The Board of Directors elects the Chairman and members of the Audit Committee. The members possess competence and experience in the areas of accounting, auditing and/or risk management. No decision-making power has been bestowed on the Audit Committee. The instructions to the Audit Committee have been approved by the Board of Directors.
The Audit Committee is responsible for ensuring the quality of the financial and operational reporting. The Audit Committee also evaluates the procedures for internal control and management of financial and operational risks. The committee meets with the auditors at regular intervals in order to inform itself of the objectives and scope for the external audit, it evaluates the external auditor's work and performance, including the extent of the auditors possible non-audit related work for Rezidor, and, when required, it assists the Nomination Committee in preparing proposals for election of auditors and the remuneration of the auditing work. Other than the Chairman, who is paid TEUR 5, there is no remuneration for the members of the Audit Committee.
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