The Board of Directors has set up an Audit Committee. All members of the Audit Committee must be members of the Board of Directors. Henrik Heideby is the member of the Audit Committee who have special accounting qualifications.
Henrik Heideby's accounting qualifications
Henrik Heideby holds a Diploma in Business Administration (Accounting) and has been the chairman of Danish clothing group IC Companys' audit committee since April 2009. Henrik Heideby has also had managerial responsibility for the presentation of financial statements and he has experience in monitoring of financial reporting, risk management, etc. via directorships in the financial businesses PFA Holding A/S, PFA Pension, Forsikringsaktieselskab, Alfred Berg Bank A/S, and FIH Erhvervsbank A/S.
The purpose of the Audit Committee is to assist the Board of Directors in:
- monitoring the financial reporting process
- monitoring the effectiveness of the bank’s internal control and risk management systems, and internal audit
- monitoring the statutory audit of the financial statements, etc.
- reviewing and monitoring the independence of the auditor, and in particular the provision of additional services to the bank.
The Audit Committee meets four times a year.
Terms of Reference for the Audit Committee of the FIH Group