Sub-committees of the Board

5.1 Establishment and operations of sub-committees

  • The following text has been added to the recommendation found in Section 5.1.1: ‘All Board members shall have an overview of the matters delegated to sub-committees and be aware of the fact that decision-making powers remain with the entire Board.‘

5.3 Audit Committee

  • The role of the audit committee has been revised in accordance with provisions of law concerning such committees.

5.4 Remuneration Committee

  • In Section 5.4.6 it is stated that the Remuneration Committee may seek the involvement of consultants in the execution of its duties. Such consultants shall be independent of the Company, its day-to-day managers. It is however no longer stated that such consultants must be independent of those Directors of the Board who are not independent.
  • The recommendations concerning the remuneration policy have been moved to Section 2.7.