At the statutory Board meeting following the 2008 AGM, Jim Beers was appointed as Chairman of the Audit Committee, Sandra Frimann-Clausen, Torun Litzén and Roel Louwhoff were appointed as members of the Committee. The Board of Directors commissions the work of the Audit Committee.

The Audit Committee’s responsibility is to maintain the working relationship with the Company’s internal and external auditors, as well as to review the Group’s accounting and financial reporting procedures. The Audit Committee focuses on ensuring quality and accuracy in the Company’s financial reporting, the qualification and independence of the auditors, the Company’s adherence to prevailing rules and regulations and, where applicable, transactions between the Company and related parties.

Please see Audit Committee Internal Regulations for more detail.