditing, the Committee devoted special attention during 2007 to the Company's internal control over financial reporting.
The chairman of the Committee kept the Board of Directors informed on an ongoing basis of the work and decisions of the Committee throughout the year.
The number of meetings during 2007 was five. The Company's auditors participated in all of the meetings of the Audit Committee during 2007 and, in connection with two of these meetings, also met with the Committee without the presence of Company representatives.