The Audit Committee consists of three members of the Supervisory Board: Lilian Fossum Biner, Richard Burrows and Magdi Batato. All members qualify as being independent of the Company as defined in the Danish Corporate Governance Recommendations and the Audit Committee possesses the relevant financial expertise.
The Audit Committee works according to Terms of Reference, which are reviewed and approved annually by the Supervisory Board, and a detailed annual meeting plan, which is approved by the Supervisory Board prior to the beginning of each financial year.
In accordance with its Terms of Reference and the annual meeting plan, the Audit Committee monitors the financial reporting process, the effectiveness of the internal control and risk management systems, the internal audit function and the external audit of financial reporting and the independence of the external audit.
In accordance with the Terms of Reference, four of the Audit Committee meetings are held prior to the approval and announcement of external financial reporting.
All agendas, minutes, exhibits and other material are made available to the Supervisory Board, internal and external auditors and the Executive Board. Further, the Audit Committee Chairman reports at each Supervisory Board meeting on the key findings and conclusions from the previous Audit Committee meeting.
At each Audit Committee meeting, the Audit Committee examines relevant issues with the external auditors and the head of Group Internal Audit. The heads of Group Finance and Group Accounting are also invited to participate in Audit Committee meetings and in addition, the Committee invites other relevant function heads from the Carlsberg Group organisation depending on the topics discussed in a given meeting.
The specific activities and key focus points of the Committee in a given year are described in the corporate governance section of the relevant Annual Report.