- Denise Voss (Chairperson)
- Berthold Kracke
- Jean Guill
Tasks and responsibilities
Reporting and accounting
- Monitors the reporting and accounting process and submits recommendations to the Board of Directors to ensure its integrity;
- Reviews the annual accounts and the management report and makes recommendations to the Board of Directors;
- Deliberates compliance with the legal and statutory provisions as well as the Commission de Surveillance du Secteur Financier (CSSF) rules for the annual accounts, and on the relevance of the accounting policies adopted.
- Advises the Board of Directors on the internal audit function which it oversees;
- Monitors the adequacy and effectiveness of the internal auditing system in the context of the company’s overall risk management system;
- Deliberates the quality of the work carried out by the internal audit function and compliance in accordance with the applicable rules and regulations;
- Monitors the independence of the internal audit function and that it has adequate resources, skills and appropriate access to information;
- Approves the internal audit charter and the internal audit plan;
- Monitors management’s responsiveness to the findings and recommendations of the internal audit function.
- Considers and submits recommendations to the Board of Directors in relation to the appointment, re-appointment or removal and the remuneration of the external auditor;
- Considers the process for the selection and hiring of the external auditor;
- Meets regularly with the external auditor to discuss any issues arising from the audit;
- Deliberates the quality of the work carried out by the external auditor, in particular critically analyses and assesses the audit plan, the reports on the annual accounts, the management letters as well as the long-form reports;
- Is in charge of:
- examining and monitoring the independence and objectivity of the external auditor taking into account relevant professional and regulatory requirements, including the provision of non-audit services; and
- making sure that the external auditor has adequate time, resources, sufficiently experienced staff, an internal quality control system and adequate remuneration policies providing sufficient performance incentives to secure audit quality;
- Informs the Board of Directors of the outcome of the audit by the external auditor and explains how the audit contributed to the integrity of financial reporting and what the role of the audit committee was in that process.