The Annual General Meeting elects an auditor for one year at the time.
The auditor audits the annual report and accounting as well as the management by the Board of Directors and the CEO, and operates based on an audit plan which is adopted in consultation with the Board’s audit committee. In connection with the audit, the auditor reports his observations to Group management for verification, and thereafter to the Board of Directors. The Board of Directors meets the auditor at least once per year, when the auditor reports back his observations directly to the Board of Directors without the CEO and CFO of GARO being present. Finally, the auditor participates at the Annual General Meeting, presenting a brief description of the audit work and his recommendation in the audit report.
Auditor:
Ernst & Young
Carolina Tmén
Internal audit
GARO has developed systems for governance and internal control. The Board of Directors follow up the internal control. Given the above, the Board of Directors has determined not to establish a special internal audit unit.