TGS’ Audit Committee Handles Financial Reporting and Disclosures
The Audit Committee will endeavor to ensure the Company’s trust in the financial marketplace and by its shareholders, employees and external parties in respect of financial reporting and conduct.
Members: Tor Lønnum (Committee Chair), Vicki Messer, and Nils Petter Dyvik
The Committee shall consist of three independent directors of which at least one shall have accounting or financial background.
The Committee shall review and/or act on the following items:
- Annual and quarterly financial reporting prior to board meetings;
- Financial information prior to public release to ensure that is complies with policy and Company reality;
- The external auditor’s work and consulting services and ensure their independence;
- Annual review of the quality of financial reporting in the Company conducted in independent meetings with the external auditors;
- The nomination of the external auditor, who will be elected by the shareholders;
- Annual review of the Company’s financial risk management system and authorizations;
- Ensuring that the key audit partner responsible for carrying out a statutory audit rotates from the audit engagement within such maximum period as stipulated in applicable laws (Norway and EU: seven years) from the date of appointment and is not allowed to participate in the audit of the company within a period stipulated by applicable law (Norway and EU: A period of at least two years).
The Committee will provide oversight on corporate governance issues and the Company’s compliance officer will report to the Committee in this regard.
The Committee shall report to the full Board and the Board shall decide upon proposals suggested by the Committee.