The Board monitors the quality of financial reporting through instructions to the Chief Executive Officer and reporting instructions regarding the reporting via the Audit Committee. The Audit Committee reviews all financial statements published by the Company. The Board as a whole reviews and approves of the Company’s quarterly reports and year-end report prepared by the management. The Board is also responsible for the Company’s financial statements being prepared in compliance with legislation, applicable accounting standards and other requirements for listed companies.
The Chief Executive Officer and the Chief Financial Officer, must review and assure the quality of all financial reporting including financial statements, interim reports and the annual financial statements, press releases with financial content and presentation material issued to the media, owners and financial institutions.
With respect to the communication with the auditors, the auditors are present at the Board Meeting where the Company’s year-end Financial Report is approved. In addition, the Board has met with the Company’s auditors to review their audit of the Company for the financial year 2007. The Board has also met with the Company’s auditors without the Chief Executive Officer or other members of the Company’s Executive Committee or management being present.
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