Audit and Risk Committee

The Audit and Risk Committee deals with all Board matters relating to financial reporting and the structuring of the accounting system, risk management, compliance and external and internal auditing.

The Audit and Risk Committee comments on matters over which the Board of Directors has the authority to make decisions. Under its own, final authority, the Audit and Risk Committee decides on the approval of the annual audit plan for the external and internal audits, the detailed consultation on the audit reports, the monitoring and implementation of recommendations from the auditors and the auditors’ remuneration, including authorisation and remuneration of additional work.

The Audit and Risk Committee is made up of Thomas Stenz (Chairman) and Olivier Steimer (member). Meetings are attended by the CFO. The external and the internal auditors attend Audit and Risk Committee meetings for agenda items that are relevant to them.

Four meetings were held in 2022, lasting six hours altogether. The main focus was on reviewing the 2021 annual financial statements and the 2022 half-yearly financial statements, as well as implementing new processes in the area of risk identification and monitoring. In addition, new requirements came about concerning the disclosure of non-financial information. In addition, cooperation with the external auditors and the operational management was assessed and specific results from the internal audit were discussed in detail. Meetings were attended by all Audit and Risk Committee members for the full duration.