The Board of Directors may unanimously take the decision to create from time to time one or several committees composed of board members and/or external persons. The Board of Directors may delegate powers and roles to such committees as appropriate.
The Audit Committee of LuxCSD S.A. comprises at least three board members and permanent guests including the Clearstream Chief Internal Auditor and Compliance Officer and an External Auditor. The LuxCSD Chief Executive Officer is also a permanent guest of this committee. It reports regularly, at least annually, to the Board of Directors and to the Executive Committee (ComEx) on its activities and functioning.
The Audit Committee reviews the Company's financial statements and makes recommendations to the Board of Directors; approves annually the internal audit functions, objectives, the audit plan, staffing and financial budgets; ensures true and proper accounting and reporting of financial results; oversees the proper financial management of the Company; reviews the adequacy and effectiveness of accounting systems and internal financial controls; monitors the efficiency and independence of the internal audit function and meets regularly with the external auditor.
The Audit Committee reviews a compliance status report obtained from the ComEx on at least a yearly basis.
LuxCSD also has a User Commission, composed of key market participants, to advise the Board of Directors on strategy, to anticipate and understand the needs and expectations of the customer base and to analyse marketwide initiatives and their potential impact on the market landscape.