The mission of the Audit Committee is to assist the Board of Directors so that it can monitor the accuracy and consistency of BOURBON’s company and consolidated accounts, the quality of internal control and the information available to shareholders and the markets.
Its main responsibilities are listed below:
- it manages the procedure for selecting Statutory Auditors before submitting results to the Board
- it examines their independence and objectivity; it oversees the process of preparing financial data
- it reviews in advance and gives its opinion on the draft annual and mid-year financial statements
- it examines the relevance and permanence of the accounting rules and the principles used in preparing the financial statements, and prevents any violations of such rules
- it ensures that any changes in the scope of the consolidated companies are presented, and provides any necessary explanations
- it evaluates the effectiveness and quality of the group’s internal control systems and procedures, and in particular, sees to it that the Internal Control Committee is established and operating properly
- it reviews the group’s financial and cash position and any significant risks faced by it
- it examines the procedures adopted to evaluate and manage risk
- it reviews the Chairman’s report on the modus operandi of the Board of Directors and internal control and risk management procedures
- three times a year, it examines the financial commitments with shipyards under regulated agreements
The Audit Committee follows the recommendations issued on July 22, 2010 by the AMF working group on Audit Committees.
Composition and modus operandi of the Audit Committee
The Audit Committee consists of at least three members appointed by the Board of Directors. The duration of the members’ term of office coincides with their term as Directors.
The committee appoints its Chairman from among its members. The Audit Committee adopted internal regulations in its March 10, 2010 meeting.
The committee is currently composed of:
- Ms. Agnès Pannier-Runacher, Independent Director
- Ms. Elisabeth Van Damme, Independent Director
- M. Mahmud Tukur, Independent Director