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Annual Report 2016 Corporate governance report Board of Directors and Auditors Group Management Internal control AGM Events and reports

Audit Committee

Audit Committee

The main task of the Audit Committee is to oversee the ­processes of Electrolux financial reporting and internal control in order to secure the quality of the Group’s external reporting. The Audit Committee is also tasked with supporting the Nomination Committee with proposals when electing external auditors.

The Audit Committee has as from the AGM 2016 comprised of four Board members: Ulla Litzén (Chairman), Petra Hedengran, Fredrik Persson and Hasse Johansson. As from January 1, 2017 , the Audit Committee is composed of three Board members: Ulla Litzén (Chairman), Petra Hedengran and Fredrik Persson. The external auditors report to the Committee at each ordinary meeting. At least three meetings are held annually. Additional meetings are held as needed.

In 2016, the Audit Committee held five meetings. The attendance of each Board member at these meetings is shown in the table on page 152. Electrolux managers have also had regular contacts with the Committee Chairman between meetings regarding specific issues. The Group’s Chief Financial Officer and the Head of Internal Audit have participated in the Audit Committee meetings. The General Counsel or another in-house counsel serves as secretary at the Audit Committee meetings. 

The Audit Committee’s tasks include for example:

  • To review the financial reporting.
  • To monitor the effectiveness of the internal control, including risk management, concerning the financial reporting.
  • To follow up the activities of the internal audit function Management Assurance & Special Assignments as regards to organization, recruiting, budgets, plans, results and audit reports.
  • To review certain credit limits.
  • To keep informed of the external audit and the quality control performed by the Supervisory Board of Public Accountants and to evaluate the work of the external auditors.
  • To inform the Board of the outcome of the external audit and explain how the audit contributed to the reliability of the financial reporting as well as the role of the Committee in this process.
  • To review, and when appropriate, preapprove the external auditors’ engagements in other tasks than audit services.
  • To evaluate the objectivity and independence of the external auditors.